GT40s.com - View Single Post - 2006 Roaring Forties Customers Who Lost a Bundle....

40 Bud · 04-09-07, 02:02 PM

I am no tax expert. However it would seem to me that you could make a case that you loaned Roaring Forties a sum of money that was secured by the promised delivery of a GT by a certain time. GT not delivered and RF declared bankrupt in court of law. Hence you have a bad debt or a loan not repaid that should be deductible as such.

04-09-07, 02:02 PM	#11 (permalink)
40 Bud 40bud 7 Tenths Join Date: Nov 2001 Location: San Francosco a GT40: GTD Finished in Posts: 703 Rep Power: 14	Re: 2006 Roaring Forties Customers Who Lost a Bundle.... I am no tax expert. However it would seem to me that you could make a case that you loaned Roaring Forties a sum of money that was secured by the promised delivery of a GT by a certain time. GT not delivered and RF declared bankrupt in court of law. Hence you have a bad debt or a loan not repaid that should be deductible as such.