Aviation assets and other aviation products, including airport take-off and landing rights, traditionally retain a high percentage of their original value while depreciating quickly for tax purposes.  A simple sale of an existing aircraft with the intent to use the proceeds on another purchased aircraft could result in the recognition of taxable gain on the existing aircraft.  However, with proper planning an owner can structure a transaction which allows the purchase of a replacement aircraft, provides time to make an orderly disposition of the relinquished aircraft, and still allows the purchaser to reap the tax deferral benefits of a like-kind exchange.