Its Finally Over

[RD]

congrats DT, I am sure it feels like 20 tons has been lifted off of your shoulders!

[Drop Top]

Hey, thanks everybody. I still have some things to iron out before I can sell the property. I don't really know if I'm going to stay or move out of Calif. just yet. Right now I have to concentrat on getting things in order so we can sell.

I also have to look into my new tax situation. We'll be selling 150 acres that will be worth right at $170,000 per acre. (If you do the math thats allot of money.) Of course I will be splitting that with my sister 50%. I know there is a one time tax law that will allow you to not have to pay any income taxes at all. But I need to find out more about it. Like, If I can do it at any time or do I have to be a certain age. More hurtles to jump and more complected things to learn. All that and I still need to stay on top of my restorations.

[ChargerHound69]

How far out of Bakersfield is it??  I thought it would be more than that in that area.

[MOPARHOUND!]

Hey, thanks everybody. I still have some things to iron out before I can sell the property. I don't really know if I'm going to stay or move out of Calif. just yet. Right now I have to concentrat on getting things in order so we can sell.

I also have to look into my new tax situation. We'll be selling 150 acres that will be worth right at $170,000 per acre. (If you do the math thats allot of money.) Of course I will be splitting that with my sister 50%. I know there is a one time tax law that will allow you to not have to pay any income taxes at all. But I need to find out more about it. Like, If I can do it at any time or do I have to be a certain age. More hurtles to jump and more complected things to learn. All that and I still need to stay on top of my restorations.

My math shows you'll be splitting $25.5 million dollars.  Congrats Drop Top.  And thanks for all the advice here on the board.

[BigBlockSam]

wow! thank god it's over, time to relax alittle and do what you want with your life. be happy and enjoy every day. lifes to short for all that crap. Peace Rene

[CFMopar]

thats great....

[Old Moparz]

Sounds great, congrats!! I bet the IRS has already drooled all over forms for the sales tax on it.

HOW TO MESS WITH THE IRS

(Internal Revenue Service, an agency of the government to whom Americans pay taxes on their salary)

Always put staples in the right hand corner. Go ahead and put a down the whole right side. The extractors who remove the mail from the envelopes have to take out any staples in the right side.

Never arrange paperwork in the right order, or even facing the right way. Put a few upside down and backwards. That way they have to remove all your staples rearrange your paperwork and re-staple it (on the left side).

Line the bottom of your envelope with elmer's glue and let it dry before you put in your forms, so that the automated opener doesn't open it and the extractor has to open it by hand.

If your very unfortunate and have to pay taxes use a two or three party check.

On top of paying with a three party check pay one of the dollars you owe in cash. When an extractor receives cash, no matter how small an amount, he has to take it to a special desk and fill out of few nasty forms.

Write a little letter of appreciation. Any letter received has to read and stamped regardless of what it is or what its on. Write your letter on something misshapen and unconventional. Like on
the back of a Kroger sack.

When you mail it, mail it in a big envelope (even if its just a single EZi form). Big envelopes have to be torn and sorted differently than regular business size ones. An added bonus to the big envelope is that they take priority over other mail, so the workers can hurry up and deal with your mess.

If you send 2 checks they'll have to staple your unsightly envelope to your half destroyed form.

Always put extra paper clips on your forms. Any foreign fasteners or the like have to be removed and put away.

Sign your name in ink on every page. Any signature has to verified and then date stamped.

These are just a few of the fun and exciting things you can do. These methods are only recommended when you owe money.   

[BigBlockSam]

don't mess with the irs   

[41husk]

congratulations drop top!  I hope that doesn't stop you from giving us novice retorers the great advice we have come to exspect from you

[dodgecharger-fan]

Excellent news Droptop! I'm truly happy for you.


If you're looking for a great place to settle, the Niagara Region is great. lots of room for a big shop like that.
The winters suck, but on the other hand, you'll be sure to have one customer: me! 

