<VV> Tax Reductions

[James P. Rice]

All: The College scholarship is a CPF responsibly, and was instituted to
fulfill it's educational responsibly as a 501(c)(3) bacl in about 2002.  It
is not a CORSA process, but this has been confused over the years.  Way to
many people think CORSA and CPF are different sides to the same coin.  But
they are not.  They are two different coins.

CORSA is not a 501(c)(3). I don't remember what it is, but it is not a
501(c)(3).  If you take the tax advice about your Corvair/CORSA expenses
which Rod wrote, you are betting the farm.  My guess is Rod's tax person
gave the correct answer to a question which was/is based on faulty
information about CORSA's status with the IRS.   When you ask the wrong
question, based on wrong info, the result is a wrong answer.  Beware.

Historically Yours,
                   James Rice
                   CORSA member since mid-70's
                   Former Chairman of the Competition Committee
                   Member of original CPF Advisor Committee
                   CORSA/CPF BoD member and CPF Liaison 1999-01
                   Occasional contributor to the Communique

PS: Sorry for the tardy response.  I've been off playing with my kids and
grandkids and other real life stuff, one of which is a responsibility my
wife and I volunteer to do.

***************************************

Message: 1
Date: Fri, 20 Feb 2009 17:32:30 -0500
From: aeroned at aol.com
Subject: Re: <VV> 1 REASON TO JOIN CORSA
To: virtualvairs at corvair.org

JR,

You're absolutely correct, the CPF and the CORSA scholarship fund (which is
inside CPF for tax reasons) are special tax exempt, non-profit, charitable
organizations. They were set up that way specifically so donations would be
tax deductible. It's just like giving money to a church or Red Cross.

Ned


-----Original Message-----
From: J R Read_HML <hmlinc at sbcglobal.net>
To: AeroNed at aol.com; virtualvairs at corvair.org
Sent: Fri, 20 Feb 2009 11:31 am
Subject: Re: <VV> 1 REASON TO JOIN CORSA

Ned....  I'm sure no tax expert, but it occurs to me that donations to the
CPF and/or the college tuition fund (whatever it is called) might be
deductible items.  Check with your tax advisor.
Later, JR

----- Original Message -----
From: <AeroNed at aol.com>
To: <virtualvairs at corvair.org>
Sent: Thursday, February 19, 2009 10:33 PM
Subject: Re: <VV> 1 REASON TO JOIN CORSA

> Oh that's a slippery slope. I've visited this subject several times with
my accountant, I like to call her my sister because she is. She's the tax
expert, not me, but I'll pass on what she's told me.
>
> For the club dues and other expenses to be tax deductible, the club would
have to be a charitable organization. CORSA is charitable but not in the tax
law sense and I would guess the same is true for your local chapter. You
might be  able to deduct expenses related directly to supporting your "Got
Kids" charity.  Another point would be how you use the car. If it is used
exclusively to support  the charity, OK, but you had better not drive it to
the store.
>
> Ned

> In a message dated 2/19/2009 8:03:21 P.M. Central Standard Time,
> rmurray at anaheimducks.com writes:
>
> Here's a  big one...The tax writeoffs!
>
> I just got back from meeting w/ tax  agent...let me first preface this by
saying that my agent is an honest, career  tax person who knows the laws and
the system - she will go to the edge, but  not over, the legal allowances.
We tapped into the info below last year,  but looked much closer this
time...
>
> Summarily, as a member of  non-profit groups CORSA and Vintage Corsa, as
well as Vintage Corsa's  affiliation with charitable partner "got kids", my
Corvairs qualify as  non-profit promotional vehicles, thus allowing the
following legitimate  tax-based deductions...
>
> - all out-of-pocket expenses related to said  club membership and club
activities, including annual dues, meeting meals,  logo swag, parking fees,
toll charges, event entry fees, raffle drawings,  etc...
>
- all out-of-pocket travel expenses related to attendance and participation
in corvair events (ie travel to the national  convention...writeoff airfare,
hotel, meals, mileage, etc)- all general  Corvair mileage (over 3K miles in
my case)...ie cruising is in effect  promoting CORSA
> - the PURCHASE of my greenbrier last January ($1,100)...ie  I bought a
vehicle that will promote CORSA - all out-of-pocket expenses  related to
Corvair ownership...including DMV,
> fuel, cosmetics, and maintenance  and upkeep...expenses necessary to
maintain the vehicle that promotes CORSA,  be it a fuel pump, an oil change,
windshield, paint job, engine rebuild, or  car wax.
> - if you choose to get your club newsletters on line and print at  home,
you can writeoff your internet service, computer, printer, ink, and  paper.
>
> Interestingly, if you AND your spouse are both CORSA members,  you can
double applicable writeoffs like airfare, meals, dues, swag,  etc.
>
> Ironically, the only thing I couldn't write off is the volunteer  time
invested supporting your Corvair-related activities...in my case, that means
time spent on the club and vendor websites, blogs, newsletter, eblasts,  and
just hanging out talking vairs.  But hey, you'll never see me doing  any of
these w/o smiling anyway.
>
> So what's the lesson learned?   Join CORSA, save $$$!
>
> As always, check with your trusted tax  representative...may not be
available in all areas...some restrictions may  apply...residents of Alaska
and Hawaii add 3% additional sales tax...hot  chicks are at the library...
>
>
> Rod
> Vintage Corsa
> Web, PR,  Corvair Tax  Consultant