Rx for tax headaches: LAS

By Paul Lowe

August 1, 2004
Regulations, Taxes

The tax committee of the NBAA will host two events in conjunction with its 57th annual meeting and convention in Las Vegas in October. The NBAA 13th Annual Tax, Regulatory & Risk Management Conference (previously known as the NBAA Tax Conference) is scheduled for October 10 and 11 at the Las Vegas Hilton. In addition, the risk-management working group of the tax committee will host “NBAA Insurance & Risk Management in Today’s Environment” on October 12 in the Las Vegas Convention Center.

The two-day tax seminar is designed to provide flight department personnel and their accountants/attorneys a basis for understanding how the appropriate tax laws and regulations apply to business aviation operations.

The first day of the conference will focus on the following topics: FAR Part 91/135 issues; flight department company problems; introduction to the new fractional regulations–Part 91 Subpart K; personal use of corporate aircraft; SEC and other public company issues; depreciation, including bonus depreciation; like-kind exchanges; and aircraft registration issues.

The second day of the conference will focus on financial risk management and aviation insurance topics; introduction to state and local taxes; property tax, registration fees and non-resident aircraft issues; current state tax developments; tax implications of financial structures; passive activity losses; federal excise taxes; international issues (VAT, cabotage and so on); and leasing and ownership structures.

The insurance and risk-management session will have a panel of insurance experts to discuss a variety of hot topics, including claims handling, war-risk insurance, the emerging very light jets (VLJs) and FBO ground handling. The two-hour session will close with a question-and-answer session on any insurance topic.

The annual tax conference costs $700 for NBAA members and $825 for nonmembers, and includes admission to the NBAA Convention. The two-hour insurance and risk-management panel discussion on October 12 is complimentary for all convention attendees.

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