highplains

Video coverage. Looks like he HAD an Ovation? http://abclocal.go.com/ktrk/story?section=news/local&id=7927362

Agreed. For a clever attorney, there is always a way to lay blame others. The solution is as follows: Do NOT share your airplane with anyone else! For many of us (hand raised) this is neither practical nor is it financially possible. I remember a few years back, there was a guy who piled up his new Cirrus in night MVFR. Somehow, it was the fault of Cirrus the guy was flying in MVFR conditions, at night, no instrument rating. I may have the details not exactly right on this memory, but the point is made I think. JV

Flyboy, It is not my intention to nitpick, so please take no offense. An LLC is NOT a corporation. Taxation and the structure of each are quite different, and of course vary from state to state. That said, an LLC is an excellent way to jointly own assets, and be provided relief from liability. I am not an accountant, nor an attorney. JV

Try KLBL. We have an excellent air museum on the field. Mostly devoted to general aviation, but there are quite a few warbirds as well. My favorite is the F4 Corsair. They have a Mooney Mite also. JV

Squirrel, How devilishly brilliant of you to suggest I enlist the aid of a child. Your wife barely stands a chance against your devious intellect. Not even really sporting even.... JV

I thought I might just chime in on the bonus depreciation issue. I may be mistaken, but I believe you can only claim bonus depreciation on assets that are purchased new. Used assets do not count. Section 179 deductions may be taken on assets that are either new or used. 179 depreciations however have limits, as does bonus depreciation. All this said, an asset that has been depreciated out can come back to get you when you sell or trade that asset later. I am not a tax accountant or an attorney. I only find myself using these deductions as I am self employed.

Sheesh! I'm working on it! You cannot imagine how difficult it is to step out of the shadow of the Cessna wing and into the bright and glorious sunlight the Mooney wing will hopefully offer. Then again, maybe you can. Squirrel, my co-conspirator is my 5 year old son. He loves to fly, and I've got him convinced a Mooney is the way to go. Mommy is a harder sell, though. I'll throw in this bit about the 182 photos that have drawn critics from far and wide. 280 HP turning a three blade prop burning an appalling 14-15gph for a mind bending 140KTAS. Fuel burn is actually worse than that, 14-15 gph is just the cruise burn. You don't want to look at the flow on the take-off roll. The 182 has served its purpose in my flying education, now I want to move on. The Mustang is for sale by the way. Supposedly, it is as close to an original airframe/engine ship that is out there. I was told it is not pieced together from several different airframes as many sometimes are.

"Hey, watch this!" Famous last words.

So I may be coming down to asking for a prebuy inspection. I am not new to buying aircraft, but I've never purchased a Mooney. Ordinarily, I'd never even consider having the normal shop take a look, or even talk to them much. However, what if the normal shop is a MSC? In reading Jimmy Garrison's pieces in the the MAPA Log, there seems to be a bit of a premium to the value if a MSC has been doing the maintenance. With Cessna's nobody seems to place any premium whatsoever for a Cessna authorized shop showing up in the logs. Of course, Cessna's are exceedingly simple to work on compared to Mooney's. Not as many gotchas hiding. In any case, I have trouble making sense of things on this. If the normal shop is a MSC, does it make sense to have someone else inspect their work? I think maybe yes. Too much money and time involved to not do it. JV

Guys, Thanks for offering your opinions regarding my question. This is exactly what I was seeking when I posted the question. I'm inclined to discount some for the fact it has been such a long time. Much like an overhaul that was done long ago. Even if the hours since overhaul do not indicate the need, we all know what time does to an engine. While not new to aviation, nor to buying aircraft, I am new to seeking a Mooney. The tank issue seems to be more important than in other types. The C-182 I am in now has wet wings and I don't see the concern with those as with Mooney's. In any case, thanks for the replies. Tailwinds, always.... JV

Mooney Pilots, First of all, thank you all for sharing. I think I have read almost every post no this forum. Excellent education. I found Mr. Perry's write up of particular interest. So here is the deal....I hope to soon make the transition from brand "C" and think I have found the M20E that could be "The One". It meets almost all of my requirements. This said, I am concerned about the fuel tanks. The last time the fuel tanks were sealed was when it left the factory. Evidently, they do not leak now, and I usually adhere to the old maxim of "If it is not broken, do not fix it". Now, maybe they last another 5 years, maybe 10, maybe six months. I will assume that sometime within my tenancy, they will need to be repaired. So, the question is, how do I value this condition with regard to the overall aircraft? Also, I would appreciate it if members of this august group could provide guidance as to the costs associated with the two options of strip/reseal and bladder installation. If anyone could quote semi-recent pricing on the two that would be great. I would even like to hear debate on the merits of the two as well. Cheers, Jason