Part I. Rulings and Decisions Under the Internal Revenue Code of 1986.

The article focuses on the final income tax regulations under the Internal Revenue Code of 1986 of the U.S. Internal Revenue Service (IRS) related to the deduction in the use of business aircraft for entertainment purposes. It discusses several provisions and comments on the regulations including determination of costs, allocation of costs to flights and bona fide security concerns. It also informs that the regulations are effective from August 1, 2012.