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Let’s take an example.
Suppose you own a Zenith Model #210 that you bought in 1973
for $1245. You could sell that for about $800, as is. You want
to replace that old Zenith with a brand new Zenith Thompson
table with 4 pneumatic drops, air compressor, and all the
other bells and whistles. Total cost = $12,507.
Since the new Zenith is a Hylo,
it would qualify for the ADA tax credit, so you would have a
tax credit of $5,000 ($10,250 - $250 min. X 50% =
$5,000). The remaining balance ($12,057 - $5,000 = $7,057 X
31% US & 8% state tax = $2,752) will give you another
$2,752 in tax savings. Add your old table sale ($800), your
ADA tax credit ($5,000), and your tax depreciation ($2,752),
and you get $8,552. Which means that the table actually cost
you $3,505! Keep that new Zenith for about 5 years and it will
resell for about $7,200. So if you don’t want to wait 25 years
to change tables this time, you stand to make $3,700 or so on
your next new adjusting table.
When you stop to think about it, it’s a 'no
brainer', isn’t it?
By the way, if any of the
above figures seem unreal to you, your CPA will verify them
for you. ScripHessco cannot begin to
interpret tax laws or tell anyone how to utilize the tax
codes. But we can certainly make you aware that there are new
codes and make available a copy of these
codes.
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