Like Tree0Likes

Documented Vessel Question

Old 02-15-2006, 02:45 PM
birdog's Avatar
Join Date: Jan 2002
Location: Batavia Oh.
My Boats: Top Gun
Posts: 4,034
Default Re: Documented Vessel Question

I have heard of setting up a Delaware Corp. to avoid this...anybody know how this is done ?
birdog is offline  
Reply With Quote
Old 02-15-2006, 02:54 PM
Semper Fi's Avatar
Join Date: Oct 2000
Location: SoCal
Posts: 4,234
Default Re: Documented Vessel Question

If you are in this situation, get it resloved. I got a letter from a tax specialist about 1 yr ago and this is what he told me in the letter. This is pertaining to California, but other states may have the same guidelines.

Basically the state has 8 (maybe 9, I can't remember) years to collect on the tax from you. At that point, after the 7th year (or 8th yr) is up, they send you a bill for the initial tax, penalies and interest. The only way to dispute it is to pay it, then dispute it!!!

Here's the scenario of what happend to a guy before the tax specialist could help the guy.......A Guy buys a $1 million plane, keeps it in NV., but flies it to Ca. alot for business. California comes after him for the tax (beacuse it is used in Ca.---the tail #'s were reported to the board of equilization in california) He originally should have paid like $87K in taxes and it would have been done....since he ignored the letters they sent him, after 7yrs. (or 8yrs.) they sent him a bill for over $150K--this included penalites and interest.
Semper Fi is offline  
Reply With Quote

Related Topics
Thread Starter
Last Post
General Boating Discussion
02-18-2008 09:04 AM
General Boating Discussion
02-17-2008 06:36 PM
General Boating Discussion
04-19-2005 11:49 PM
32 thunder
General Boating Discussion
09-20-2004 12:17 AM
General Boating Discussion
08-12-2003 08:56 AM

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

All times are GMT -5. The time now is 10:26 AM.

Copyright 2011 OffShoreOnly. All rights reserved.