my small business buying a plane.

[nerd]

I am a small business owner, and I'm looking to buy a plane to be mostly used for company expenses. Would I have to do anything special to make the IRS happy?

Is there any good books or internet resources on this (I've looked around but couldn't find much).

Also, what if I wanted to by a experimental airplane for my small business. I'm not going to be using the plane for flying people for hire. Just to get me from one city to the next for business meetings and what not.

Thanx!
Chris.

[bluesideup]

I think AOPA has info on this topic. Also your accountant should be able to help.

[Mike Simmons]

I agree with bluesideup but the issue the IRS has is with personal use of a business asset.

The law was written for the large corporate folks who take the Gulfstream for the weekend but it applies to the single engine piston prop owner as well in that personal use of the corporate aircraft is not "free". The corporate office who uses the aircraft for personal use must declare the total expense of the aircraft as "income". I've heard some attorneys interpret the "expense" to mean the per hour rate as well as depreciation and any other associated expenses.

Now for the piston guy, I don't think the IRS will waste resources going after a few dollars but be aware that you need to maintain detailed records of your flight hours in case anyone asks.