The IRS is very much aware of the value of collector cars and has been for quite some time. A few years back I took a 66 BB Vette to Bloomington for judging, that show has a car coral of a great number of upper end Corvettes for sale, I was in disbelief when I noticed that the IRS had a booth set up right on the premises to record all Corvette sales as far as who was selling, buying, and the amount of money involved in each transaction. Income tax can be a repetative situation, my parents owned and operated a upper scale antique business for years, when dealing with previously owned items the tax man can benefit repeatedly. One piece of antique furniture can be resold dozens of times to different owners, each time taxes must be paid if there is a profit over investment.The same is true with cars, Money Made, Money Paid. Previously owned items should not be taxed repeatedly, even worse on the high end the seller has to pay tax on income, the buyer has to pay a luxury tax. They get you coming and going. American Beauracracy at it's finest. However, things could be worse, Garnet M20, how is the tax structure in England?
Motown
