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Batmobile # 1 Sold At Barrett - Jackson !


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#41 sjordan2

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Posted 21 January 2013 - 07:12 AM

Let's see.Sold for $4.2million.Less 8% seller commission of $336,000.Now you have to figure tax on the capital gain from the profit of $4,199,999.One of my model buddies makes most of his income now from selling things and he says the tax rate on the gains is 40 percent.So old Georgie's gonna net something less than $2 million.

 

Capital gains is actually 28% for collectible items, but you bring up an interesting point. Here's how taxes differ for collectors. investors and dealers of collectible cars:

 

http://www.groco.com...ollections.aspx

 

"In terms of tax treatments, the distinction between collectors, investors and dealers is of great importance. Between collectors and investors, the tax rule is generally more favorable to the investors. Whereas, being a vehicle dealer may create unique tax advantages...The tax rate on long-term (collection held for more than one year) collectible capital gain is 28%, whether you are a collector or investor."

 

Moral: If you want to collect and sell valuable cars, be a dealer for bigger tax breaks. A lot of cars pass through the Barris shop, and I would guess he's smart enough to have dealer status, as well as having accountants to work all the tax advantages. If not, he's probably crying all the way to the bank.


Edited by sjordan2, 21 January 2013 - 07:27 AM.


#42 Junkman

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Posted 21 January 2013 - 07:31 AM

Everything is transitory...

 

batmobilecrashvi.jpg



#43 sjordan2

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Posted 21 January 2013 - 07:49 AM

Everything is transitory...

 

batmobilecrashvi.jpg

 

Here's the website of the people who built and repaired that kit car. They also build a Lincoln Futura replica on a Town Car chassis. Prices for each are around $200,000.

 

http://www.buybatpar...oomla/index.php


Edited by sjordan2, 21 January 2013 - 07:59 AM.


#44 Craig Irwin

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Posted 21 January 2013 - 12:29 PM

That replica is in Cincinnati ohio, and built on a mid 70's Pontiac wagon chassis.



#45 sjordan2

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Posted 21 January 2013 - 01:42 PM

That replica is in Cincinnati ohio, and built on a mid 70's Pontiac wagon chassis.

 

Then that's another wreck (man, Batmobiles seem prone to abuse) besides the one that was repaired by the Indiana company I linked above.

 

http://1966batvehicl...65#.UP3RQ64ZGzt


Edited by sjordan2, 21 January 2013 - 01:43 PM.


#46 Craig Irwin

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Posted 21 January 2013 - 04:14 PM

Nope, Chris lives in Cinci, and Fiberglass Freaks rebuilt the wreck in Logansport In. Chris started building that replica at home, and decided to have someone experanced finish it the first time so he shiped it to LA.