Tax Liens and “Good” Deals

A Ferrari owner was in deep financial trouble. Business difficulties had left him pretty well broke. Worst of all, he owed the IRS more than $3 million, and an IRS agent was hot on his heels to collect.

In need of cash, the owner approached his bank for a loan. Since the IRS had filed liens for the unpaid taxes, the bank required collateral to secure a line of credit. All that was available was the 2005 Ferrari, so Read More

John Draneas

John Draneas - SCM Columnist

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.

Posted in Legal Files