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Allan:
I looked
into this exact issue when I had my prop strike. A tax attorney friend of
mine, who is also an RV builder/flyer, told me that since the insurance company
had my engine rebuilt and bought me a new prop, my plane was actually worth more
after the accident. I was only out of pocket the $250 deductible, so it
wasn't worth mentioning to the tax Gestapo.
Lee
Metcalfe
N320WH -
Kansas City
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