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Subject: [worldcruising] yacht incorporation
From: jt_lotus (jt_lotus@XXX.XXX)
Date: Wed Sep 18 2002 - 13:29:35 EDT
Has anyone on this thread researched the incorporation of a yacht.
Looking at the incorporation web sites it looks like a fairly good
deal, but as with most things I suspect there is some catch that is
not obvious.
Porported advantages:
No sales tax at purchase.
No sales tax when selling, (since you are selling 100% of the shares
not the boat which is just an asset of the corporation.)
Provides limited exposure to owner.
Questions or possible hitches:
IRS view of use of this corporate asset?
Insurance concerns or added costs?
How are the assets added to the corporation (Maintenance, etc.)
Who would have the definitive answer and where would one find this
person?
Jim T
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