AOPA Twin Comanche

On Tue, 07 Dec 2004 03:08:14 GMT, "C Kingsbury"
wrote:

I say take the money and
every year pick 30 kids who show some promise and send them to Embry-Riddle
for a month. Every one of them would be a great story on the local news,
that's a lot of good will you'd buy.


I like the idea except for the Riddle part. Send them to local flight
schools around the country and follow their progress for a year.

z

C Kingsbury wrote:

All of which raises a damn good question about why they spend $200,000/year
of OUR dues on this exercise.

They don't. Nearly all of the stuff is donated in exchange for the publicity.

George Patterson
The desire for safety stands against every great and noble enterprise.

In article . net,
"C Kingsbury" wrote:


All of which raises a damn good question about why they spend $200,000/year
of OUR dues on this exercise. That's enough to put another lobbyist on staff
to help hold the TSA at bay. If they have to do a big giveaway they ought to
give away flight school scholarships to poor kids. I say take the money and
every year pick 30 kids who show some promise and send them to Embry-Riddle
for a month. Every one of them would be a great story on the local news,
that's a lot of good will you'd buy.



Well, they clearly think it is enough of a promotional item that it
makes them more money and gains more money than it costs....

Maybe it does, I don't have access to that kind of data..

--
Chris Schmelzer, MD
Capt, 110th Fighter Michigan ANG
University of Michigan Hospitals
Ann Arbor, MI

David Reinhart wrote:

They award it after the first of the year. That gives you a year to play with it,
then sell it to pay the taxes.

If you live in a State that has a usage tax, that tax will be applicable within
a few weeks. New Jersey will have a letter in the mail to you within a few days
of the registration clearing at Oklahoma City. Furthermore, unless you pay the
income taxes in quarterly installments during the year, the Feds will hit you
with a late penalty next April. I *think* that's about 10%, but I'm not sure.

George Patterson
If a man gets into a fight 3,000 miles away from home, he *had* to have
been looking for it.

"G.R. Patterson III" writes:

Furthermore, unless you pay the
income taxes in quarterly installments during the year, the Feds will hit you
with a late penalty next April.

Not necessarily (if the Feds haven't changed the rules in the last few
years). I thought you avoided the penalty if you withheld at least as
much as your tax liability the previous year.

It is an awesome plane. They did a beautiful job restoring it.

I would keep it, fly the heck out of it, and smile all the time... I
wonder what the cost basis is for the plane for tax purposes?

-Nathan





On 01 Dec 2004 21:46:16 GMT, ospam (Rosspilot)
wrote:

Just wondering what you guys would do with that sweepstakes airplane if Phil
called you up and told you it was yours.

Keep or sell?



www.Rosspilot.com

Nathan Young wrote:

I would keep it, fly the heck out of it, and smile all the time... I
wonder what the cost basis is for the plane for tax purposes?

$225,500. So far.

George Patterson
If a man gets into a fight 3,000 miles away from home, he *had* to have
been looking for it.

On Thu, 02 Dec 2004 00:49:50 GMT, "G.R. Patterson III"
wrote:



Nathan Young wrote:

I would keep it, fly the heck out of it, and smile all the time... I
wonder what the cost basis is for the plane for tax purposes?

$225,500. So far.

Is that the money AOPA put into it, or market value? Wouldn't the
cost basis be the market value?

Wouldn't your cost basis be the amount of money that you paid to aquire it?
(the taxes) Then the remainder of the value be considered capital gains
should you sell it?
Jim

"Nathan Young" wrote in message
...
On Thu, 02 Dec 2004 00:49:50 GMT, "G.R. Patterson III"
wrote:



Nathan Young wrote:

I would keep it, fly the heck out of it, and smile all the time... I
wonder what the cost basis is for the plane for tax purposes?

$225,500. So far.

Is that the money AOPA put into it, or market value? Wouldn't the
cost basis be the market value?




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Nathan Young wrote:

Is that the money AOPA put into it, or market value? Wouldn't the
cost basis be the market value?

In the case of purchased items, it's what AOPA paid for them. In the case of
donated items, it's what AOPA would have paid for all the labor and materials
had they not been donated.

Which brings up another point. If you keep the plane, you pay taxes on whatever
AOPA says the value is. If you sell the plane, you pay taxes on what you got for
it. Which is probably a lot less than $225,500.

George Patterson
If a man gets into a fight 3,000 miles away from home, he *had* to have
been looking for it.