NBAA Business Aviation Taxes Seminar

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Program Schedule

Thursday, May 10

12:30 p.m. – 4:45 p.m.
Seminar Registration
1:30 p.m. – 2:00 p.m.
Welcome & Tax Reform Overview
2:00 p.m. – 3:00 p.m.
Bonus Depreciation and Tax Reform: New Opportunities, Challenges & Questions

Speakers: John Hoover, Cooley LLP, Jed Wolcott, Wolcott & Associates, Rick Farley, PricewaterhouseCoopers LLP

Bonus depreciation has traditionally been an incentive for purchasing new aircraft. The recent expansion of bonus depreciation to include used aircraft and the elimination of like-kind exchanges on aircraft make an understanding of the rules for bonus depreciation critical for proper tax planning.

3:00 p.m. – 3:30 p.m.
3:30 p.m. – 4:45 p.m.
Understanding 100% Bonus Depreciation Rules and Implications: Real-World Transaction Scenarios

Moderator: Jeff Towers, TVPX 1031 Exchange Co

Speakers: John Hoover, Cooley LLP, Jed Wolcott, Wolcott & Associates, Rick Farley, PricewaterhouseCoopers LLP

Recent changes to the tax code create opportunities, but also some challenges and questions for business aircraft owners. A panel of experts will discuss the implications of the new bonus depreciation rules using real-world transactions scenarios.

5:30 p.m. – 7:00 p.m.
Cocktail Reception

Friday, May 11

8:15 a.m. – 4:00 p.m.
Seminar Registration
8:15 a.m. – 9:00 a.m.
9:00 a.m. – 9:15 a.m.
9:15 a.m. – 10:00 a.m.
Changes to Business Entertainment & Commuting

Speaker: Ruth Wimer, Winston & Strawn LLP

The denial of deductions for both business entertainment and commuting flights is new and significant. Join us to learn how and when to characterize a flight as “business entertainment”, which individuals are not covered by the commuting disallowance, and the recordkeeping and administration challenges involved for these new types of disallowed flights.

10:00 a.m. – 11:00 a.m.
Changes to Personal Entertainment

Speaker: Keith Swirsky, GKG Law, P.C.

This session will focus on the tax ramifications of business aircraft entertainment use, including relevant tax code references, the tax effect to the company and individual, recordkeeping requirements and planning to minimize the deduction disallowance. Examples of entertainment and non-entertainment use will be covered along with an opportunity for audience Q&A

11:00 a.m. – 11:30 a.m.
11:30 a.m. – 12:30 p.m.
Impact of New Tax Law on FET For Managed Aircraft

Speakers: Cliff Maine, Barnes & Thronburg LLP, Eileen Gleimer, Crowell & Moring LLP

The new tax law provides for a Federal Excise Tax exemption for properly-structured aircraft management agreements. Learn how to take a proactive approach to structuring management agreements to take advantage of the provisions of the new tax law and avoid areas of possible concern. Join us as we discuss the practical impact of this exemption.

12:30 p.m. – 1:45 p.m.
1:45 p.m. – 2:30 p.m.
Hobby Loss Issues

Speakers: Joanne Barbera, Barbera & Watkins, LLC

Recent changes raise new considerations for owners concerned with characterizing their aircraft as trade or business instead of hobby. This session will lay out the hobby loss rules, discuss the 2017 IRS chief counsel advice rejecting Morton’s statement that Moline Properties does not apply to S corporations, and explore implications of the new tax law provisions including 100% depreciation for eligible property, loss limitations, and lower tax rates for C corporations and certain pass through entity income.

2:30 p.m. – 3:30 p.m.
Elimination of Miscellaneous Itemized Deduction Subject to 2% Floor

Speakers: George Rice, Rice & Associates, Inc., Alvaro Pascotto, Law Offices of Alvaro Pascotto

This session will explore the repeal of this category and the resulting impacts on existing non-traditional aircraft ownership structures, including unreimbursed employee business expenses, expenses incurred for the productions of income, and hobby expense. We will discuss potential restructuring ideas to mitigate these impacts, including the limitation on interest deductions and other implications of the new Section 461(L).

3:30 p.m. – 3:45 p.m.
3:45 p.m. – 4:30 p.m.
State Taxes – Possible Impacts & Recent Updates

Speakers: David Norton, Shackelford, Bowen, McKinley & Norton, LLP, Jordan Miller, CenterPoint Aviation Law PLLC

This session will address state tax conformity with federal law and the state impacts and potential unintended consequences caused by the Tax Cuts and Jobs Act. The session will also provide an overview of recent notable state tax changes for various states, including a focused discussion of the 2015 enactment of Chapter 163 (Sales and Use Taxation of Aircraft) to the Texas Tax Code.

4:30 p.m. – 5:00 p.m.
Other Significant Tax Reform Provisions

Speaker: E.J. Mitchell, Deloitte Tax LLP

This session will address other important provisions of the new tax law impacting business aviation. Topics will include how aircraft related provisions in the recent legislation may impact the Section 199A pass-through deduction, as well as its applicability to aircraft sale purpose entities and other business entities, and potential areas for increased IRS scrutiny.

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