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Furthermore, when a part is installed as addition, modification or replacement, exemption for claims of liability arising out of this part kicks in 18 years after installation of that part. So a 20-year-old aircraft may still be the object of a successful suit against a manufacturer in regards of manufacturer modifications or parts installed ...
In highly appreciating markets, people may take the opportunity of selling their personal residence (where no capital gain is due below $250,000 for a single person or $500,000 for a married couple—see Taxpayer Relief Act of 1997) and moving into a former rental property for a specified time period in order to turn it into their new personal ...
Fractional ownership offers an individual or company the option to purchase a share of an aircraft. Shares from as little as 1/16 of an aircraft, which offers approximately 37.5 hours of flight time per year, to 1/2 of an aircraft can be purchased, depending on the needs of the operator.
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For an operating lease, a liability and a right-of-use asset are set up at lease inception, at the present value of the rents plus any guaranteed residual. To the asset is added any initial direct costs and subtracted any lease incentives (such as a tenant improvement allowance). The liability is amortized using the interest method (like a ...
If a liability is currently due in fewer than twelve months and is in the process of being refinanced so that it is due after a year, then a company can record this debt in long-term investments. [2] Additionally, if a liability is to be covered by a long-term investment, it can be recorded as a long-term liability even if it is due in the ...
IAS 37 establishes the definition of a provision as a "liability of uncertain timing or amount", and requires that all the following conditions be fulfilled before a provision can be recognized: the entity currently has a liability as a result of a past event; an outflow of resources is likely to be needed to settle the liability; and
Peak/Busy period access – Popular holidays and heavy travel dates are considered peak or busy periods when demand is the highest, which can exceed the company's available aircraft. Accordingly, service levels are reduced by lengthening call-out periods, disapplying guarantees, and applying restrictions, all of which are more stringently ...