Except there the "blue book" on new property is the manufacturers list
price. Fair market value is the price the plane would bring on the open
market between willing sellers and buyer. IRS Pub 561.
http://www.irs.gov/pub/irs-pdf/p561.pdf#search='irs%20fair%20market%20value'

The challenge with a new plane loaded with expensive extras is that it
is unique so willing buyers may be few since they can buy the same plane
new and upgrade it as they choose making the fair market value approach
list prices.

"Ron Natalie" wrote in message
m...
TaxSrv wrote:

That ain't the IRS position. The number on Form 1099 is to be fair
market value, and indeed the value of all the "stuff" added may not
reflect final FMV, as other posters have noted.

I agree with Fred here. In the case of something like a "New Car"
the IRS will consider the value to be the MSRP. However since this
isn't the case, some acceptable appraisal technique (blue book,
etc...) will apply.