fractional ownership interest
Defined in 1 dictionary — U.S. Code
United States Code
26 U.S.C. § 4043 — for purposes of this section
The term “fractional ownership interest” means—
(i) the ownership of an interest in a fractional program aircraft,
(ii) the holding of a multi-year leasehold interest in a fractional program aircraft, or
(iii) the holding of a multi-year leasehold interest which is convertible into an ownership interest in a fractional program aircraft.