01-21-2007, 12:35 AM
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CC Member
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Join Date: Apr 1999
Location: cleveland,
OH
Cobra Make, Engine: CSX4000, 427
Posts: 1,999
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Not Ranked
Quote:
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Originally Posted by wtm442
Do not forget that the sell price minus the list price (about $450K) will be deducted from his Schedule C on 1040 as a charitable donation.
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But, depending upon his tax bracket, he may not be able to claim the full charitable amount, as the more you make, the less, i.e., lower percentage of the full amount can be written off on schedule C. i.e. Screw job again.
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"After jumping into an early lead, Miles pitted for no reason. He let the entire field go by before re-entering the race. The crowd was jumping up and down as he stunned the Chevrolet drivers by easily passing the entire field to finish second behind MacDonald's other team Cobra. The Corvette people were completely demoralized."
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