Message-Id: <3.0.6.32.20010425072128.007be100@mail.vallnet.com>
Date: Wed, 25 Apr 2001 07:21:28 -0500
To: <lancair.list@olsusa.com>
From: Gary Wolf <gwolf@vallnet.com>
Subject: Re: Taxes..
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Reply-To: lancair.list@olsusa.com

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What you wind up paying mainly depends on how well versed you local taxing
authority is (read: whether they've tasted the wallet of other Lancair
builders.) Most states work off the FAA registration, so you won't be
bothered until you get your N number - then the letter comes in a few months.

When I got my registration (Tenn.) I went to the main Tax center in
Nashville (before the letter was sent) along with my original bill of sale
from 1993 (slooooow build) kit only.  Paid sales tax on that price and was
given a "paid in full" for taxes due.  Was never asked about any other
parts (engine, etc.)  In fact, when I initally called and asked how they
value kitplanes and what recepts should I bring the answer essentiall was
"Receipts aren't really important - nobody tells the truth with homebuilts."

Will try to use the same assessed value for the yearly tax (here's hoping.)

I would think the worst thing would be to wait till you're flying and have
them comp it to the $450,000 advertised prices I've seen.

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Please send your photos and drawings to marvkaye@olsusa.com.
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