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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
emailists
923 posts
 
The Table in question is a freakin' Caliburn. Perhaps the best table/Arm in existance. As long as he can afford it (I know I can' t) I say why not.

And unlike a trickle down economy, trickle down technology may just allow me to afford Continuum's new cheaper Copperhead tonearm at some point, and the buyers that fund the 100K systems help to make that happen.
buffyjames
38 posts
 
I'll bet anything that the Farrari can be a tax deduction for a movie star who commands a certain "persona". As long as he/she drives it to movie premiers,et al, it is a legitamate deduction. The time that the car is driven for pleasure is not deductable.
schipo OP
1,268 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
73 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.
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