Chevy Volt 60-Day Return Makes Tax Credit Abuse Likely

[kcjenkins]

http://nlpc.org/stories/2012/07/11/chevy-volt-60-day-return-makes-tax-credit-abuse-likely

A very interesting question, how will you deal with it if a client of yours wants to take the credit, after they had returned the car?

[jainen]

>>how will you deal with it if a client of yours wants to take the credit<<

No credit because the sales contract was rescinded. If he whines I'll suggest a non-deductible capital loss for the license and fees that were not refunded. If he still whines, I'll suggest a taxable gain for the excess refunded over the FMV of a used vehicle. I can be just as silly as any of my clients!