Under this contract, a registered owner may provide the flight crew and the other registered co-owner may pay a portion of the fixed ownership costs set out in the agreement. Each co-owner is responsible for the individual coverage of its direct operating costs. All co-owners must be named on the aircraft registration certificate. Flights operated under a timeshare agreement may be subject to federal excise duty (FET). For more information on this tax, members should access the NBAA`s web resource on irs commercial transportation taxes for Part 91 flights. Co-ownership is defined in section 91.501(c)(1) of 14 CFR of the Federal Aviation Regulations (FAR) as “an agreement in which one of the registered co-owners of an aircraft employs and provides the flight crew of that aircraft and each of the registered co-owners pays a portion of the fees set out in the agreement.” Again, this checklist is designed as a guide for creating your condominium agreement. Keep in mind that a professionally designed agreement can save you a lot of anxiety in the future. Only U.S.-registered aircraft that are eligible to operate under Subpart F of Far1 Part 91 may use a condominium agreement. To be eligible, the aircraft must belong to one of the following groups: To help you and your lawyer enter into a condominium agreement, here is a checklist of some key issues that you should include in your agreement: aircraft, including piston aircraft, small aircraft and all helicopters operating under the NBAA`s Small Aircraft Exemption, may also use the refund options permitted under Part 91. Subsection F, e.B.
an exchange agreement. For more information, NBAA members can find the Small Aircraft Liberation web resource. Guidelines and Considerations for Joint Lease and Management Agreements with Business Aircraft, such as . B co-ownership. Subsection F – Large and Turbine Multi-Engine Aircraft and Split Ownership Program Aircraft Information and Best Practices to assist new flight services in addressing tax and legal issues. .
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