Posted by 4020 on December 18, 2013 at 17:47:53 from (72.35.163.18):
I read the post a week ago about purchasing equipment based on shares. I"m just curious how that works out taxwise and then for collateral use. My sons and I purchase equipment individually and bring it up into shape at our own cost and then share in the cost of any repairs to the machinery based on the acres, just like you had posted. We each still own that piece of equipment individually. All rented ground is shared equally, and each persons owned ground is theirs 100%. That"s how we come up with our varying percentage of shares in the repairs. We are not a corporation, and our tax man keeps saying we need to form one. So the question is, how would shared ownership be viewed taxwise and collateral wise?
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Today's Featured Article - George's Fordson Major - by Anthony West (UK). This is a bit of a technical info to add on to the article about George's Major in the "A Towny Goes Plowing" article. George bought his Major from a an implement sale about 18 years ago for £200.00. There is no known history regarding its origins or what service it had done, but the following work was undertaken by Harold alone to bring it up to show standard. From the engine number, it was found that the major was produced late 19
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