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Aircraft Club Substantiation of expenses for company aircraft

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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.

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