Quote:
Originally Posted by whitetop
I would bet Pratt also received deep discounts on commissions both ways from BJ and in some cases I would bet he paid none at all. In effect he was used as advertising for BJ for people to spend more money than they would have otherwise.
Potential buyers think: Here is a super rich, smart guy buying very high priced cars. He must know something I don't so i will pay high prices too.
Probably some right offs also done by sharp accountants.
Guys like Pratt don't normally lose money.
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If you buy a car, keep it for a year and make a profit - that profit minus expenses is taxed as Capital Gains. But if you lose money on the car - you can't write that off.