I’m CORNfused

[dykstra]

https://bid.barrett-jackson.com/lot-details/index/catalog/42/lot/26907?url=%2Fauctions%2Fcatalog%2Fid%2F42%3Fpage%3 D8


I recognize this Corvette has only 65 miles on it. Is there some sort of significance that I’m missing? 2012 red/black, narrow body , auto(it says manual, but its auto). $330k w/ the juice.:confused2:

[John Brown]

Free flowing Vodka?

[1967 4K]

Head up ass syndrome.

[Bill Pritchard]

I saw Mike Joy interviewing Steve Davis and Craig Jackson regarding that sale price. As you would expect, they gave the normal "you never know what excitement you're going to see at Barrett-Jackson" blah blah blah 'explanation'. I vote with John Brown and 1967 4K.

[Too Many Projects]

Wealthy foreign buyer ?? May look like a domestic sale, thru a broker, to hide the fact that it is leaving the country.
There have been a number of curiously high sales in the past year or so.

[Billohio]

I looked at before I left today and didn’t see anything special about it at all

[daveg]

Looks like someone wanted to throw $300K away.

[dykstra]

Money Laundering??

[Mr70]

I'm guessing a Crypto purge.

[markinnaples]

From what I have read, it was a Wounded Warriors charity car.

[olredalert]

----If a charity would it not be a write off for some rich guy???....Bill S

[napa68]

----If a charity would it not be a write off for some rich guy???....Bill S

Yes

[Lynn]

Technically you CAN take a deduction for the amount you spend over and above FMV.
But it is a slippery slope, as you must be able to document that you KNEW the value before you bid if you are audited. Without a "qualified appraisal" you are in an uphill battle with the IRS.
If you are just sitting in the audience liquored up and decide to start bidding, thinking you can deduct the entire amount, you are likely screwed.

[olredalert]

Technically you CAN take a deduction for the amount you spend over and above FMV.
But it is a slippery slope, as you must be able to document that you KNEW the value before you bid if you are audited. Without a "qualified appraisal" you are in an uphill battle with the IRS.
If you are just sitting in the audience liquored up and decide to start bidding, thinking you can deduct the entire amount, you are likely screwed.

----Thank God, Lynn, I'm not that guy!....Bill S

[njsteve]

Technically you CAN take a deduction for the amount you spend over and above FMV.
But it is a slippery slope, as you must be able to document that you KNEW the value before you bid if you are audited. Without a "qualified appraisal" you are in an uphill battle with the IRS.
If you are just sitting in the audience liquored up and decide to start bidding, thinking you can deduct the entire amount, you are likely screwed.

Isn't this a Catch-22 situation? Since you paid $330K, isn't that the precise market value for that particular car at that moment? You may not be able to sell it for that, ever, but that was the amount it sold for on that day. So shouldn't the deduction for the $300K overage pass muster under the IRS rule?

Or it's maybe there's something hidden inside that car that the bidder knew about...