Hobby Loss Claim Goes Down In Flames
The captain’s initial plan was to sell rides on the plane. (The Firefly had a crew of two, so I guess the passenger would get the navigator/weapons officer spot) Of course, that required making the 60% restored Firefly 100% flyable. That took eight years and 45,000 man-hours. Some of the tsoris involved is outlined in this story by John Sotham in Air&Space.
When the plane was ready for its intended use, basis had grown to $1.6 million which translated into annual depreciation deductions over $80,000. It turned out that taking up passengers who could fantasize about dropping bombs on the Tirpitz or Japanese submarines was not feasible. So Captain Eddie took to the air shows, where the plane did quite well, but to live in fame did not bring in enough revenue to cover expenses. Losses mounted up.
A Day At Dinosaur Adventure Land
When my son William and I were driving across the country in 2010, our Garmin sent us on a dirt road, where we ended up stranded for a couple of hours. So there was a...
Follow Me
Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.