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#26
November 14th 05, 10:35 PM
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Aircraft tax question
Steve Foley wrote: So if I bought a damaged aircraft for $5000, repaired it, painted it, and sold it for $50,000, I would be liable for taxes $45,000? No, because you would have spent money on parts to repair it. That money spent would be added to the $5000 for your basis. And since this is aviation, no doubt that amount would now be MORE than $50,000. :-) 
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