Juan owns a business that acquires exotic automobiles that are high-tech, state-of-the-art vehicles with unique...
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Accounting
Juan owns a business that acquires exotic automobiles that are high-tech, state-of-the-art vehicles with unique design features or equipment. The exotic automobiles are not licensed or set up to be used on the road. Rather, the cars are used exclusively for car shows or related promotional photography. With respect to the exotic automobiles, Juan would like to know whether he can take a cost recovery on his Federal income tax return.
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