Posted by MarkB_MI on April 07, 2013 at 14:57:17 from (75.219.57.141):
In Reply to: Re: $300K? posted by mudbudquad on April 07, 2013 at 13:27:01:
He's saying that capital gains tax will take half the proceeds from the sale. Not exactly true, more like a third of the net profit on the sale. Rare violins are considered "collectibles" and and capital gains are taxed at 28 percent plus whatever the state tax is. Of course, if these violins are truly rare, the owner probably didn't pay chump change to acquire them, so his cost basis might be over a 100K.
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Today's Featured Article - Gatherin of the Orange - by Rick Nikolich. In July of 1998 I was talking to fellow Allis Chalmers collector Mike Schilling about the annual "Gathering of The Orange" AC show coming up in August of 1999. He got this wild idea that we should get a convoy of AC tractors and drive them from Charlotte, Michigan 105 miles to LaGrange, Indiana.
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