TaxSrv wrote:

Same as on other income like wages, and depending upon one's
taxable income. The marginal tax rates vary between 10 and 35%.

Ok, how about this: When it comes time to sell the winning aircraft (and
face potential capital gains and depreciation recapture, of which I was
previously unaware - tnx, Fred), the winner purchases another business
aircraft that qualifies for a 1031 like-kind aircraft exchange, then does
not aggressively depreciate the second aircraft.

Would that indefinitely defer the depreciation recapture of the winning
aircraft?

--
Peter