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#5
November 13th 05, 01:43 PM
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Aircraft tax question
George Patterson wrote:
BTIZ wrote: ok... I'm not a tax expert... but when you sell a car.. what taxes apply to the seller.. According to the IRS, the selling price of the car is taxed as income. I would prefer that that is not the case with aircraft. Well, it has been a while since I read the tax code, but I believe this is true only if you sell the car for more than you paid for it. This is very unlikely with most cars... Matt 
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