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Audiophile TT article in Forbes

I am going to try one more time with this tread because I believe the Audiogon Moderator is flagging this because of the naming of a name. In the latest Forbes special issue there is a nice article about the resurrection of vinyl and Audiophile grade TT. The article shows some nice pictures of high end grade TT with there tone arms and statements from VPI owner claiming every time he wakes up he pinches himself to think in a digital age sales are up steadily. But the big eye opener was that very well known vinyl and turntable guru from a major audio magazine is purchasing a one hundred grand table and tone arm combo Continuum Audio Labs Caliburn turntable & Cobra tonearm
for much less than retail what is much less the article never states but I would guess to venture half off listed which if my math is good would be fifty grand total. Now I don't really have a problem with this but in the article the writer states he the well known guru reviewer is also going to write off the purchase as a business deduction? I am not a CPA or a tax attorney but I would guess that this would raise a red flag at the local/federal tax office as being a LUXURY item. Can you honestly think that standing in tax court a judge wouldn't ask you do they really make a 100 grand turntable and why do you need this piece of gear just to listen and review a record or even having to compare it to the competition.
schipo
schipo OP
1,267 posts
 
The time that the car is driven for pleasure is not deductable. How can you say that a car of this caliber a Ferrari is not being driven for pleasure.
arahl
70 posts
 
The Tax Code allows deductions for "ordinary and necessary" business expenses, so the question would be whether the purchase of this piece of equipment was "necessary". It is clear that you don't have to buy a Ferrari or a turntable in order to test and write about it. It appears, however, that this individual could argue that he/she needs the table on a long term basis to test other tables, cartridges, etc. with and against it. The IRS is well known for seeking to disallow deductions taken by hobbiest reviewers, but my personal guess is that this particular one should hold up.
jaybo
4,478 posts
 
movie stars, directors, many in 'the business' are generally incorporated, so most everything they do is somehow done on behalf of their company. that bentley is a company car. tax deduction or not, buying a 100k turntable is an incredibly selfish thing to do if he has kids or a family. he is also beholden to the manufacturer bigtime. selling one's soul for a turntable is just bad judgement.
dgarretson
2,394 posts
 
Michael Fremer (and his Analog Corner column in Stereophile) is probably the individual most responsible for the current renaissance of interest in hi-end vinyl. If anybody deserves a tax deduction on a $100K TT, it's him.
schipo OP
1,267 posts
 
I guess he also should be able to deduct his whole system including if he wants to purchase a 500grand speaker system because thats part of his job. I guess schumks like us don't, than again maybe all we have to do is start our own audio rag and get the same deal.
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