This part is going to be almost impossible to know due to a few factors. -I'm sure the Brewers are doing a cost segregation study on improvements to Maryvale. Some of the improvements will be able to be expensed on their own merits, and quite possibly in 2018. -Some of the improvements to the existing structures could be bonus depreciation eligible, and quite possibly in 2018. -However, due to the incredibly confused language in the tax law, there is significant conflict between depreciation, qualified business income (which is a whole other can of worms for sport franchise owners), and the business interest expense limitation. In short, there are a bunch of tax treatments the Brewers could opt for, depending on the nature of the improvements, the activity the improvements are related to, the tax status of the LLC members, and a number of other factors. -I'm not sure if the Brewers are a calendar year or fiscal year entity. Even beginning to guess what the organization's net profits are, taxable income, or anything else like that currently is not possible. The Brewers and their CPA firm(s) probably don't even know what it is yet. I'd also suggest it may not matter a whole lot. The Brewers' owners are driven by a desire to increase the value of the franchise. If they think spending some extra money now will help them be able to sell at a much higher rate later, they'll spend the money. Tax has never been my strong suit, I kinda squeaked by on that exam and didn't look at it much again. The other points are true as well, I was assuming most likely scenario. Though their fiscal year is an especially good point as it's probably very likely they are not calendar year. I also especially liked your last point. With how much the value of the franchise has increased...banks would be lining up to write the Brewers a blank check if cash flow were ever an issue. So I completely agree, if they are all in on this year to get that first world series...I think they'd gladly spend the money even at risk of a loss.