Waller Lansden is on the leading edge of aerospace and aviation because that's where some of our clients do their best work. The firm has worked with Scaled Composites, LLC since the mid-1990s, and we have served as the company's trusted legal advisor since it went private in 2000. In 2004 the world renowned aerospace development company made history with SpaceShipOne and its two space flights in less than a week. The company simultaneously captured the $10 million Ansari X Prize and jump-started the space tourism industry. In March 2005, the GlobalFlyer designed by Scaled Composites circled the world nonstop with only solo pilot Steve Fossett onboard. Serving as general counsel for Scaled Composites, Waller Lansden supervises all the legal aspects of the company's business. The firm also is currently involved in the development of the first set of regulatory standards for commercial space travel.
In addition, Waller Lansden also represents aircraft and aircraft component manufacturers throughout the country in both commercial and product litigation arising from claims both in and outside the United States. The firm also counsels clients on the various regulatory and certification requirements involved in both aircraft production and operation.
Another important aspect of our Aviation and Aerospace practice focuses on the issues involved in the acquisition, ownership and operation of aircraft by businesses and individuals. Aircraft ownership by companies and individuals has become increasingly common because of the increased flexibility and productivity it affords compared to commercial air travel. Aircraft ownership does, however, introduce significant tax implications with respect to the personal use of corporate aircraft for entertainment travel as well as other business and regulatory considerations. Waller Lansden has advised many of our clients on a myriad of issues, helping to ensure that the benefits of aircraft ownership and operation do not become a potential liability or a financial detriment to their companies.
Waller Lansden has extensive experience in structuring aircraft acquisitions and dispositions, including Section 1031 exchange transactions. The proper structuring of an aircraft acquisition or disposition can often minimize state and federal tax liabilities. In these transactions, the firm's tax attorneys also ensure compliance with Federal Aviation Administration regulatory requirements. Waller Lansden works closely with clients and their personal advisors to develop and negotiate an aircraft acquisition or sale structure that meets their business needs.
WE ARE REQUIRED BY IRS CIRCULAR 230 TO INFORM YOU THAT THE FOLLOWING DISCUSSION WAS NOT INTENDED OR WRITTEN TO BE USED, AND IT CANNOT BE USED, NOR RELIED UPON, BY ANY TAXPAYER FOR THE PURPOSE OF AVOIDING PENALTIES THAT MAY BE IMPOSED UNDER FEDERAL TAX LAW. THE ADVICE WAS WRITTEN TO SUPPORT THE PROMOTION OR MARKETING OF THE TRANSACTIONS OR MATTERS ADDRESSED IN THE DISCUSSION. EACH TAXPAYER SHOULD SEEK ADVICE BASED ON ITS PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR.
