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For some, the "ECONOMIC STIMULUS ACT OF 2008" just might have a solution for those saddled with 2008 Capital Gains faced with liquidating assets in such an end of the year down market to create losses to offset gains.
In the Stimulus Act passed by Congress, there exists the opportunity, for those qualified, to take one time depreciation allowances for business asset purchases and for some that might mean a CATAMARAN via a Purchase for Charter!!
As the tax year of 2008 is about to come to a conclusion, we are all faced with some difficult choices as to tax strategy. If you have been on the "fence" as to whether the ownership of either a fractional share or private Crewed or Bareboat Catamaran is right for you, you might want to consider having your Accountant clarify as to whether the provisions in H.R. 5140 the "Economic Stimulus Act of 2008" might solve a couple of issues. First, a good tax benefit,? and secondly the opportunity to fulfill that Dream of Yacht Ownership in the Caribbean!
I have a number of Active Business Opportunities in both bareboat and crewed yachts that are available for sale, fractionally as well as individual ownership. These include but are not limited to, Lagoon 500's and a very good opportunity in a Privilege 585 "Sabore".
Here is a bit of information as to the Legislation:
TECHNICAL EXPLANATION OF THE REVENUE PROVISIONS
OF H.R. 5140,
THE “ECONOMIC STIMULUS ACT OF 2008”
AS PASSED BY THE HOUSE OF REPRESENTATIVES
AND THE SENATE ON FEBRUARY 7, 2008
Prepared by the Staff
of the
JOINT COMMITTEE ON TAXATION
An excerpt from the technical explanation:
"Explanation of Provision
The provision allows an additional first-year depreciation deduction equal to 50 percent
of the adjusted basis of qualified property.12 The additional first-year depreciation deduction is
allowed for both regular tax and alternative minimum tax purposes for the taxable year in which
the property is placed in service.13 The basis of the property and the depreciation allowances in
the year the property is placed in service and later years are appropriately adjusted to reflect the
additional first-year depreciation deduction. In addition, there are no adjustments to the
allowable amount of depreciation for purposes of computing a taxpayer’s alternative minimum
taxable income with respect to property to which the provision applies. The amount of the
additional first-year depreciation deduction is not affected by a short taxable year. The taxpayer
may elect out of additional first-year depreciation for any class of property for any taxable year."
For the full text please refer to:
http://www.house.gov/jct/x-16-08.pdf
Now the potential benefits of this ACT are for those purchases completed within the 2008 Calendar Year. One would have to ACT NOW to take advantage. It is hard to say what direction our economic and or political future will take us for the up-coming 2009 fiscal year.
Please feel free to contact me John Anderson 954-821-6450 john@catamarans.com to further review potential yachts available. If a yacht is not in the picture? You could find that this provision could assist you in other business opportunities.
Best for the Holiday's and a Prosperous New Year!
JOHN ANDERSON, YACHT OWNERSHIP
Serving THE CATAMARAN COMPANY
ST. AUGUSTINE, FL
5 Palm Row STE G
St. Augustine, Florida 32084
Phone: 954.449.4649
Fax: 954.727.0024
Cell: 954.821.6450
 
john.anderson@catamarans.com
www.catamarans.com
Read My Biography
Personal Assistant:
Cheryl Anderson
Phone: 954.449.7632
cheryl.a@catamarans.com
Disclaimer: Neither I nor The Catamaran Company can suggest the above as an offering and is informational only, please take legal/tax advise for your particular situation via the appropriate parties.
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