Posted by dhermesc on September 25, 2015 at 08:23:03 from (24.248.193.103):
In Reply to: McCormick Reaper value posted by bill finn on September 24, 2015 at 17:32:52:
He can't deduct more than his basis in it. If he has no basis he basically can't deduct anything. If he's going to say its worth $1200 first he'll have to recognize $1200 in capital gain then he can deduct its $1200 value from income for his taxes. The only real benefit is the gain is taxed at 20% and the donation comes off at his regular tax rate.
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Today's Featured Article - Hydraulics - Cylinder Anatomy - by Curtis von Fange. Let’s make one more addition to our series on hydraulics. I’ve noticed a few questions in the comment section that could pertain to hydraulic cylinders so I thought we could take a short look at this real workhorse of the circuit. Cylinders are the reason for the hydraulic circuit. They take the fluid power delivered from the pump and magically change it into mechanical power. There are many types of cylinders that one might run across on a farm scenario. Each one could take a chapter in
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