Congress passed the 2017 Tax Cuts & Jobs Act late last year, and President Trump signed the Act into law on December 22, 2017. The Act repealed the long-standing IRC § 1031 like-kind exchange provision and replaced it with a short-term provision that provides immediate expensing for aircraft (i.e. 100% depreciation in the first year of aircraft operation). The Act also clarified that federal excise tax (FET) is not due on amounts paid by an aircraft owner to an aircraft management company.
2017 Tax Cuts & Jobs Act: 100% Aircraft Expensing and FET Clarifications
Post Category: Uncategorized
- January 9, 2018
- Kent S. Jackson
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