My CPA emailed me this morning with this tax breakdown:
Fair market value of car = $50,000
38.88% to cover taxes = $19,440
Total taxable to you = $69,440
@28% tax rate you would pay taxes of $19,443.
Since I will have a check for $19,400 in hand from them AND the car, I'd only have to pay $43 out of pocket, right?
That would be a delightful deal I think.
I'm entering the contest, and I believe someone on our little forum with an older boxster should win that car because we deserve it!