Join aviation attorney David Shannon for a discussion of How to Purchase a Business Jet and Maximize Bonus Depreciation. The purchase of a business aircraft is complex. The rules for the FAA (which is tasked with safety), IRS (tasked with raising revenues), State Sales and Use Taxes (tasked with raising revenues), and the SEC (tasked with shareholder protection) conflict because each agency has a different mission. This program will address the rules and regulations and provide practical solutions for new aircraft owners and their advisors.
Additionally, this program will cover the rules regarding the ability of a taxpayer to maximize bonus depreciation deductions and restrictions on the availability of such deductions. The 2017 Tax Cuts and Jobs Act provides for 100 percent bonus depreciation, allowing taxpayers immediate deduction of the cost of factory-new and pre-owned aircraft acquired and placed in service after Sept. 27, 2017 and before Jan. 1, 2027 (Jan. 1, 2028 for longer production period property and certain aircraft).
David Shannon is the Chair of the Business Aviation Practice and a Partner in the New York and Fort Lauderdale offices.
Mr. Shannon’s Business Aviation expertise involves structuring the purchase and sale of large long-range business jets and helicopters for Fortune 500 companies, large international corporations, ultra-high net-worth clients, and family offices. He is an industry recognized resource regarding the federal tax requirements for obtaining the Bonus Depreciation deduction. Additionally, Mr. Shannon has negotiated complex finance documents with leading global banks and also successfully represented clients regarding multi-million-dollar sales tax liability matters.
As a member of the Corporate Practice, Mr. Shannon has a record of achievement in a wide variety of corporate transactions including: mergers and acquisitions (M&A), corporate restructurings, banking and finance, securities regulation, and federal, state and local taxation.
Finally, Mr. Shannon serves as a technical resource analyzing corporate entities related to business planning strategies, reviewing estate and gift tax issues, and providing legal and accounting advice to ultra-high net-worth clients and their advisors.
Really nice overview and exploration of a unique and niche law field.
Very informative and interesting presentation.