dry-lease aircraft exchange
Defined in 1 place of the United States Code.
The term “dry-lease aircraft exchange” means an agreement, documented by the written program agreements, under which the fractional program aircraft are available, on an as needed basis without crew, to each fractional owner.
Source
- 2012–present26 U.S.C. § 4043Internal Revenue Code · Surtax on fuel used in aircraft part of a fractional ownership program · for purposes of this section