10-24-2003, 07:36 AM
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CC Member
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Join Date: Mar 2003
Location: Baltimore,
Md
Cobra Make, Engine: EM Replica, 427 s/o, Vette suspension
Posts: 84
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Not Ranked
Let me begin by stating EMPHATICALLY that I am NOT qualified to give ANY advice of ANY kind!!
Having said that, I assume you are aware that you will have to pay federal income tax on the VALUE of your winnings (i.e., the Cobra). Since it is already approaching the end of October, you may want to consult your accountant / tax advisor on how the IRS will determine the value of your windfall. Since the IRS WILL want their money before April 16, 2004, you may want to begin factoring in the amount that you WILL have to pay them! If the donor stated that the Cobra was WORTH $60,000 YOU may HAVE TO ARGUE THAT THE CAR IS NOT WORTH THAT AND THEREFORE ARE NOT OBLIGATED TO PAY TAX ON $60,000!
You may want to look around your area for companies that can give you an honest appraisal of what your Cobra is worth. You will then be in a better position to know how much tax you will have to pay. You will also be in a position to sell the Cobra should that be an option you prefer. (Since it's listed here, I asssume you're leaning in that direction).
I congratulate you on your good fortune and hope that you take at least one test drive so you know what it's like to drive a very, very nice performance automobile! (You could also decide to donate it yourself if you don't need the money. Feed The Children is an excellent charity that provides a lot of great assistance to children.)
Just my $.02
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*** OF GREAT WORTH *** And JESUS asked again, The Kingdom of GOD, how shall we think about it, and to what can it be compared? Is it not like a Dark blue 427 Cobra, which a man found parked on his street one day? He hurried off and sold all that he had; the 57 Thunderbird, the 63 Stingray, the XKE, and bought the dark blue 427 Cobra. The disciples frowned and scraped their feet; JESUS grinned and popped the clutch. --- Harris Wolfe
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