Chris Jacob to speak at Lewis and Clark Law School Feb 15, 2018
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Just a quick announcement
that Chris Jacob will be in Portland, OR Feb 15th to speak at the
Lewis and Clark Law School on the topic of Aviation Transactions.
At the end of 2017, Congress passed and President Donald Trump signed what is now Public law no. 115-97, the 2017 “Tax Cuts and Jobs Act” ("the Act"). The Act has several immediate and long-term effects on general aviation tax issues that aircraft owners should note. Elimination of Section 1031 Exchanges for Personal Property First, the Act eliminates like-kind exchanges under Section 1031 of the Internal Revenue Code for all personal property, including aircraft, beginning in 2018. For those taxpayers who properly initiated 1031 exchanges prior to December 31, 2017 by acquiring a replacement aircraft or selling a relinquished aircraft, the benefits of a 1031 exchange will remain available subject to the previously applicable rules to allow the taxpayers to consummate the full tax-deferred exchange. All other aircraft owners will be henceforth subject to recapture for any taxable gain. Thus, owners with fully tax-depreciated aircraft in particular should pl
On November 27, 2018 Jim Waldon spoke to law students attending an aviation law class taught by Robert Hedrick. Jim spoke on the Process of Creating a Commuter Airline.
Coverage for income loss, also referred to as business interruption insurance, is commonly found in Commercial Property and Business Owner's policies. This provides coverage for loss of income as a result of the insured's suspension of operations. The most frequent triggering event for such coverage is physical damage to the business premises due to a covered peril such as fire or water damage, necessitating a closure for repair, rebuilding, or even relocation. However, one unique aspect of business interruption coverage is income loss due to actions of civil authority. Such actions include something as minor as a road closure for repairs which access to a business or a significant as an order for closure of business in a larger area due to act of terrorism. In order to invoke such coverage, the cause, absent physical damage to the insured premises itself, must be the result of physical loss or damage to property away from the insured property as a result of a
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