California-based aircraft lessor Aviation Capital Group’s (ACG) tax status conversion in late March provided a substantial tax benefit to its overall equity, propelling ACG to an $887.5 million net profit for the first half of 2017, compared to $37.6 million in net profit for the same period in 2016. Prior to March 31, ACG Corp. was a wholly owned subsidiary of Pacific Life Insurance Co., itself a wholly owned subsidiary of Pacific Life Corp. On March 31, ACG was converted to a ...

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