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An update on this project. The drawing is at the rubber manufacturers, I’ve given the go ahead to make the die and proceed with the manufacture of the rubber.
Things move slowly, that’s for sure. From this point he’s saying 4 to 6 week delivery.
Thanks for the interest, and when it’s done will let everyone know, particularly you who have shown specific interest.
Thanks! David C.
I’m not a tax lawyer but I’ll give you my thoughts.
If you do everything above board, then yes, you’d have to prove how much you have in it, basis cost (purchase price, parts, labor paid to someone else for restoration). This would be deducted from sale price, if sale price is higher, and that is your capital gain. Your labor, or value thereof, is not able to be added to the basis. Also, you need to define what rate the capital gain tax would be, is it a collectible rate or other, see discussion attached.
Buying another car with funds doesn’t count, you still owe tax on gains.
If you do it “below” board, that is, all in cash, sell you car, and stash it away or buy another, all in cash, then it’s your decision whether to hide that from the government. The problem is, with large sums, they’re easily tracked, so trouble might occur, tax evasion is serious business. Think Al Capone.
In the old days it was no big deal, not significant money. Now, with cars in the 5 and 6 figures, and up, it’s very traceable.
Here’s a link to a AACA forum discussion of the topic.
This comment is in no way approving nor disapproving of how one handles one’s business, just thoughts.
http://forums.aaca.org/topic/248242-capital-gains-taxes-on-old-cars/
You guys boll me over…some of those puns are just pure weevil…..
I never meant to infer that Eli was sloe, but he would bale at the slightest pressing matter….
Yeah, Ed, how’d you know? It’s little known that he was a seedy fellow, always asking for money to be lint to him. Just didn’t have the moral fiber a man should have, it wasn’t woven into his DNA.
An open, eight cylinder, Pierce, running and driving, for $70k, sure sounds like a good deal. Even if it needs cosmetics, drive as is and enjoy, fix as you drive.
If it’s a good car, someone will get a fair buy….
First of all, I’m from Louisiana, and my father owned a cotton gin. My brother and I bought it, and ran it and a cattle feed business for ten years. I’m qualified to use the term “high cotton”!
Also, the true Mason Dixon line runs through Dallas, Shreveport, Jackson, Atlanta, and Charlotte. That other so-called Mason Dixon line was just for convenience during the War of Northern Aggression.
Now that the record has been set straight, we return you to your regularly scheduled program…..
Oh, shucks, I thought you were going to say that Greg Long could put together the mechanicals….THEN we’d be in high cotton! (yes, I’m from the deep South)….
What a refreshing change, usually when someone is looking for a specific car there’s little information to go on, here’s someone with a picture AND a serial number!
It’s a shame if the car no longer exists, but those are the odds…
And yes, great looking car, I’d drive away with it anytime, but Greg was always looking…uh, I mean, I’d drive it anytime!
Very nice card, and as I mentioned to you at the Gathering, one of my favorite P-A cars….beautiful…
Definitely not a Pierce!
It’s a circa 1927 Oldsmobile touring car…
Isn’t there another diesel powered Pierce out there? I think I saw one aat one of the meets years ago….
Robert, you need to be my marketing manager! I’m trying to quit upholstery, though, I want to be 100% 1-800-RETIRED!
Yes, thanks for getting that page on Facebook….I don’t see it, is there a way to have a PAS membership form on the site, or a prominent link to same?
By the way, Richard said the cost to rework the wire wheels was a stunner…think he went all chrome….can’t wait to see the car finished, and see his color and other choices, will be glad to see another car back on the road..
Ed makes an excellent point about the true cost of inexperienced people working on a specialized car.
Robert, unfortunately the ad would have to read it’s just a sew-sew time….
I’ve been in contact with Richard, car is progressing, he’s waiting for some chrome to get finished, then the car will be assembled and sent to the trimmer for upholstery.
He stated the trimmer has never done a 20’s Pierce, and I offered any assistance I can give him on the top and interior, so the trimmer is getting my phone number.
Giving free advice, hmmmm….now if I just had one of those “pay by the minute”” phone numbers to give out…”
Reminds me of the ’34 Pierce basket case I pulled out of a field here in Virginia.
Two friends, a father and son, good ole country boys, went with me to pick it up.
As we approached the car, the son looked at the father and asked, hear that? I was clueless. He had heard a low hum, which turned out to be a large wasp nest running down the frame.
Had he not heard it, there could have been some serious damage to yours truly.
I hope Richard does reply. and has some more progress and images to share..
Yes, I just picked a post and replied to it. I don’t think Richard can see nor reply, since he’s not a member of the PAS any more, correct?
From what I saw of the ongoing restoration, and knowing what he paid for car, I doubt financial recovery is possible, but I’ve been wrong before. The initial cost of the car and just the chrome plating cost would probably have had him into six figures.
