Tax planning time is usually the end of the year. But this year, between the uncertainties of the presidential election, the IRS working on eliminating some of our favorite tax-planning techniques, the current softness in the collector car market, and interest rates possibly going up, it makes sense for the savvy collector to start early on tax planning.
Today’s tax rates
You have probably noticed that income tax rates have gone up in the past couple of years. The maximum Read More
The ink was barely dry on “When Restorations Go Bad” (March 2016, p. 42) when Legal Files received an email from George Medynski: “Nice article. But call me anytime if you want the other side of the story.”
I’m always happy to start a quest with a thrown gauntlet, so I gave Medynski a call.
Medynski is the founder and owner of Tuxedo Motor Sport in Tuxedo, NY. His shop specializes in English car restoration, and it was the first Read More
Making sure your car is Q-tip-perfectly prepared before the concours judges arrive is stressful enough, but do we now have to watch for debris falling out of the sky? We’re talking about what the FAA calls Unmanned Aircraft Systems, but the rest of us call them drones.
Drones are pretty fantastic devices that hover and fly around in the sky with a camera and capture amazing photographic images and videos. Plus, they are a lot cheaper than helicopters. The high-quality, Read More
Disputes involving car restoration work are definitely in the upper echelon of the “Legal Files” Top 10 Hit Parade. That shouldn’t be surprising. Restorations have many elements that can easily lead to disputes:
1. It is really hard to know up front what level of work and cost most restorations are going to involve. For example, how deep the “surface rust” really goes can’t be discovered until you take things apart. No one has a crystal ball.
2. Given the Read More
January is nearing, and a good percentage of us will be making the annual pilgrimage to Scottsdale auction week. Great cars in the winter desert is tough to beat, especially when you board your plane in single-digit weather. But with thousands of bidders chasing fewer cars, well-stocked bidders’ bars and many millions of dollars changing hands — total sales reached $291 million in 2015 — there are plenty of things that can go wrong and create a Legal File.
It’s the end of a great year for the collector car market. As it winds down, readers should take the opportunity to focus on a number of planning details.
Tax rates likely to stay the same
Year-end tax planning doesn’t look terribly complicated this year. Election season is in full swing — even though the election is many months away — and neither party seems very interested in starting a battle over tax rates. Consequently, it seems safe to predict Read More
As exchange rates fluctuate, collector cars cross the oceans in the direction of the arbitrage. Add in some recent changes in U.S. import rules, and there is now quite a bit of interest in importing collector cars into the U.S. Is that a feasible option for the collector?
U.S. law imposes a number of regulatory requirements on cars — safety, bumper, theft-prevention, emissions and other standards — which have often been very different than the requirements in other countries. The Read More
Last month, “Legal Files” gave a behind-the-scenes report on the settlement of the Cunningham Corvette case, explaining how hard it is to really be a winner in litigation and why settlements almost always make sense (September 2015, p. 70). This month, it’s the other side of the story — an example of a plaintiff taking it all the way and coming out on top.
Five years ago, “The Nightmare of Litigation” (May 2010, “Legal Files,” p. 32) reported on a Read More
The long legal battle over ownership of the #1 Briggs Cunningham 1960 Le Mans Corvette is over.
When we last wrote about this fascinating case (January 2014, p. 42), the parties were about to argue a motion to dismiss the lawsuit entirely, which was not granted.
A few weeks ago, they went to court to argue another motion about storage of the Corvette. The judge, in a surprise move, took them into his chambers and told them they should find Read More
We’ve read about many court cases involving collector cars, but here is a new one — a father and son in a bitter court battle over the ownership of a four-car Lancia Stratos collection.
The cars are a 1971 HF, a 1975 HF Silhouette Turbo, a 1975 Stradale street car and a 1975 Safari.
After successfully defending himself against criminal charges in Austria and Germany, the son lost the ultimate battle in the London High Court, which ruled that the Read More