On Demand Audio

How to Purchase a Business Jet and Maximize Bonus Depreciation

(107 reviews)

Produced on August 19, 2019

Taught by
$ 59 Tax Law, Business, Corporate, & Securities Law, and Aviation In Stock
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Course Information

Time 61 minutes
Difficulty Intermediate

Course Description

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).


Learning Objectives:

  1. Examine the rules and regulations that apply with the purchase of a business aircraft
  2. Provide practical solutions for new aircraft owners and their advisors
  3. Gain a detailed overview of the requirements to qualify for the bonus depreciation deduction

Credit Information

After completing this course, Lawline will report your attendance information to {{ accredMasterState.state.name }}. Please ensure your license number is filled out in your profile to ensure timely reporting. For more information, see our {{ accredMasterState.state.name }} CLE Requirements page . After completing this course, {{ accredMasterState.state.name }} attorneys self-report their attendance and CLE compliance. For more information on how to report your CLE courses, see our {{ accredMasterState.state.name }} CLE Requirements FAQ .

Faculty

David Shannon

Lewis Brisbois

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.



Reviews

BC
Ben C.

Really nice overview and exploration of a unique and niche law field.

LK
Lee Ann K.

Very informative and interesting presentation.

JB
Judith B.

Good job

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