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The Economic Times

$40 million Ferrari, $13 million tax twist: 87-year-old billionaire’s charity buy could cut his US tax bill

Ferrari United States Fortune Tax Deduction electric vehicle

American billionaire Herbert A. Wertheim’s $40 million purchase of Ferrari’s first electric vehicle at a charity auction could potentially qualify for a significant tax deduction under US charitable giving rules, Fortune reported.

The 87-year-old optometrist-turned-businessman and philanthropist bought the Ferrari Luce earlier this month at a Sotheby’s public auction. The auction was held to benefit the Ferrari Foundation, which supports education initiatives globally.

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Missouri Deputy Struck Persephone Berger, 16, as Family Accuses Police of Misleading Them About Hit-And-Run

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One subscription that gives you access to news from hundreds of sites

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Missouri Deputy Struck Persephone Berger, 16, as Family Accuses Police of Misleading Them About Hit-And-Run

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