Legacy Bashfest - Bring it on!

[GEXDriver]

I have no idea what you are trying to say.

Are you saying you find it hard to believe that accountants make mistakes? Are you making a crack about "high-rollers"? Are you tired? Anyway, clarify if you wish.

Ace

It's easy, Ace. To refresh your memory, here's the whole exchange.

Originally Posted by GEXDriver
I went to my accountant today to discuss strategies to avoid the Alternative Minimum Tax, determine what investments to sell in this tax year, how to be taxed at capital gains rate rather than at normal rate on these sales and so on.

I was curious, so I took a screen dump of GV's tax posts on bonus depreciation with me. My tax professional said that everything that GV posted was correct.

As is everything I posted. Check with him again (that is if he works with high net-worth individuals). Many lower level accountants confuse tax differal with tax write off.

Thanks for taking this issue so seriously.

Ace

To which I replied:

Originally Posted by GEXDriver
I find this hard to believe as the same Bonus Depreciation applies to the farm equipment used by those noted high-rollers, the farmers.

I was responding directly to your statement, " Many lower level accountants confuse tax differal with tax write off." Because, as you can see, you were questioning the competence of my accountant, the firm to which she belongs and by implication, me, for selecting her and them. You were also suggesting that to understand bonus depreciation, like kind exchanges, tax deferrals and the like, an accountant had to "work with high net-worth individuals." This is simply not the case. Whether or not mine works with such individuals, doesn't matter, she is a CPA and a CMA and aggressively seeks tax avoidance, which works for me.

In my post, I was pointing out that the Jobs and Growth Tax Relief Reconciliation Act of 2003 also applied equally to other groups, such as farmers, whom I doubt many would consider as 'high net-worth individuals."

And in answer to your question about accountants making mistakes, yes, I recognize that accountants, like any other professional group, make mistakes. However, I think it is unlikely that an accountant would make such a fundamental error concerning such a widely publicized law.

 

[Ace-of-the-Base]

Because, as you can see, you were questioning the competence of my accountant, the firm to which she belongs and by implication, me, for selecting her and them. You were also suggesting that to understand bonus depreciation, like kind exchanges, tax deferrals and the like, an accountant had to "work with high net-worth individuals." This is simply not the case. Whether or not mine works with such individuals, doesn't matter, she is a CPA and a CMA and aggressively seeks tax avoidance, which works for me.

Well, m’ boy, you sure inferred a lot from my simple statement about making sure he (she) deals with high net-worth individuals. I apologize if I have offended any farmers in your family or circle of friends or your accountant. The new H.R. bill addresses the purchase of NEW equipment and this is an aviation board, and NEW planes are normally purchased by fairly high net-worth folks – maybe even farmers (I’m sure a new tractor price would probably shock us both). Not that it is really germane to this conversation, but aren’t there quite a few high net-worth farmers? You make it sound like they’re definitely not wealthy people. Anyhooo, everything in my posts were spot-on. Check it if you wish.



Ace

 

[SkyGirl]

Well, m’ boy, you sure inferred a lot from my simple statement about making sure he (she) deals with high net-worth individuals. I apologize if I have offended any farmers in your family or circle of friends or your accountant. The new H.R. bill addresses the purchase of NEW equipment and this is an aviation board, and NEW planes are normally purchased by fairly high net-worth folks – maybe even farmers (I’m sure a new tractor price would probably shock us both). Not that it is really germane to this conversation, but aren’t there quite a few high net-worth farmers? You make it sound like they’re definitely not wealthy people. Anyhooo, everything in my posts were spot-on. Check it if you wish.



Ace

I think all Gexxie was trying to say is that you don't have to be a high roller to benefit from bonus depreciation so most accountants would have a handle on it.

-SkyGirl-

 

[bigD]

Accountant smack.

Awesome.

 

[LegacyDriver]

Seasons Greetings, fokkerjet!

The strakes on the Legacy empennage and the vortilons on the wing leading edge were installed to compensate for yaw instabilities occuring as the result of adding poorly engineered winglets to the EMB 135 wing in an attempt to extend the range of the Legacy.

GV

You are definitely wrong here. The vortilons are to energize airflow over the ailerons at low airspeeds (since we don't have roll control spoilers). It's a matter of doing the smart thing and the drag penalty is apparently not enough to matter or they would have done something else I am sure.

The strakes were added because they allow us to dispatch WITHOUT a yaw damper. Without them the damp would be required due to the winglets.

The 5'10" cabin is the non-dropped aisle. All airline versions have a 6' (or more, I forget) aisle height. The Legacy has this floor as an option but most don't use it.

As far as negative influence goes, when you have 400 against 1 it's hard to be objective.

 

[LegacyDriver]

LegacyDriver = Skull-One (The wrongfully terminated ERJ Captain)

I'd bet a C-Note on it....

He *was* wrongfully terminated, didn't you hear? He won his grievance and about $50K in back pay. Clean record. Resigned on his own terms for greener pastures. Not bad I'd say.

Why the fascination with where people work or where they used to work? Who cares? It's not particularly relevant.

Back to the bashing, all of you!

 

[LegacyDriver]

I picture Legacy Driver to be kinda like that comic book guy from the Simpsons. Lighten up dude.

I am lightened up, FWIW. I'm just having a nice enjoyable discussion here. It's the Legacy haters that need to lighten up, IMHO. I thought this was all in good fun but obviously it's just flame baiting. *shrug*

 

[English]

Yep, skull-one for sure.

 

[LegacyDriver]

Yep, skull-one for sure.

And if I were? Who cares? Give it a rest already.

Back to the bashing! CHAAAAAAARRRRRRRRRGE!

 

[banned username 2]

As far as negative influence goes, when you have 400 against 1 it's hard to be objective.

Before you started this stupid thread it was probably 1 to 1 (for:against) glad to see you have done such a good job promoting your prized WSofD...

He *was* wrongfully terminated, didn't you hear? He won his grievance and about $50K in back pay. Clean record. Resigned on his own terms for greener pastures. Not bad I'd say.

Why the fascination with where people work or where they used to work? Who cares? It's not particularly relevant.

Back to the bashing, all of you!

Yup, DEFINATELY Skull-One...