You wouldn't file Bankruptcy because there is no debt; he paid for the equipment outright. You just dissolve the LLC before 5 years. Hell the cameras were old by then anyway and he wanted new stuff anyway, he's pretty wealthy.
I wonder if you could start your own 503c "not for profit" donate your cash to the 503c run by you, write off the charitable donation, use the 503c to purchase equipment, play, have fun, enjoy equipment. Never have to show profit?
I think you can create a 503c on legal zoom.com.
From Legal Zoom.com
So in theory Anthony has this message board, businesses could "donate their ad fees" to the message board, run track days for the public take donations for said track days. (1/3 donations from the public). He could purchase cars race them and set up the charitable group as race/off topic enthusiasts to gather on said message board and hold track events while not making a profit....
You know the
1:
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4: NOT profit!
I'm no expert, just stating ideas, maybe I am missing a whole bunch of things.