Use of inventory aircraft for other purpose
Sec. 10.6. (a) A dealer may not use inventory aircraft for any
purpose other than for resale and demonstration flights unless the
dealer charges the fair market rental or lease value and complies with
all applicable statutes, rules, and procedures of the department.
(b) Failure to comply or failure to provide proof of compliance to
the department may be cause for immediate revocation of the dealer's
certificate. However, the dealer has one hundred eighty (180) days
after the date of the order to sell the dealer's inventory.
(c) An aircraft used for other purposes shall no longer be
considered aircraft inventory and shall be treated as property of a
nondealer. The registration fee and all applicable taxes become due
thirty-one (31) days after the date the improper use begins.
(d) An inventory aircraft held for more than eighteen (18) months
is no longer considered aircraft inventory and is treated as property
of a nondealer. The registration fee and all applicable taxes are due
thirty-one (31) days after the date the eighteen (18) month period
ends.
As added by P.L.65-1997, SEC.16. Amended by P.L.97-1998, SEC.8.
Last modified: May 28, 2006