HOT TOPICS AND CURRENT ISSUES RELATED TO AIRCRAFT OWNERSHIP, COST SHARING, AND A CASE IN POINT IF THE LAW IS NOT FOLLOWED.

This paper will explore the issues encountered when multiple users and/or entities purchase or sell an aircraft for business or personal use, which commonly involve the navigation of and compliance with Federal Aviation Administration (FAA) and Internal Revenue Service (IRS) regulations and accompanying federal statutes. This paper will also address the ownership of aircraft by multiple individuals and/or entities, and then operations under various ownership structures. Where multiple aircraft owners are involved, the utilization of dry leases, time sharing agreements, interchange agreements, and co-owner/ joint-ownership agreements may be used to navigate FAA and IRS regulations and rules. Also, co-owning an aircraft, but not actually having "ownership" of the aircraft, through another company (an off balance sheet entity for example) will be addressed. Aircraft owned through an owner trust can also provide anonymity, ownership advantages, and can help navigate ownership registration issues. This paper will also address the U.S. Eastern District Federal Court Criminal Organized Crime and Drug Task Force Enforcement prosecution case against an aviation escrow, title, and trust company; along with the principals [ABSTRACT FROM AUTHOR]