On May 12, 5:08 am, Ron Natalie wrote:
Robert M. Gary wrote:

Corporations formed to hold an aircraft are incorporated specifically
as not-for-profit.

Not always, and there are some good reasons why you may not want to
do this (ultimate disposal of assets).

If the purpose of the company is to hold the asset I cannot see why
you would want to incorporate for-profit. If you someday want to use
the company for photography or something, that is a very different
subject and pretty much everything said on this thread would not
apply.

Liability issues are different beasts than taxes, but you really
want to maintain the corporation as a company for BOTH purposes.

Actually for tax purposes you are much better off not incorporating.
When you own the plane directly you can deduct airplane taxes
(property taxes). When you hold it in a company you cannot. SInce the
company does not have income, the deduction is wasted.

-Robert, CFII, MBA, owner Sacramento Flyers, Inc. (a Mooney)