"Robert M. Gary" wrote:

That doesn't effect the amount of taxes you pay on it, just when you
pay the taxes.

Accelerated depreciation expense will most likely offset a good portion of
any income tax owed on the awarded aircraft, assuming both events occurred
during the same tax year.

A friend of mine won a new Volvo (automobile) a few years ago in a charity
sweepstakes but opted to take the cash rather than the vehicle. The cash
equivalent was about $40,000. He, as owner of his own insurance business,
had his accountant restate some losses or depreciation (I cannot recall
which) and was able to offset the entire income tax owed on the winnings.


--
Peter