Business Services Industry
New prop. regs. clarify tax deductible entertainment use of private aircraft.
Tax Adviser, The, November, 2007 by Koopmans, Jim; Pressey, Ora; Stebbens, Darcia
The use of private aircraft eliminates the inconvenience of commercial flights, but clients do not normally call their CPAs in midflight to inquire about the tax ramifications of taking a detour with the family on the company jet to visit Aunt Margaret. Nevertheless, it is up to CPAs to sort it out and offer some planning tips to maximize the allowable tax deductions. New proposed regulations under Sec. 274 clarify old rules, introduce new ones, and require additional guidance on some of their applications.
In the American Jobs Creation Act of 2004, P.L. 108-357 (AJCA), Congress overturned Sutherland Lumber-Southwest Inc., 114TC 197 (2000), aff'd, 255 F3d 495 (8th Cir. 2001), by enacting Sec. 274(e)(2)(B). In Sutherland, the Tax Court held that a company's tax...
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