ESCROW DEPOSITS
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3 Months Ended |
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Mar. 31, 2014
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Escrow Deposits [Abstract] | |
ESCROW DEPOSITS |
ESCROW DEPOSITS
In March 2014, the Company sold a B212 medium helicopter for cash proceeds totaling $3.0 million, net of fees. The sales transaction was treated as a tax-free like-kind exchange under Section 1031 under IRS regulations for tax purposes whereby all of the proceeds are held by a qualified intermediary and reflected as an escrow deposit in the consolidated balance sheet as of March 31, 2014. A qualified property has been identified to complete the like-kind exchange under Section 1031 prior to expiration of the 45-day period subsequent to the closing date.
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- Details
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- Definition
Escrow Deposits [Text Block] No definition available.
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