The Internal Revenue Service's notice of proposed rulemaking on tax law changes surrounding bonus depreciation has been praised by the National Business Aviation Association (NBAA) for incorporating their key recommendations. The proposal extends the timeline and broadens the types of transactions that qualify for bonus depreciation.
Aviation Partner John Hoover, vice chair of NBAA’s Tax Committee, told AIN Online that the IRS's proposed definition of "previously used" is very taxpayer-favorable.
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