Post your prediction of what the GT will sell for at Barret Jackson.


07XL0027

GT Owner
Mark IV Lifetime
May 20, 2012
1,546
Austin TX
Not that interesting.

Lmao


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Gary

GT Owner
May 11, 2006
471
Festus, Missouri
Wow. Might bring a huge fortune. A Saudi Prince just gave 450 Mil for a painting.
 

Cobrar

GT Owner
Mark II Lifetime
Jun 24, 2006
4,017
Metro Detroit
Just do it.....:lol
 

Apollo

GT Owner
Mark IV Lifetime
Le Mans 2010 Supporter
Aug 5, 2006
2,499
Pahrump, NV
Who wants to make it interesting?


bigear.gif
 

ChipBeck

GT Owner
Staff member
Mark IV Lifetime
Le Mans 2010 Supporter
Feb 13, 2006
5,769
Scottsdale, Arizona
Step right up.

Who wants to make it interesting?

Gentlemen,

This will make auction night a bit more fun. I’m in of course. $100.00 from each member collected before the auction. I’ll be the banker. If anybody else would prefer to do it that’s cool by me. My prediction of 3M stands. All bids must be in 100K increments (1.5 ok, 1.55 no go). So nobody can bid within 100K of someone else’s bid. I’ll start a new thread in the GT owner’s section so this isn’t public. Winner takes the entire pool. Cheers.

Chip
 
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txviper

GT Owner
Mark II Lifetime
Dec 31, 2007
613
In..... will help pay my beer tab at the auction!

Like taking candy from a baby!
 

JOEA2

GT Owner
Mark II Lifetime
Aug 16, 2007
351
STATEN ISLAND,NY/SEA GIRT,NJ
Is it Hammer or Total Price?

Joe
 

ChipBeck

GT Owner
Staff member
Mark IV Lifetime
Le Mans 2010 Supporter
Feb 13, 2006
5,769
Scottsdale, Arizona
Is it Hammer or Total Price?

Joe

Hammer. See the thread in the owners section.

Chip
 

200mph

Member
Nov 23, 2011
9
Winston-Salem, NC
Knowing of GT owners who have turned down 2x sticker for their cars already, I will guess $2.2M. A few clarifications are in order.

My understanding is that Ron Pratte will buy this car in a standard retail transaction. Ron will then donate the car to NASCAR Hall of Famer Ray Evernham's Autism/Asberger's charity "IGNITE". The charity will then auction the car at Barrett-Jackson Scottsdale, live on Velocity (or Discovery) TV.

Donating the GT creates no conflict with the provision in Ford's Buyers Agreement against a sale within two years of purchase. The charity, not being a party to the Buyer Agreement, has the right to sell the car if it wishes. Maybe Ray should keep it for a year and charge a $100 donation to IGNITE for rides!

Finally, on designated charity lots such as this, the hammer price IS the final price. Barrett-Jackson does not charge an entry fee, buyers or sellers commission on such cars. Should be fun !
 

Stef

GT Owner
Mark IV Lifetime
Le Mans 2010 Supporter
Apr 5, 2009
1,082
Southern California
I believe it will hammer away at well above 3M mark.
Given the grand stage of BJ, the participants involved, the reason and that the NFGT is perhaps the most desired supercar on the planet right now with a legendary history like none other. Going a bit out on a limb here, but It could go the way of Shelby's twin turbo Cobra roadster.
 

Mike87

Member
Sep 23, 2014
13
RHE, CA
I think the car will hammer above 3m. However, I have a question (I already emailed my tax accountant for the answer, but they are slow to respond, and perhaps others might be naive like me on tax stuff). Anyone know how this charity deduction works?
Let's say you pay $2,468,000 for the car, which retails at $468k. You have a 2m tax deduction. If you make 3m per year, and you pay say 1.2m to the feds, and about $400k to the state (CA), does this 2m tax deduction come straight off the top (paying $0 taxes??)? Does it apply for both state and fed? Does it carry over to the next year (due to the balance of the deduction)?
 

B.M.F.

