Arbiter419
Cleared for Takeoff
Oh my goodness...my "lottery" hangar looks remarkably similar to that one.
There was a guy in Cape Girardeau that also had a great collection.
That's like a freakin' museum. Pretty amazing. But sad they don't get flown.
Well, he may not be flying all of them as much as we'd like him to, or even as much as we imagine we'd like to if given the chance, but clearly he isn't just letting them all waste away.
Well, he's protecting them from deterioration is true, but planes are meant to fly or they are a waste of resources, so in that way they are exactly wasting away.
I ya'll were wondering, you could keep it in the bank and pay your taxes at your rate (assuming his in the +38% bracket) Or.
you can buy stuff with it and pay only property taxes. (1% of assessed value in many places)
Some of those things are considered "personal" and some are considered "Antique or of Historical value" and are taxed at a much reduced rate.
So, assuming the stuff doesn't depreciate any more (your basic DC3 isnt worth a lot), its a good place to park your money.
Unless they are in a public display museum which these do not appear to be. Still, I agree that I would rather see them fly.
At first glance I would not spot that as a real Cobra.
Bill...this is in Cape, that's where I'm based.
I ya'll were wondering, you could keep it in the bank and pay your taxes at your rate (assuming his in the +38% bracket) Or.
you can buy stuff with it and pay only property taxes. (1% of assessed value in many places)
Some of those things are considered "personal" and some are considered "Antique or of Historical value" and are taxed at a much reduced rate.
So, assuming the stuff doesn't depreciate any more (your basic DC3 isnt worth a lot), its a good place to park your money.
What states charge you taxes on money sitting in the bank?I ya'll were wondering, you could keep it in the bank and pay your taxes at your rate (assuming his in the +38% bracket) Or.
you can buy stuff with it and pay only property taxes. (1% of assessed value in many places)
Some of those things are considered "personal" and some are considered "Antique or of Historical value" and are taxed at a much reduced rate.
So, assuming the stuff doesn't depreciate any more (your basic DC3 isnt worth a lot), its a good place to park your money.
Used to go to Troy AL every now and then to walk thru Wiley Sander's hanger. Like a little museum. Besides the usual business jets that the wealthy own, he had a P-51, T-28, T-6, A-1, B-25, DC-3 and various other things. Hardly ever saw them fly though.
What states charge you taxes on money sitting in the bank?
I ya'll were wondering, you could keep it in the bank and pay your taxes at your rate (assuming his in the +38% bracket) Or.
you can buy stuff with it and pay only property taxes. (1% of assessed value in many places)
Some of those things are considered "personal" and some are considered "Antique or of Historical value" and are taxed at a much reduced rate.
So, assuming the stuff doesn't depreciate any more (your basic DC3 isnt worth a lot), its a good place to park your money.
Hey.... who took the pictures of my dads hangar..????
Hey.... who took the pictures of my dads hangar..????
I was wondering the same thing.
He would pay taxes on that money ONCE, regardless of what he does with it thereafter, and buying the planes does nothing to eliminate the one occurrence of taxation.
Inless its in a tax free account [Ira, 401k,etc], you're going to pay taxes annually on interest income. If its invested, you pay capital gains when you sell. If y ou keep it as personal property in a trust, the trust pays 1% PPtax and you can change trustees and avoid inheritance and estate taxes.
If the property is considered capital equipment in a business (like a museum or anything really), you can depreciate it and carry over the depreciation to offset even the PPtax.
As for overhead, Im sure he's rich enough to self-insure and owns the hangar. If he rents, its an expense.
With that much money tied up in aircraft (Im assuming he has other assets as well), the overhead may not equal inflation. He also qualifies for investing in Hedge accounts; where most of us dont.
http://www.dummies.com/how-to/content/do-you-meet-hedge-fund-investing-qualifications.html
Ill bet he pays less taxes then most on this board. :wink2:
Well, he's protecting them from deterioration is true, but planes are meant to fly or they are a waste of resources, so in that way they are exactly wasting away.
BTW, is that a huge puddle of water on the floor?
Would your dad be interested in adopting a 57 year old?
Son.... Why don't you call your mother any more???
Maybe, I am 57, dad always wanted twins....
Nope. If they sit there long enough, they will be some rare examples of what aviation used to look like. Stuff that flies gets worn out or sometimes crashed. Nothing wrong with having them sit quietly, especially with future generations in mind. That hangar is a time capsule.
Dan
I knew I've seen that Beaver some where. Or it's twin?
http://www.controller.com/listingsd...LAND-DHC-2/1952-DEHAVILLAND-DHC-2/1190499.htm
Not all your assets should be in 'appreciating' categories. At least some (some experts say 10%) should be in some form of hedge asset . . . I put all my 'Discretionary" income that would otherwise go into Hookers and Beer. It keeps me off the streets, busy and if I croak, my wife can donate it all to a museum for a tax deduction. [she knows that would just pi$$ me off].
Seems like I've seen the Legend Airways DC-3 before, and also the Beaver.
http://registry.faa.gov/aircraftinquiry/NNum_Results.aspx?NNumbertxt=25641
http://registry.faa.gov/aircraftinquiry/NNum_Results.aspx?NNumbertxt=323RS
Both registered to "Legend Airways of Colorado" so it's possible.
Now that I look at the other DC-3 it also looks familiar. I might have gone for a ride in it. Will check to see if I have any pics when I get home. Interesting that the owner has a Colorado address but the airplanes are in Missouri.
None of that stuff is important to him anymore is why.
If I'm guessing correctly about the airplanes, I last saw the owner in the mid 1990s and he wasn't young at that time.