New Boss 302 Sells For $450,000

Since it was a charity auction, it brings up a very interesting tax question. How much of the $450K is a charitable deduction and how much is considered income?

Dick

Thus spake dickr2 :

Okay, I was on the BOD of a 501(c)3 for 10+ years.

In general charity auctions aren't tax deductible. Now my donation to the auction is deductible, up to the lesser of the appraised value or the sale price.

I think the IRS treats half million dollar auctions a little differently.

NoOp wrote in news: snipped-for-privacy@l15g2000prg.googlegroups.com:

Rich people are putting their money into things like art, cars, gold because they no longer trust the instruments put out by the government or financial institutions.

That's OK. I'll just purchase a Boss302 crate from Ford racing to drop into my FB and save about $440K. :0)

and as long as the entire system does not collapse and fail to come back, such purchases will still hold value.

HOWEVER, while many invest in gold, diamonds, etc, I firmly believe that it is far wiser to invest in lead. I have invested in lead for a number of years. Lead in .45 cal, .22 cal, .38 & .357 cal, 30-06 cal, .223 caliber, etc. Hoarding gold, art, etc, doesn't do you much good when someone with a lead investment can come along and take it all away from you. :0)

Thus spake D E Willson :

For around $30K you can buy a BFN (new block, heads, etc) full up, ready to distroy your drive train Boss 429. They are also capable of building you a BFN Cammer. For a slight additional fee.