Tax Treatment of Airplane Purchases After Tax Reform: Maximizing Deductions for Business Aircraft Expenditures

An encore presentation featuring live Q&A

A 110-minute CPE webinar with interactive Q&A


Wednesday, September 4, 2019 (in 10 days)

1:00pm-2:50pm EDT, 10:00am-11:50am PDT

or call 1-800-926-7926
Program Materials

This webinar will address the effect of the 2017 tax reform on aircraft purchase and use. Purchasing an airplane has provided substantial tax savings in the past. While tax reform reduced or eliminated some deductions, others have increased significantly, leaving tax professionals and owners with much to consider. The panel will discuss the recent tax reform changes and incorporate tax savings strategies relative to purchasing a plane.

Description

Many changes made by recent tax reform impact aircraft purchase and use. New bonus depreciation rules allow an immediate 100% deduction of the purchase price of a new or used airplane. At the same time, taxpayers may no longer receive deferral benefits from like-kind exchanges of airplanes.

Further, business entertainment is no longer deductible, which could potentially diminish the business value of owning an airplane. Current owners or potential buyers of business use airplanes, and their tax advisers, must wade through the numerous changes and complexities of the tax act to determine their impact on business ownership of aircraft.

In addition to the tax reform changes, tax practitioners and owners need to consider the hobby loss rules, personal use calculations, and federal excise taxes; still, these are only a few of the federal tax issues to consider. State sales tax and state income tax differences must also be addressed.

Listen as our panel of experts discusses the tax considerations of owning a plane. They will guide you through the recent tax reform changes, minimizing upfront state and excise taxes, and on-going concerns including imputing personal use and avoiding classification as a hobby loss.

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Outline

  1. Prior tax treatment of business ownership of aircrafts
  2. Changes made by the tax reform act
  3. Planning strategies to optimize tax benefits of airplane ownership
  4. Federal excise tax
  5. State income and sales taxes

Benefits

The panel will cover and address these and other issues:

  • Structuring an aircraft purchase
  • Calculating travel, meals and entertainment deductions
  • Determining state sales tax liability
  • Discerning hobby loss rules
  • Commuting expenses

This is an encore presentation with live Q&A.

Faculty

Beissel, Brent
Brent K. Beissel

Atty
Reed Smith

Mr. Beissel is a member of the firm's State Tax Group. He currently focuses his practice on Pennsylvania,...  |  Read More

Dorner, David
David P. Dorner

Partner
Reed Smith

Mr. Dorner’s primary practice includes tax controversy, including federal and state tax audits, appeals,...  |  Read More

Wimer, Ruth
Ruth M. Wimer

Partner
Winston & Strawn

Ms. Wimer is an attorney and a CPA with nearly 30 years of experience previously serving as a senior partner in the...  |  Read More

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