[Search for users] [Overall Top Noters] [List of all Conferences] [Download this site]

Conference unifix::sailing

Title:	SAILING
Notice:	Please read Note 2.* before participating in this conference
Moderator:	UNIFIX::BERENS

Created:	Wed Jul 01 1992
Last Modified:	Mon Jun 02 1997
Last Successful Update:	Fri Jun 06 1997
Number of topics:	2299
Total number of notes:	20724

504.0. "Save Your Deductions" by CSSE::COUTURE () Tue Mar 17 1987 12:53

    Senator John Danforth (R-Mo) is trying to eliminate the interest
    deduction on boats used as a second residence.  He is not trying to 
    eliminate the deduction for summer condos, mobile homes or RV's.  
    Boat U.S. recommends putting some political pressure on by writing to your
    congressmen and senators as well as Senator Danforth and a list of 
    others.  They are:
    
    SENATE
    LLOYD BENTSEN			SPARK MATSUNAGA
    DANIEL MOYNIHAN			DON RIEGLE
    BOB PACKWOOD			WILLIAM ROTH
    JOHN CHAFFE		     		MALCOLM WALLOP
    
    HOUSE
    DAN ROSTENKOWSKI		SAM GIBBONS
    J.J. PICKLE			JOHN DUNCAN
    BILL ARCHER			GUY VANDER JAGT
    
    When writing send your letters to 
    (Name) U.S. Senate, Washington, D.C.  20510
    
    or
    
    (Name) U.S. House of Representatives, Washington, D.C.  20515

T.R	Title	User	Personal Name	Date	Lines
504.1		CONRAD::SERACK	Ken Serack	`Tue Mar 17 1987 16:34`	7
	My question is -- Would Danforth's bill eliminate the interest deduction on boats used as a FIRST residence? I hope not! Ken Serack
504.2		VAXWRK::STANGEL		`Tue Mar 17 1987 17:30`	2
	So do I!
504.3	MY CALL TO DANFORTHS OFFICE	DSSDEV::RUDY		`Sun Mar 22 1987 10:16`	20
	I phoned Senator Danforth's office on the legislation. The person I spoke to initially told me they were only taking calls from the Senators state of Missouri and I should call my own senator. I told them I had done that to and felt since this was a bill that affected more people than just those in landlocked Missouri he should listen to other opinions. They must be swammped (no pun intended) with calls from coastal residences. I mentioned the usual but also went on to the say that since you are limited to one second residence misuse in terms of "fat cats" was really being overplayed. I did not ask directly about a boat as a primary residence. I only suggested they would have to continue to allow that with no specific response as to what was in the legislation. They did tell me that the bill would not affect boats already purchased but fututre boat purchases.
504.4	Hit him right in the ol' constituency	EXPERT::SPENCER		`Mon Mar 23 1987 08:05`	2
	Quick...make a very large lake in Missouri....
504.5	Passing boats and gas	DPDMAI::BEAZLEY		`Tue Mar 24 1987 19:14`	37
	From March 23, 1987 INSIGHT article: "After the Tax Reform Act of 1986 became law, many wealthy donors rushed to take advantage of the more generous write-offs for charitable contributions in the old law. One of the many beneficiaries of that rush is St. Mary's College on the St. Mary's River in Southern Maryland, a state liberal arts school that offers sailing classes and ranks high in intercollegiate sailboat racing. Due at least in part to the new law, the college was given six large yachts last year, including a 61-foot sloop Cayenne with an appraised value of $200,000. The donations swelled to 18 a fleet of sailboats 20 feet or longer and will allow St. Mary's to enrich its sailing program, says school spokesman Christine Cihlar. Also as a result of the new tax law, the U.S. Naval Academy got 15 more boats in 1986, among them a 42-foot ketch donated by former television news anchorman, Walter Cronkite. " and others from the March 30, 1987 INSIGHT: "The U.S. Tax Court has ruled that the expenses of a doctor's sport fishing boat are tax deductible and the boat is eligible for investment tax credit." It appears that an anesthesiologist from Vero Beach purchased a 31-foot Bertram in 1977 and used it with other doctors "to spend more time with other doctors in the community who were potential sources of referrals". During this time he made 13 trips, deducted $5,554 for depreciation, claimed $3,588 for business entertainment, and claimed an investment tax credit of $7,107. The court ruled the costs business related and therefore valid. Guess we're in the wrong profession...or maybe if I transferred into Sales, hmmm...