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As the travel needs of corporate executives continue to change and become more demanding, flight departments often respond by upgrading their fleets. A flight department may add additional aircraft, purchase fractional shares of aircraft to supplement an existing fleet, or they may sell aircraft that have run the course of their useful life and replace them with aircraft that are better suited to their flight needs. When selling and replacing aircraft, Time Value Property Exchange can assist as a Qualified Intermediary (QI) by structuring the disposition and purchase of aircraft as a tax-free exchange under IRC Section 1031.
IRC Section 1031 seems straightforward. Sell relinquished aircraft beginning the exchange, identify replacement aircraft within 45 days, and close on the replacement aircraft within 180 days. However, to successfully structure and complete an exchange of aircraft, there are many critical details that need to be considered:

Sales Tax — Are you exempt? Do you need to plan in order to minimize or avoid sales tax altogether? What are the options?

Other taxes — What other state taxes may effect the cost of your exchange?

Deposits — How are they held? Are you in constructive receipt of sales proceeds disqualifying you from non-recognition of gain? How should you avoid this?

Timing — Do you have exchange timing issues? Are you buying before selling? What are your options?

These are just a few issues that you may face if you are contemplating an exchange of aircraft. At Time Value Property Exchange, our trained professionals will lead you by the hand throughout the entire exchange process. Call us at 800-753-6933 for a consultation.