- 5 - the Mustang was delivered to petitioner. The Mustang was street legal and used by petitioners for personal purposes, but it was modified by Steeda pursuant to petitioner’s specifications so that it could be used to compete in open-road racing. Petitioner decided that the value of the Mustang, or similarly modified Mustangs, depended upon the car’s ability to perform. Petitioner’s goal was to set the land speed record for a street-legal car on a public highway. To this end, he entered the Mustang in various open-road racing events during the years in issue. At first the events were few and far in between-- twice a year on desert highways in Nevada. Later, the events were held three or four times a year on rural highways in Texas as well as in Nevada. Petitioner lived in Alabama at the time. He owned a trailer and tow vehicle (Chevrolet Suburban) capable of transporting the Mustang, and he either drove or towed his Mustang to the racing events. Occasionally, petitioner leased the Suburban and trailer to others, mostly friends or acquaintances who used the equipment to transport cars to various racing or track testing events. From time to time the location of a racing event coincided with a business trip that petitioner was required to make as an employee of Nichols Research. When this occurred petitioner was reimbursed for his traveling expenses by his employer.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011