CSA 2010 is here or soon will be and what is really happening to the carriers and drivers in the CSA 2010 test states is now going to apply to you. I thought you would want to know the truth about living and driving within the new CSA 2010 regulations. I know they have changed and are still changing, but remember — your safety score is what will control whether you drive or you are asked to leave your job.
This area is often misunderstood and results in having to pay penalties and interest to the IRS. When you sell equipment that has been fully depreciated, you have a taxable gain to report. For example, you purchase a tractor for $60,000 and you have taken all $60,000 in depreciation. You now have an adjusted basis of zero. You then sell the tractor for $20,000; you now have a $20,000 taxable gain. This is true even though you may still owe $25,000 on the equipment. Loans are disregarded for gain/loss purposes. Many truckers and their tax preparers think that in this situation there would be a $40,000 loss since they paid $60,000 for the truck and sold it for $20,000. That is not the case as illustrated by the example we have just given you.
Owner-operator Rusty Norris, of Quitman, Texas, was inside the truck stop taking care of business while his dog, Gretta, a beautiful seven-and-a-half year old rottweiler, sat in the driver’s seat of his truck in the fuel island and barked whenever anyone got near it.
It was at first amusing then a little frightening to see a story on the University of California Riverside website the other day about research to better measure “particulates from diesel trucks and buses.”
During the week of Sept. 20 there was a flurry of activity involving distracted driving. Trucking rules were introduced and finalized and Department of Transportation Secretary Ray LaHood led the second all-day Distracted Driving Summit in Washington with a full slate of speakers.