Juan owns a business that acquires exotic automobiles that are high-tech, state-of-the-art vehicles with unique...
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Accounting
Juan owns a business that acquires exotic automobiles that are high-tech, state-of-the-art vehicles with unique design features or equipment. The exotic automobiles are not licensed or set up to be used on the road. Rather, the cars are used exclusively for car shows or related promotional photography. With respect to the exotic automobiles, Juan would like to know whether he can take a cost recovery deduction on his Federal income tax return.
Partial list of research aids: Bruce Selig, 70 TCM 1125, T.C.Memo. 1995519.
I need to write a tax memo, telling about the issue, cite sources or regulations, and offer a soultion.
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