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Tue, Mar 29, 2005

NBAA: Federal Appeals Court Upholds Current Deductibility of Engine Maintenance

Good News For Aircraft Operators

Our ever cost-conscious friends at NBAA tell ANN that a recent ruling by the Sixth Circuit Court of Appeals in FedEx Corporation v. United States of America provides valuable information to owners and operators of business aircraft. The question of expensing or capitalizing costs associated with heavy maintenance has been puzzling to taxpayers over the years. Current expenses that are fully deductible in the year incurred are most valuable.

Costs that must be capitalized and realized over several years are valuable, but less so than currently deductible expenses. When considering high-cost items, such as engine maintenance costs, the difference can be quite significant.

Until recently, the cases and rulings on the subject provided an inconsistent record and poor guidance for aircraft owners looking for a definitive answer to the question: "Are engine maintenance costs currently deductible as expenses or must they be capitalized over time?"

FMI: http://web.nbaa.org/member/ops/taxes/200503.php

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