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The IRS has a car for sale:
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1967 Ferrari P4. Minimum auction price: $2 million
This 1967 Ferrari was seized from a Florda businessman, Walter Medlin, for nonpayment of federal taxes. Now it can be yours!
But you will probably need more than $2 million. From The Arizona Republic:
"Oh, it's worth much more than that," said Mike Sheehan, a Southern California resident and longtime Ferrari specialist, who valued the car at something closer to $10 million.
Apparently this is one of only three 1967 P4s in the world.
The IRS has decided to auction the vehicle, even though there are times that a pristine V-12 Ferrari with 450 horsepower and a top speed of 210 mph might come in handy for them.
If the Ferrari isn't for you, the IRS auto auction website also has this baby:
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1994 Ford Econoline, 175,000 miles. Comes with tires.
Thanks to TaxGuru.net for the tip.
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The items included in the Tax Update Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation.
Joe Kristan writes the Tax Update items, and any opinions expressed or implied are not neccesarily shared by anyone else at Roth & Company, P.C. Address questions or comments on Tax Updates to