From: Barry J. Cohen < Sent: Thursday, December 21, 2017 12:17 AM To: jeffrey E. Subject: FW: Tax Bill Aircraft Provisions - Bonus Depreciation, Like kind exchanges, and Safety Concerns FYI From: Wimer, Ruth I 1= Sent: Wednesday, December 20, 2017 4:17 PM To: Wimer, Ruth < Subject: Tax Bill Aircraft Provisions - Bonus Depreciation, Like kin= exchanges, and Safety Concerns Below is a summary with 100% bonus depreciation (eve= for used aircraft) and the denial of like-kind exchanges most noteworthy.=nbsp; Observation: Having an Independent Security Study in place may meet =he "safety concern" requirement to keep commuting expenses deductible. Best, Ruth (202) 282-5358<=p> Tax Reform Highlights for Business Aviation 100-Percent Expensing (Bonus Depreciation) A 2015 Act extended bonus depreciation for qualified=property (including commercial and non-commercial aircraft used in a trade=or business with a recovery period of 20 years or less) through 2019, with=a phase-down over time from 50 percent to 30 percent. Under the Tax Bill, however, the current law would b= amended to provide for 100-percent expensing, which will allow taxpayers =mmediately to write off the cost of aircraft acquired and placed in servic= after Sept. 27, 2017 and before Jan. 1, 2023 (Jan. 1, 2024 for longer production period property and certa=n aircraft). Through the efforts of NBAA and a coalition of general aviati=n groups, the new law would permit 100 percent expensing by the taxpayer f=r both factory- new and pre-owned aircraft so long as it is the taxpayer's first use of the aircraft. =o:p> EFTA_R1_01805971 EFTA02610881