- Wisconsin Tax Appeals Commission ruled that lease payments under an aircraft sale-leaseback are taxable for sales tax purposes
- Importance of documenting transactions carefully, especially in situations with competing interests
- Contractual provision agreeing to treat a transaction a certain way for tax purposes does not guarantee that treatment
- Case involved an Iowa insurance company entering into an Aircraft Lease with a finance company
- Sale-leaseback transaction used as a financing method
- State of Wisconsin assessed sales tax based on rents paid under the Aircraft Lease
- Wisconsin considers lease of aircraft as taxable lease of tangible personal property for sales tax purposes
Source: aprio.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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