Indiana Code 6-6-6.5-10.6. Use of inventory aircraft for other purpose
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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.
(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.
(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.
Terms Used In Indiana Code 6-6-6.5-10.6
- Aircraft: means a device which is designed to provide air transportation for one (1) or more individuals or for cargo. See Indiana Code 6-6-6.5-1
- Dealer: means a person who has an established place of business in this state, is required to obtain a certificate under Indiana Code 6-6-6.5-1
- Department: refers to the department of state revenue. See Indiana Code 6-6-6.5-1
- Inventory aircraft: means an aircraft held for resale by a registered Indiana dealer. See Indiana Code 6-6-6.5-1
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(d) An inventory aircraft that during a year has total time in service exceeding fifty (50) hours 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 total time in service exceeds fifty (50) hours for the year for that aircraft.
As added by P.L.65-1997, SEC.16. Amended by P.L.97-1998, SEC.8; P.L.102-2015, SEC.1.