11 Jun 2025, 10:22 [ UTC - 5; DST ]
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Post subject: Re: Flying the Citation II  Posted: 10 Mar 2018, 23:50 |
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Joined: 12/31/17
Posts: 1037
Post Likes: +608
Location: KADS
Aircraft: C560
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Username Protected wrote: Looking for SIC's in Citation Ultra out of KADS. mikeobarr@hotmail.comCurious what your insurance requires for SIC. Our requirements are pretty tough IMO.
Anyone I approve! I do have the SP exemption and our insurance does not list any requirements for the SIC. We were with Berkly and it said anyone I approve. Last year we changed to XL and it does have hourly requirements for PIC and pilots for our C340. We are currently renewing our insurance so we will se what happens,
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Post subject: Re: Flying the Citation II Posted: 11 Mar 2018, 13:44 |
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Joined: 10/28/11
Posts: 1367
Post Likes: +600
Aircraft: V35A, B300
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Username Protected wrote: Question for the brain trust...of course I will seek legal counsel. We are in the process of buying another company to add to our business. Can I offer use of the “company jet” to the owners as part of package and stay within Part 91. We would offer them 30 hours a year for say 5 years. It would be turnkey for them. Thoughts? Mark we do it with a timeshare. 91.501c. Company owns plane. All the owners have timeshare agreement. Under the rules you can bill them up to 2x the price of fuel.
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Post subject: Re: Flying the Citation II Posted: 11 Mar 2018, 13:48 |
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Joined: 05/29/13
Posts: 14340
Post Likes: +12078
Company: Easy Ice, LLC
Location: Marquette, Michigan; Scottsdale, AZ, Telluride
Aircraft: C510,C185,C310,R66
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Username Protected wrote: Would they be partners in the combined venture or would this be part of the 'payment'? Assume both scenarios.
_________________
Mark Hangen
Deputy Minister of Ice (aka FlyingIceperson)
Power of the Turbine
"Jet Elite"
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Post subject: Re: Flying the Citation II Posted: 11 Mar 2018, 13:49 |
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Joined: 05/29/13
Posts: 14340
Post Likes: +12078
Company: Easy Ice, LLC
Location: Marquette, Michigan; Scottsdale, AZ, Telluride
Aircraft: C510,C185,C310,R66
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Username Protected wrote: Question for the brain trust...of course I will seek legal counsel. We are in the process of buying another company to add to our business. Can I offer use of the “company jet” to the owners as part of package and stay within Part 91. We would offer them 30 hours a year for say 5 years. It would be turnkey for them. Thoughts? Mark we do it with a timeshare. 91.501c. Company owns plane. All the owners have timeshare agreement. Under the rules you can bill them up to 2x the price of fuel.
Ok. Can I then just not collect?
_________________
Mark Hangen
Deputy Minister of Ice (aka FlyingIceperson)
Power of the Turbine
"Jet Elite"
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Post subject: Re: Flying the Citation II Posted: 11 Mar 2018, 13:50 |
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Joined: 05/29/13
Posts: 14340
Post Likes: +12078
Company: Easy Ice, LLC
Location: Marquette, Michigan; Scottsdale, AZ, Telluride
Aircraft: C510,C185,C310,R66
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Username Protected wrote: Question for the brain trust...of course I will seek legal counsel. We are in the process of buying another company to add to our business. Can I offer use of the “company jet” to the owners as part of package and stay within Part 91. We would offer them 30 hours a year for say 5 years. It would be turnkey for them. Thoughts? Mark we do it with a timeshare. 91.501c. Company owns plane. All the owners have timeshare agreement. Under the rules you can bill them up to 2x the price of fuel.
Can or must?
_________________
Mark Hangen
Deputy Minister of Ice (aka FlyingIceperson)
Power of the Turbine
"Jet Elite"
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Post subject: Re: Flying the Citation II Posted: 11 Mar 2018, 14:02 |
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Joined: 10/28/11
Posts: 1367
Post Likes: +600
Aircraft: V35A, B300
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Username Protected wrote:
Can or must?
Can/May. Not a must. Photo attached.
Please login or Register for a free account via the link in the red bar above to download files.
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Post subject: Re: Flying the Citation II Posted: 11 Mar 2018, 14:58 |
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Joined: 01/31/09
Posts: 5193
Post Likes: +3032
Location: Northern NJ
Aircraft: SR22;CJ2+;C510
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Username Protected wrote: If not unusal to see retiring CEO’s be given access to company planes post retirement. How do they do that? This for the business use or personal use? I believe the IRS imputes taxable compensation on personal use.
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Allen
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Post subject: Re: Flying the Citation II Posted: 11 Mar 2018, 15:07 |
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Joined: 05/29/13
Posts: 14340
Post Likes: +12078
Company: Easy Ice, LLC
Location: Marquette, Michigan; Scottsdale, AZ, Telluride
Aircraft: C510,C185,C310,R66
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Username Protected wrote: If not unusal to see retiring CEO’s be given access to company planes post retirement. How do they do that? This for the business use or personal use? I believe the IRS imputes taxable compensation on personal use.
Personal. Of course it’s taxable. Easy enough for the company to pay that tax for the CEO. Looks like 91.501 is the way to structure it legally with FAA.
It’s interesting though because the FAA defines compensation very broadly for commercial vs private purposes. Example would be time towards a rating would be compensation. A meal or a perk (tickets to a big game) would also be compensation. But you can let someone use your plane and pilots as a perk (say a retired CEO) and not run afoul of 135/91? 91.105. It great. Hard to believe they figured it out.
_________________
Mark Hangen
Deputy Minister of Ice (aka FlyingIceperson)
Power of the Turbine
"Jet Elite"
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Post subject: Re: Flying the Citation II Posted: 11 Mar 2018, 15:12 |
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Joined: 01/31/09
Posts: 5193
Post Likes: +3032
Location: Northern NJ
Aircraft: SR22;CJ2+;C510
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Username Protected wrote: Hard to believe they figured it out. Credit the NBAA with protecting those type of business interests in the FARs
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Allen
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Post subject: Re: Flying the Citation II Posted: 11 Mar 2018, 15:13 |
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Joined: 05/29/13
Posts: 14340
Post Likes: +12078
Company: Easy Ice, LLC
Location: Marquette, Michigan; Scottsdale, AZ, Telluride
Aircraft: C510,C185,C310,R66
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Username Protected wrote: Hard to believe they figured it out. Credit the NBAA with protecting those type of business interests in the FARs
Ok ok. I will renew. Gesh. 
_________________
Mark Hangen
Deputy Minister of Ice (aka FlyingIceperson)
Power of the Turbine
"Jet Elite"
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