Posted by 4020 on December 18, 2013 at 17:47:53 from (72.35.163.18):
I read the post a week ago about purchasing equipment based on shares. I"m just curious how that works out taxwise and then for collateral use. My sons and I purchase equipment individually and bring it up into shape at our own cost and then share in the cost of any repairs to the machinery based on the acres, just like you had posted. We each still own that piece of equipment individually. All rented ground is shared equally, and each persons owned ground is theirs 100%. That"s how we come up with our varying percentage of shares in the repairs. We are not a corporation, and our tax man keeps saying we need to form one. So the question is, how would shared ownership be viewed taxwise and collateral wise?
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Today's Featured Article - The Nuts and Bolts of Fasteners - Part 2 - by Curtis Von Fange. In our previous article we discussed capscrews, bolts, and nuts along with their relative hardness and thread sizes. In this segment we will finish up on our fasteners and then work with ways to keep them from loosening up in the field. Capscrews, bolts and nuts are not the only means of holding two parts together. When dealing with thinner metals like sheet tin, a long bolt and
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