### Question
What is the definition of dry-lease aircraft exchange?


### Answer
The definition of **dry-lease aircraft exchange** is as follows in *26 U.S.C. § 4043*:

> an agreement, documented by the written program agreements, under which the fractional program aircraft are available, on an as needed basis without crew, to each fractional owner

#### Citation:
  - *26 U.S.C. § 4043*
  - Heading: **Subtitle D-Miscellaneous Excise Taxes > CHAPTER 31-RETAIL EXCISE TAXES > Subchapter B-Special Fuels**

