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4. For the individual or company looking to upgrade or purchase a business aircraft, why is it important to work with an aviation tax planning expert before inking the purchase contract? Business aircraft owners operate in a unique compliance environment – the confluence of federal income tax laws, state sales and use tax laws, and Federal Aviation Regulations. Our understanding of how the myriad of regulations interact with each other, or the non-interaction of some regulations, and our experience working with these different government authorities, offer our clients and their advisors a critical perspective in formulating an ownership structure that is tax efficient and in full compliance of these regulations. 5. Looking into your crystal ball, what are the top tax issues or changes the aviation industry will face in the next two years? We do not see any drastic change in the tax laws relating to business aviation prior to the next election cycle in 2020. The election results, and how the economy performs in the next twelve months, will certainly bring about changes to tax laws affecting general aviation aircraft. Aviation Insurance Resources Turbines, Inc. October 2019 / TWIN & TURBINE • 19