De Lorean EuroTec

While doing some tutorials from the web (in this case a Logic Pro X tutorial) something caught my eye. I didn't see it at first (because that name is so familiar to me) but then it struck me blind.

So I marked it out for you people, especially for those who probably have a sore head from drinking too much last night (either because of a good valentines date, a bad valentines date, or no valentines date at all).



So my question: does anybody know the author of the article, Jacob Penderworth? Or is this some strange coincidence?

So what does the DeLorean device do?
I don't suppose time travel...

Not a clue, Alex. I mailed the author (but i doubt he'll respond)

In the US IRS tax return guidelines, there is this example of how to determine the Fair Market Value of a car that you donated (as a charridee deduction):

Example. Neal donates his 1982 DeLorean DMC-12, which he bought new for $25,000. A used vehicle pricing guide shows the FMV for his car is $9,950. Neal receives a Form 1098-C showing the car was sold for $7,000. Neal can deduct $7,000 and must attach Form 1098-C to Pub. 561.

Bloody nice find. And what a coincidence they use Neal as an example!


Rob

Dangermouse wrote:
Example. Neal donates his 1982 DeLorean DMC-12, which he bought new for $25,000. A used vehicle pricing guide shows the FMV for his car is $9,950. Neal receives a Form 1098-C showing the car was sold for $7,000. Neal can deduct $7,000 and must attach Form 1098-C to Pub. 561.

I'd say Neal got screwed here in this example! What is the moral of this example?

Don't sell your delorean. You'll never get what it is really worth:)

Why on earth would he donate his D anyway?

Some people are philanthropic, I hear.

People here can donate old cars (or boats/caravans etc) to registered charities and take the tax deduction on their annual tax return.

If they donate it to say, Red Cross, and RC raffle it off, you can claim the FMV as a deduction, but if they sell it for cash, then you can claim whatever it sold for.

(Everyone has to fill in a nice complicated tax return with all your income on one side and every expense and deduction possible on the other.

Donate your car - Deduction
Kids in University - Deduction
Insulate your house - Deduction
Big medical bills - Deduction

I miss the UK system )

No I mean, why would you give your precious DeLorean away, when you can give something less special, say a Bentley Continental...

I remember this past September 8th, there was this Raffle giving away a Delorean at that Church charity. Remember mouse? I had bought a ticket with high hopes... Heck it was just 100USD. Any clue how many tickets they sold in the end?