2017 Tax Cuts & Jobs Act: 100% Aircraft Expensing and FET Clarifications
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 The Act repealed the long-standing IRC § 1031 like-kind exchange provision and replaced it with a short-term provision that provides immediate expensing for aircraft (i.e. 100%