[BigBlockSam]

yea , yea the Niagara Region. thats only 5 hours from here. i got a 68 r/t that needs a good body guy. 

[Charger_Croatia]

Congrats! 

[4402tuff4u]

Wow! it's been a long battle and I'm glad the little guy won this time. Congratulations! 

[Drop Top]

Thanks agian. I'm not going to quit giving any advice (Good or Bad). Although it seems these days I haven't had to give much. There is alot of good advice coming from other newer members lately. Of course sometimes my advice may be a little old fastion and extream for some members. I'm kind of a perfectionest. Some people what there cars to look good from ten feet away and not worried about how long its going to last. Then theres the ones that go overboard in the other direction. So I fit in there somewhere. More towards the last.

As far as relocating its a wate and see thing. The only reasion I'm going to bild a new bigger shop is that. Number one I'll need the tax break. Number two, there is these two young guys that show great promise and I want to try to help them out if I can. They are 22 and 23, very hard workers. The first guy has been hanging around here sence he was around 8 years old. Hes like family to me. I've been training him and hes a natural. The second guy I met at another shop. He went to school in Arizona for metal fabracation. He has his own english wheel and bead roller along with some other tools of the trade. I gave a corner of my shop to him to work for himself. I help him out with sugjestions when he needs it. Hes a little head strong sometimes but he shows great promise. Between the two we could do some really good work together. I've already increased my turnaround time by 3 to 6 months. These kids want nothing more then to do this kind of work. They keep me going and I can see us going along way with them under my wing. I've got a good 15 years left in me and then I'll slowly hand the bussness over to the first young man. I know he'll go anywere I decide to go.

[my73charger]

Cheers friend.   

[ChargerRob]

Congrats 

[69_500]

Great news. So are there any perks you intend to spoil yourself with? I know you stated you'd get your wife the Crossfire she wanted, so what are you going to do to spoil yourself?



Everythign works out in God's plans.

[triple_green]

Hi DT,

Congratulations!

You have a complex enough situation that an good (&honest) attorney would be very valuable to you.

If you haven't already looked into it you could probably benefit greatly from at least a partial "1031 exchange".

Also be very careful to do tax planning( I would use a attorney who is also a CPA). You don't want to get into "round two" with the IRS.

The world of developers varies wildly. Don't expect this process to be fast or easy. This is another area where a good attorney will more than earn their money.

There are times in life when it pays to use the best professional help, and it sounds like you are in one of them.

BTW, in case you wondered, I am not an attorney.

3X

[Drop Top]

triple_green; Actually one of my customers that turned into a good friend is an attorney. He has set me up with one of his other att friends. Turns out I went to school with him in high school and got along well with him then. Then theres my Daughter that works for one of the bigest tax consultants in the country. Have you heard of C-Biz? They have offices all over the country. Anyway they are att/cpa's. She was set through collage by this company and worked for the main man as a nanny during high school and collage. She still goes to the kids birthdays and what ever else comes up. I even play Santa for the kids and the company Christmas party's. (Yes thats something else you guys don't know about me, I play Santa during the Christmas Seasion. To Schools and private party's for fun not pay). So between the two I think I'm in good hands.

As far as spoiling myself my new shop is going to do allot for me. I really enjoy what I do. I do have a few cars that I'm going to finish. My 68 Convertable Dart, Son's 71 GTX, Cushenberys Gypsy, my wife's 71 Trans Am. I also want to find a very rusty 318 Charger  pretty much a shell and do something that some on this board would not like to see. My plans would be a full on tube chassis very low to the ground. Full interior and a Streetable blown Hemi. Then take it on the Power Tour.

[Charger Aficionado]

My math shows you'll be splitting $25.5 million dollars.  Congrats Drop Top.  And thanks for all the advice here on the board.

