Provenance As an Asset: A New Issue for the Taxman

We are addressing provenance created by the owner after a car’s acquisition, and whether the costs involved can be used to reduce the gain on the sale

Many collectors are selling cars they have owned for several years, often for substantially more money than they paid for them. In many cases, they purchased these cars years ago when they weren’t particularly sought after or valuable, usually because they just liked the cars Read More

Track Day Insurance

High Performance Driver Education coverage insures bad things don’t happen to good people (that’s you) during track days

Here’s a man-bites-dog twist to track day crash liability concerns, resulting from a crash at a Dodge Viper Owners Invitational track event at Las Vegas Motor Speedway. Dodge sponsors such events periodically, and invites Viper owners to participate. The sessions include classroom instruction, track time, and professional driving school instructors.

According to reports from Read More

Nethercutt Slander Suit Fizzles

To rub salt in the wound, the appellate court rejected the Plaintiff’s
arguments that he should get a new trial

A few years ago, I was in Los Angeles for a professional conference and had a free day, so I visited the Nethercutt Museum in nearby Sylmar. The museum is owned and operated by The Nethercutt Collection, a charitable foundation formed by J. B. Nethercutt, who along with his aunt had Read More

When Shipping Your Car Overseas Goes Bad

We were surprised to see that the Ferrari’s title had Rick’s signature forged on it, and the Italian shipping company was listed as the new owner.

Dear “Legal Files”: My husband Rick and I, along with our friends, have encountered a bizarre set of circumstances with Shakespearean elements of trust and betrayal, possible fraud and forgery, and even a hurricane. We think it will interest you.

Having enjoyed ourselves immensely on the Read More

How to Avoid Sales Tax, Part II

A better alternative for Californians may be the use of a Montana business entity, because Montana would allow a legal, tax-free registration of the car

The March 2009 “Legal Files” regarding sales tax triggered two helpful responses from attorneys, which suggested the need for a follow-up on this subject of great interest to car collectors.

It’s not worth going to jail

Excellent advice came from Jon Ash, a Bend, Oregon, attorney with Read More

Pink Slips and Red Faces

Take due diligence steps to protect yourself, even though that interferes with the red mist that materializes when you find the collector car of your dreams

Most states issue certificates of title for cars, often referred to as “pink slips” because of their color (in California, at least; other states have different hues). They are considered foolproof evidence of ownership of the car, although recent incidents suggest that may not always be Read More

How to Avoid Sales Tax-Legally

Five states do not levy sales taxes-Alaska, Delaware, Montana, New Hampshire, and Oregon. Oregon is the winner here

Ever feel like you’re being taxed to death? Everyone feels that way on April 15, but another way to feel the pinch is to buy a collector car and stop by your local DMV to get it licensed.

Consider a hypothetical SCMer taxpayer. He finds the right Ferrari Daytona coupe owned by a motivated Read More

Many a Slip Between Dock and Ship

The transporter demanded payment, but when Ric produced his receipt from the broker marked “Paid in Full,” he drove off in a huff

Sometimes it seems like our old cars spend more time being transported by others than transporting themselves. At first glance, it might seem that having your car buttoned up on a hauler or in a container would be simple and safe. But as you will read below, for both Read More

Leno and a Duesie of a Lawsuit

State laws commonly give powerful protection to mechanics who work on cars and garage keepers who store them, recognizing that they often need special powers to help them get paid.
Typically, these laws entitle them to retain possession of the car until they have been paid in full. If not paid after a specified minimum time, they are then free to sell the car to the highest bidder, and the purchaser gets good title to the car. The sale Read More

Who Really Owns the “Stolen” Ferrari?

Various countries take different approaches. Some protect the innocent
owner whose property was stolen. Others protect the innocent purchaser

Acting on a tip from a confidential informant, the Connecticut State Police obtained a warrant to search the garage of a Sharon, Connecticut, collector. Inside, they found a 1958 Ferrari 250 PF Cabriolet, s/n 0799GT, which had been reported stolen in Spain some 15 years previously. The Ferrari had been smuggled into Read More

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