2010 was a difficult year for tax planning. The federal estate and generation-skipping taxes were repealed, but the gift tax exemption was stuck at $1m to keep people from taking too much advantage.
Plus, there was talk all year long about a retroactive reimposition of both taxes. We saw an epic battle over the continuation of the Bush Tax Cuts, which morphed into a battle over the Bush Tax Cuts for the Wealthy–even though no one Read More
You may avoid paying sales tax if you ship the car by common carrier to a non-sales-tax state
“Legal Files” had a great time at the Scottsdale, AZ, kick-start to the 2011 auction season. Auctions are a popular place to buy your collector car. But to ensure that you are as happy when you get the car in your garage as you were when you were bidding, there Read More
Internet buyers think that when the car doesn’t meet their fantasy image they can return it for a full refund, just like sale pants at Nordstrom’s
Sound pretty nice? The buyer thought so when he saw this ad in an Internet listing, so he called the dealer, who Read More
It’s not a good day when your mechanic calls and says, “Uh, I’m not sure how to say this, but I had a little accident with your car.” It’s even worse when your car is a 2006 Ford GT Heritage that had been modified to a “Twin Turbo.” (On the Internet, some claim the value of cars like this can exceed $250,000.)
This Ford GT had some running problems that were threatening the owner’s participation in an upcoming Ford Read More
The High Court in London has recently given judgment in the case of Brewer vs. Stanley Mann, Fortis Lease UK Limited and Stanley Mann Racing Limited. The judgment emphasizes the importance of accuracy when giving sale descriptions of collector cars.
The judge’s finding, heavily in favor of the private buyer and against the seller, raises some interesting issues for dealers, auction houses and buyers. This judgment has caused some waves in the U.K. trade, and is already subject to Read More
In many cases, insurance adjusters say that all they are required to do is fix the damaged parts, which can create a non-matching Frankenstein car
Pictures of a McLaren F1 that suffered an engine fire were all over the Internet last year. It was an ugly sight—and saddened every car collector who saw it. “Legal Files” is pleased to report that the F1 was saved. In fact, the owner and I just returned from a Read More
The epic legal battles over a stolen 1954 Ferrari 375 Plus Grand Prix
Karl Kleve was a Cincinnati real estate investor who amassed an impressive collection of over 400 cars. He also designed and built 24 Kleve Supercars. Among the Cadillacs, Rolls-Royces, Kleves and Bugattis was a 1954 Ferrari 375 Plus, s/n 0384AM, one of only six made.
The 375 Plus was the 427 Cobra of its era, brutally fast, with barely adequate brakes, Read More
He paid world-record prices for some of the world’s rarest automobiles, and he often bought several high-end cars in a single weekend
Here’s a car story that has all the ingredients of a soap opera: A billionaire dies in a car crash, and his longtime girlfriend is left out of his will. He owned hundreds of cars worth millions of dollars—and owed millions of dollars. To cap it off, all this turns into a high-stakes Read More
Our sister publication, Corvette Market, reported the sale of a 2007 “Jay Leno Special Edition” Corvette at the Barrett-Jackson Palm Beach auction in April. The well-optioned, 1,873-mile Corvette was in show-car condition. Leno reportedly “handpicked” the car from a Carson, California Chevrolet dealer. The Corvette was autographed on the valve cover by Leno, carried Jay Leno signature exterior badging and a laser-inscribed Jay Leno dash plaque.
The lot also included a selection of Jay Leno Read More
Holding onto the certificate of title until you get paid is no legal protection. Once the buyer pays the broker, that certificate of title is worthless
The Oregon Court of Appeals recently decided a case of interest to car collectors. The case involved a 29-foot Sea Ray boat, but the legal principles apply equally to collector cars.
The boat’s owner, a supervisor at a title and escrow company, kept the boat moored Read More