Depreciation Exercises With Solutions
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FAQ
Also known as Form AC 8050-2, an aircraft bill of sale is required by the Federal Aviation Administration (FAA) when buying and/or selling an aircraft. This form includes important information about the buyer, seller, and transaction details.
The Bill of Sale must be filled out in duplicate (two originals). Both originals of the Bill of Sale go to the buyer - one is paired with the registration to go to the FAA, and the buyer keeps the other. The seller should make a photocopy, if he desires to keep a record.
Once you have this document, you'll need the following information to fill it out in this order: Date of the Sale. Buyer's name & mailing address. Seller's name & mailing address. Aircraft information must include: ... Agreed Purchase Price. Agreed Date of Delivery. Deposit Amount Due at Time of Purchase.
Registering Your Aircraft evidence of ownership (such as one or more bills of sale) the $5.00 registration fee made payable to the Federal Aviation Administration.
The Bill of Sale must be filled out in duplicate (two originals). Both originals of the Bill of Sale go to the buyer - one is paired with the registration to go to the FAA, and the buyer keeps the other. The seller should make a photocopy, if he desires to keep a record.
An Aircraft Bill of Sale should include the aircraft's make, model, serial number, registration number (N-number), sale price, date of sale, seller's information, buyer's information, and signatures of both parties. It may also include any warranties or disclosures about the aircraft's condition.
ANSWER: Evidence of ownership can be shown on an AC Form 8050-2, Aircraft Bill of Sale, or similarly worded document. For the purpose of registration, the ?Bill of Sale? is the document used by the FAA to confirm that the applicant is the registered owner.
