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Provenance As an Asset: A New Issue for the Taxman

John Draneas

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 saleMany 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…

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John Draneas
John practices law in the Portland, OR, suburb of Lake Oswego, where he focuses on tax and estate planning, business organizations and transactions, and representation of collector-car owners. He is a past president of the Oregon region of the Porsche Club of America and served as the chairman of the PCA’s 2006 parade. His collection includes two Porsches, a Ferrari, an Alfa, a Lotus, a BMW daily driver, a John Deere tractor — and one increasingly famous Jaguar E-type. This month’s “You Write, We Read” on p. 20 is full of SCMer advice on whether Draneas should restore his Jag.
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