The Internal Revenue Service (IRS) today issued proposed regulations on the exemption for amounts paid for certain aircraft management services under Internal Revenue Code section 4261(e)(5).

The proposed regulations also "amend, revise, redesignate, and remove provisions of existing regulations that are out-of-date or obsolete and generally update the existing regulations to incorporate statutory changes, case law, and other published guidance," the IRS explains. In addition, the proposed regulations withdraw a provision [§40.0-1(d) of proposed rule: REG-155087-05] that was included in a prior notice of proposed rulemaking that was never finalized and re-propose it." 

Comments on the regulations will be due by the end of September.

The 54-page text of the proposed regulations is posted here.

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