No wonder they tried to STIFF him for it!  Bastards   It must have something to do with the fact that you are in KaleeForneeIYa...  I bet the IRS People here are more "HITLER" than anywhere else...  Why don't you move down south and buy a farm/shop/mansion/river/lake/pond etc... ?    lol

[Orange_Crush]

I'm happy to hear that the burden has been lifted (at least somewhat).

Let this be a wakeup call to anyone here who believes that he or she may leave a large amount of assets when they shuffle off this mortal coil.

1.  ALWAYS have a will, make it very clear...have a reputable attorney draw it up (worth the money) so it is impossible to contest by anyone.

2.  Always  have ironclad living wills.

3.  Make a provision in your wills for the estate to pay all taxes.  The way my parents have it set up is that all assets are sold and proceeds pay any taxes.

This is something you REALLY want to hire an attorney for.  I know that there are computer programs etc. that will allow you to work up your own will, but honestly, its worth the money to have someone draw it up.

As for your inheritance...Triple Green gave you very good advice.

[beenaround]

  hey dt!!! glad to hear the end is in sight!!!

[chargermick]

Congrats DT, sounds like you've been through a few years of hell. But, it's over now and it sounds like you are about to enter a really interesting phase of your life.

[Drop Top]

Orange_Crush; You hit the nail on the head. My Dad was a very strong willed Iron Fisted man. I worked on that farm from a very young age and never asked him of anything in return. The only thing that keeped me there is the fact that I was going to get it and be able to make a living for the rest of my life there. He had good intentions. But that dosent do the job. Its very improtant to get everything in order before anything happens or your children could go though what I have gone through. Even if all you have is a little you need to get everything in order today.

The rest is just B/S that I need to get off my chest. So please bare with me and you don't really need to read on.

My Dad was 70 years young and in very good health. He felt very good about everything on the morning that he left on his trip. He told me that he and I where going into the CPA's the next day that he got back. So that we could get everything in order in case something like this happened. In fact I was there the morning that he left and was suposed to go with him. But I had to much to do to get ready for the planting seasion. So I declined to go with him. The last time I saw him in good shape was as he flew his plane into the sunrise. The next day I flew to Mesa Arizona and saw him on a bed covered with gause from head to toe because of his burns. I stayed there until he pasted. Thats the only time I told him I loved him. I know he heard me because his hart moniter was flat and when I told him that, it jumped way high. Then 8 months later my world turned upside down and its been a new experance from then on. The good Lord has put me through this for a reasion and I'm a much wiser man now. Dad wasn't much of a father growing up, but as I got older we grew closer. He did the best he could. He lost the love of his life the day I was born. Way deep down inside. He blamed me for it. The only time I ever saw him cry was when we went to her gravesight. The day he left was the only time he told me he loved me (I was over 30 by that time). I was shocked to hear it so all I could do was say OK. But all this made me a better Dad to my 4 kids I tell them I love them everytime I talk to them and I'm there for them on all there important times no mater what I have to get done. I always have time for my kids or grandkids. I guess why I'm telling you all this is to say. Take the time and be with your family. Don't blame anything on your young ones that you cant blame yourself for. They are an extention of yourself. If you don't like what you see in them its time to change something and usually it starts at home. If you can't get along with your parents just look at yourself inside and ask if your doing everthing in your power to get along. I grew up with out a mother and a father that shoved me off onto an Aunt and Grandmother to do the things a Mother is suposed to do. (we all lived right next to each other) Then he moved out of the house and left me behind at the age of 16. Boy did that make me feel wanted! Anyway what I'm saying is love your parents/children the best you can wile you can. Tell them you love them and they will eventually come around. It took almost 30 years for my Dad and I to come to terms. He did have his ways of showing me he loved me as I was growing up. He just couldn't tell me so. He worked hard all his life and bought me nice things and usually it was work related. But you can't buy the words that come out of your mouth.
Enough is enough thanks for putting up with my little sob story but this is a car form. 

                               God Bless All of You! Carl (D/T)

[Drop Top]

By the way. Thanks for listening.