My take on this is that if you get more for a trade in than your basis, you've got a capital gain. If you paid more for your trade in than you got for it, you've got a nondeductible loss.
Unfortunately, it seemed like the manufacturer rebates went down by about $3000 on most cars when the CFC program started, so everybody participating in CFC lost except the carmakers and the dealers (assuming the dealers didn't botch their CFC applications).
Mitch. _______________________________________ http://www.okiebenz.com For new and used parts go to www.okiebenz.com To search list archives http://www.okiebenz.com/archive/ To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
