fractional ownership interest
Defined in 1 place of the United States Code.
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.
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