Aircraft Club Substantiation of expenses for company aircraft

Start adding items to your reading lists:
or
Save this item to:
This item has been saved to your reading list.

Overview

Section 274(d) provides that no deduction is allowed for expenses for travel, gifts, or listed property unless the taxpayer substantiates the expenses, generally by adequate records. Company aircraft are subject to these rules as listed property. For company aircraft, a taxpayer must substantiate (1) the amount of the expenses, (2) the time and place of the use of the aircraft, and (3) the business purpose of the use of the aircraft.

Contact us

Richard Farley

Director, PwC US

Follow us
Hide