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Old 10-03-2008, 03:56 PM   #4
Rob Petrie E395
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Location: Woodlawn IL
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Default Re: $100 Million for Auto Race track Owners?

Quote:
Originally Posted by Michael Compton View Post
All it is is an extension of a previous law passed in 2004 allowing auto racetrack owners to depreciate their facilities over a 7 year period. Their was no bailout only an extension. I assume the reason it has $100 million next to it would be the amount if money the government expects to lose in revenue.
OK that make some sense to me. They must be using this to depreciate the additions/remodeling to the tracks already in existance and not a whole new track like the charlotte drag strip all at once. wouldnt that be tuff to depreciate a mutimillion dollar track in just 7 years.

I most likely did not word this right but I hope you get what I mean. I am used to small business stuff where they make us depreicate a item like a automotive lift or alignment machine over 7 years and big money stuff like my building quite a bit longer

Thank God I have a good tax man its hard enoughf to just make it in a small business without having to be a accountant/ Tax man too.

Last edited by Rob Petrie E395; 10-03-2008 at 04:03 PM. Reason: it didnt sound right after I posted so I added to it
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