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 this […]
All tax practitioners are aware how unyielding the tax code can be to those who lack sufficient planning and learn of the law’s arcane requirements only after the fact. One […]
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 […]
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 […]
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 an important competitive […]
In September 2013, the Department of Treasury released long-expected final regulations governing what expenditures can be deducted as repairs in the year incurred, versus what must be depreciated over multiple […]
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 calculations to determine what […]
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 […]
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 […]
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 allowance in […]
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