Posted by dhermesc on September 25, 2015 at 08:23:03 from (24.248.193.103):
In Reply to: McCormick Reaper value posted by bill finn on September 24, 2015 at 17:32:52:
He can't deduct more than his basis in it. If he has no basis he basically can't deduct anything. If he's going to say its worth $1200 first he'll have to recognize $1200 in capital gain then he can deduct its $1200 value from income for his taxes. The only real benefit is the gain is taxed at 20% and the donation comes off at his regular tax rate.
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Today's Featured Article - Tractor Profile: Allis-Chalmers Model G - by Staff. The first Allis-Chalmers Model G was produced in 1948 in Gasden, Alabama, and was designed for vegetable gardeners, small farms and landscape businesses. It is a small compact tractor that came with a complete line of implements especially tailored for its unique design. It featured a rear-mounted Continental N62 four-cylinder engine with a 2-3/8 x 3-1/2 inch bore and stroke. The rear-mounted engine provided traction for the rear wheels while at the same time gave the tractor operator a gre
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