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This glossary, compiled by members of the NBAA Tax Committee, is intended to provide an introduction to the terms frequently used in aviation tax, accounting and regulatory discussions.
NBAA members are cautioned that this glossary is not intended to provide more than a general definition of and introduction to the use of these terms and should not be construed as legal or tax advice or opinion on any specific facts or circumstances. Members should engage legal and tax advisors concerning their specific situation.
International Business Aviation Council Ltd.