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BONUS DEPRECIATION & EXPENSING AVAILABLE FOR 2012 AIRCRAFT DELIVERIES

Economic Stimulus Incentives Apply to 2012 New Business Aircraft Deliveries New aircraft purchases and new equipment purchases for used aircraft are subject to a special 50% bonus depreciation...

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IRS RULES ON DEPRECIATION FOR MIXED-USE CHARTER / PART 91 AIRCRAFT

For owners of business aircraft who find themselves flying fewer hours per year than their aircraft can reasonably support, an attractive option is often to contract with a Part 135 charter company to...

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NEW REGULATIONS FOR AIRCRAFT ENTERTAINMENT USE

On August 1, 2012, the Department of Treasury published final regulations addressing the negative tax impact of entertainment use of business aircraft.  These new regulations solidify into law a legal...

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2013 “FISCAL CLIFF” DEAL EXTENDS BONUS DEPRECIATION & RETROACTIVELY ENHANCES...

On January 2, 2013, Congress completed passage of a bill addressing, at least in part, the so-called “fiscal cliff” of impending tax changes slated to occur at the end of 2012.  President Obama is...

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NEW IRS REGULATIONS: IMPACTS ON OWNERS, LESSEES, AND CHARTER CUSTOMERS

Deducting Aircraft Expenses?  Detailed Tax Calculations Now Mandatory   New IRS regulations effective in 2013 and forward require taxpayers claiming deductions for aircraft to undertake detailed...

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TAX DEDUCTION OF BUSINESS AIRCRAFT 2014 UPDATE

Tax Depreciation of General Aviation Aircraft Businesses throughout the country routinely make use of general aviation aircraft to provide travel and communication efficiencies that provide them with...

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KEY TAX EXPOSURE AREA: PASSIVE ACTIVITY PROTECT YOURSELF WITH PROPERLY FILED...

A notable milestone in the cat-and-mouse game of individuals seeking to minimize tax burden and Congress making new laws to end potential shelter activity is the Passive Activity Rule, which was...

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UNDERSTANDING AND PLANNING FOR TAX RISKS OF OVERLAPPING LOAN GUARANTIES

When a financed aircraft is owned in a special-purpose company, which lacks assets other than the aircraft, it is typical and understandable for the financing bank to insist that, in order to extend...

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BONUS DEPRECIATION AND ENHANCED §179 EXPENSING EXTENDED TO 2015 AND BEYOND

179 Expensing Election of $500,000; phase out starts when equipment purchases exceed $2,000,000. 50% Bonus depreciation for factory new equipment   In a welcome display of good governance, Congress...

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Tax Trap for 2011 – Failure to Elect Grouping of Aircraft Company and...

Second in a series of articles on “How to Survive an IRS Audit of your Aircraft”   There are many valid business reasons to separate aircraft ownership from the operating companies it serves.  These...

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A New Era in Business Aviation: Highlights from the Tax Cuts and Jobs Act

After years of debate, tax reform has arrived. The late-year 2017 passage and signing of the Tax Cuts and Jobs Act (TCJA) has reshaped the business and individual tax landscape. The TCJA provides...

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Tax Reform 201: Aircraft Acquisition and the “Leasing Trap” in a World of...

The 2017 Tax Cuts and Jobs Act provides a wonderful opportunity for business aircraft purchasers of both new and pre-owned aircraft to take 100% bonus deprecation on the aircraft purchase price in the...

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