GT Owner
Mark II Lifetime
Jan 29, 2009
1,781
Minnesota
I think the car will hammer above 3m. However, I have a question (I already emailed my tax accountant for the answer, but they are slow to respond, and perhaps others might be naive like me on tax stuff). Anyone know how this charity deduction works?
Let's say you pay $2,468,000 for the car, which retails at $468k. You have a 2m tax deduction. If you make 3m per year, and you pay say 1.2m to the feds, and about $400k to the state (CA), does this 2m tax deduction come straight off the top (paying $0 taxes??)? Does it apply for both state and fed? Does it carry over to the next year (due to the balance of the deduction)?

I like where you're headed with this!!
 

fjpikul

GT Owner
Mark IV Lifetime
Le Mans 2010 Supporter
Jan 4, 2006
11,469
Belleville, IL
I think this goes on a schedule C and is subject to the percentage maximum.
 

PeteK

GT Owner
Mark II Lifetime
Apr 18, 2014
2,258
Kalama, Free part of WA State
BMF: No, it does not come off the top. Only tax "credits" do that. It's a deduction against your income on Schedule A, but AMT will reduce the value of charitable donations. Donations do not carry over to the next year (you're thinking of capital gains and losses), unless you break it into donations in tow different years. The only way to figure it out is to crank it into the accountant's tax computation software, or do it yourself with Turbotax or other app.

Frank, it only goes on Schedule C if it's a business expense deduction. BMF: Is this a business expense? Either way, you really need to get your accountant involved before you stroke any checks.
 

texas mongrel

GT Owner
Mark II Lifetime
May 3, 2009
1,661
Houston Texas
BMF: No, it does not come off the top. Only tax "credits" do that. It's a deduction against your income on Schedule A, but AMT will reduce the value of charitable donations. Donations do not carry over to the next year (you're thinking of capital gains and losses), unless you break it into donations in tow different years. The only way to figure it out is to crank it into the accountant's tax computation software, or do it yourself with Turbotax or other app.

Frank, it only goes on Schedule C if it's a business expense deduction. BMF: Is this a business expense? Either way, you really need to get your accountant involved before you stroke any checks.

I’m a bit puzzled by part of this answer: some of my charitable deduction carry forward
 

PeteK

GT Owner
Mark II Lifetime
Apr 18, 2014
2,258
Kalama, Free part of WA State
I’m a bit puzzled by part of this answer: some of my charitable deduction carry forward
I don't know your circumstances or how you donate. Like I said, consult your accountant. Free advice is worth what you paid for it!:lol
 

Mike87

Member
Sep 23, 2014
13
RHE, CA
I spoke to my accountant.
This type of donation is what the IRS deems as a "Quid Pro Quo" contribution. Under IRC Section 170, the amount of deduction a taxpayer can claim is reduced by the value of goods or services received. In my above example, your actual donation is $2m.
The charitable donations of cash are limited to 50% of your "Adjusted Gross Income" in a particular year. In my example above, if the AGI is 1.4m. one could only deduct $750k of the 2m charitable donation in the first year. The excess contributions are carried over to the succeeding next five years.
However, the actual tax savings associated with the deduction are based on your tax rate for both Fed and state. For simplicity, if your combined tax rate is 50%, you save $375k in taxes the first year ($750k x 50%). All things remaining the same with your AGI each year, you continue to save $375k in tax, until you reach 50% of your charitable contribution = $1m in total tax savings for your $2m contribution.
Bottom line, you donate 2m, you get 1m back over time (up to 5 years). In my above example, if I paid $2,468,000 for the car, my actual cost would be $1,468.000.
 

Specracer

GT Owner
Mark IV Lifetime
Nov 28, 2005
7,081
MA
Plus sales tax, and any excise, or use taxes your state might have.

On a serious note, thanks for the post. Interesting to boil it down like that.

my actual cost would be $1,468.000.
 

racelance

GT Owner
Mark II Lifetime
Nov 26, 2006
699
Carlisle, PA
Just so you know what the car looks like...

1e283ac6682f5cea6a9d527f8df63f6a.jpg



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Specracer

GT Owner
Mark IV Lifetime
Nov 28, 2005
7,081
MA
Will the new tax code influence anything?