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Monday, November 29, 2004

SUV Loophole Closed.

Until October 22, 2004 tax profit planning for businesses was as simple as “Go and buy a Hummer or two.” Then you could expense them up to $100,000. This step was so common that it was widely reported on the internet that some of the luxury SUV makers “added” a few extra parts to get to the 6,001 lbs of gross vehicle weight required to get the deduction.

This is no more. So be careful if anyone suggests that you buy a large SUV and expense it.


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