fractional owner
(3) Definitions related to fractional ownership interests (A) Qualified fractional owner The term “qualified fractional owner” means any fractional owner which has a minimum fractional ownership interest in at least one fractional program aircraft. (B) Minimum fractional ownership interest 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. (C) Fractional ownership interest The term “fractional ownership interest” means— (i) the ownership of an interest in a fractional program aircraft, (ii) the holding of a multi-year leasehold interest in a fractional program aircraft, or (iii) the holding of a multi-year leasehold interest which is convertible into an ownership interest in a fractional program aircraft. (D) Fractional owner The term “fractional owner” means any person owning any interest (including the entire interest) in a fractional program aircraft.