Daniel Feldman, David Shannon Co-Author Article for NBAA on Bonus Depreciation
New York, N.Y. (December 8, 2022) - New York and New Jersey Partner Daniel Feldman, with New York and Fort Lauderdale Partner David Shannon, recently co-authored an article for the National Business Aviation Association (NBAA), titled, “Bonus Depreciation Entering Annual Phasedown in 2023.” The article addresses the eligibility for bonus depreciation during the upcoming phasedown period.
The authors open the article with a brief history of the Tax Cuts and Jobs Act of 2017 (TCJA), with the scheduled phasedown applicable to qualified property acquired and placed in service after Dec. 31, 2022. The crux of the article discusses the one-year delay in the phasedown for “longer production period property” and “Certain Aircraft,” describing the eligibility requirements for the delay to apply. In addition, the authors address how an aircraft may satisfy the qualified business use requirements, which is critical to be eligible for bonus depreciation and avoid recapture in any subsequent year. Finally, the authors address the importance of the “placed in service,” requirement, where practitioners are wise to counsel clients on the limited case law addressing an aircraft being “made available for its intended use on a regular, ongoing basis.”
Mr. Feldman is a member of Lewis Brisbois’ Business Aviation, Executive Compensation & Employee Benefits, Mergers & Acquisitions, and Tax Practices. He has more than seven years of mergers and acquisitions experience, assisting public and private clients with buy-side and sell-side due diligence, primarily focused on executive compensation and employee benefits.
Mr. Shannon serves as chair of Lewis Brisbois’ Business Aviation Practice and as a member of its Corporate Practice. An industry recognized resource regarding the federal tax requirements for obtaining the bonus depreciation deduction, he has extensive experience 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.
Messrs. Feldman and Shannon co-authored the article with Chris Younger, senior counsel at Crowell & Morning LLP.
Read the full NBAA article here (subscription required).
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