minimum fractional ownership interest
Defined in 1 place of the United States Code.
The term “minimum fractional ownership interest” means, with respect to each type of aircraft—
(i) a fractional ownership interest equal to or greater than 1/16 of at least 1 subsonic, fixed wing, or powered lift aircraft, or
(ii) a fractional ownership interest equal to or greater than 1/32 of at least 1 rotorcraft 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