So toady I drop 4 large on an entire garage full of TR8 parts complete with a pristine coupe body shell. Enough to build at least two cars and still have tons of spares. New parts, used parts, go fast parts, you name it. Can I sell off 2 thousand worth of parts, assemble one TR8, and still be challenge legal, or is there a limit to how much I can recoup from my initial out lay. If so, what if a buddy builds one and I build one from the same haul? Can we split it, divide everything up and then sell off some spares.
Initial purchase cannot exceed $2017.... max recoup for parts sold $1008.50
What if initial purchase includes more than one car?
Get it itemized - one car for $500, a bunch of parts for $700, etc etc
Cannot pay more than $2017 for the initial purchase.
Max recoup for $2017 is $1008.5.
The general consensus is to get an itemized receipt, but that is often not realistic.
Make a good argument for fmv of the parts you need would be my recommendation.
This HAS to be a FMV Situation .you can't be denyed for a Buy Out.Several here have already clamed this in there builds or ability's.IE; truck full of parts.Each car is a seperate Entity.
Yep, get an itemized receipt (be realistic, otherwise competitors/us/the internet will crucify you) or FMV. For something like that, which isn't exactly a car plus one set of wheels and tires or something simple, I would much prefer a FMV calculation in your build book.
Thanks Tom, Others have been Coming at it from Different Angles, but that question has been asked a lot Lately.
Like Tom said, FMV is probably the way to go. I like to go to the "Sold" items section of eBay for FMV backup. That could be hard for a rarer vehicle. Part of "The Challenge" can be something like hunting down a solid FMV.
We took 4th place with our TR7. It was $800 for a non running car with a solid body (if that helps). The Pro driver said it was basically one wheel drive because we did not have a Limited slip dif. Yes, lighting up just one tire was the weakest point. Oh, and it refused to start on damp days. :-)
