Implications of the ‘Lessor’ and ‘Fly Away’ State Tax Exemptions Associated With Aircraft Purchases

It is well-established law in the United States that a taxpayer may, through legal means, avoid or decrease its tax burden, thanks to the 1935 U.S. Supreme Court decision in Gregory v. Helvering that says, “The legal right of a taxpayer to decrease the amount of what otherwise would be his taxes, or altogether avoid them, by means which the law permits, cannot be doubted.”