Kerry Lynch stepped into the role of editor of the&nbsp;Aviation International News&nbsp;monthly magazine in May 2022 after serving with&nbsp;AIN&nbsp;for eight years. She joined&nbsp;AIN&nbsp;in December 2014 as a senior editor covering Washington and business aviation news. She has also served on Convention News teams, including as editor of&nbsp;HAI Convention News. Lynch previously spent 25 years with Aviation Week. During her time there, she reported for and later steered&nbsp;The Weekly of Business Aviation, oversaw business aviation content on the&nbsp;Aviation Week Intelligence Network, served on the&nbsp;Show News&nbsp;staff, and held roles as the Washington columnist for&nbsp;Business &amp; Commercial Aviation&nbsp;and&nbsp;Overhaul &amp; Maintenance&nbsp;monthly magazines. In 2021 she was honored with the National Business Aviation Association Platinum Wing Award for lifetime achievement in journalism and was the 2004 recipient of the National Air Transportation Association’s Aviation Journalism Excellence Award. She also has been a recipient of an Aerospace Media Award for business aviation (2022) and NBAA Gold Wing Award (2003, 2024). Lynch graduated from The Ohio State University with a bachelor of arts in journalism.

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Kerry Lynch

NBAA is praising an IRS <a href="https://www.nbaa.org/admin/taxes/depreciation/bonus/Bonus_Proposed_Regs_in_FR.pdf">notice of proposed rulemaking </a>(NPRM) on tax law changes surrounding bonus depreciation, saying the notice incorporates key recommendations from the association.

 


Released earlier this month, the proposal stems from a provision in the Tax Cuts and Jobs Act passed late last year that extends and modifies bonus depreciation. The law provides for 100 percent bonus depreciation for qualified new and used property acquired and placed into service after Sept. 27, 2017, and before Jan. 1, 2027. Beginning in 2022, the tax measure phases down the amount of bonus depreciation by 20 percent each year through Jan. 1, 2027.

 


NBAA called the measure a significant legislative victory, not only for the extension of bonus depreciation but also for the applicability to used property for the first time. Since the measure's passage,<a href="https://www.ainonline.com/aviation-news/business-aviation/2018-06-15/nbaa-requests-guidance-irs-tax-changes"> NBAA requested guidance</a> on the definition of “previously used” because the legislation includes a stipulation that preowned property qualifies only if it was not previously used by the taxpayer. NBAA maintains that incidental uses, such as a demonstration flight or charter operation before a purchase of an aircraft, should not disqualify the purchase from bonus depreciation.

 


The NPRM clarifies “the property is treated as used by the taxpayer or a predecessor at any time before its acquisition of the property only if the taxpayer or the predecessor had a depreciable interest in the property at any time before the acquisition.”

 


IJohn Hoover, a partner at Holland &amp; Knight and vice chair of NBAA’s Tax Committee, said the IRS's proposed definition of "previously used" is very taxpayer-favorable. NBAA added that the proposal broadens the types of transactions that qualifies, such as if an organization leased an aircraft from an owner and then bought it.

 


The IRS also clarified that an aircraft is considered acquired when the taxpayer enters into a binding written contract, regardless of when production of the aircraft may begin.

 


“NBAA appreciates the work of the IRS and Department of the Treasury to issue these proposed regulations, and we are grateful to see that their position on the application of bonus depreciation to used property is consistent with our guidance request,” said NBAA senior director of government affairs Scott O’Brien.

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NBAA Praises IRS Bonus Depreciation Proposal

The IRS clarification of previously used enables property to still qualify in cases of incidental uses, such as a demonstration flight.

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