On Nov 25, 8:29 pm, Newps wrote:
Robert M. Gary wrote:
On Nov 25, 7:32 pm, Matt Whiting wrote:

Robert M. Gary wrote:

Yes, but can AOPA get away with providing a value that is less than FMV?

There really is no basis for FMV for such a unique object. If there
were 1000's of AOPA Cardinals it would be pretty straight forward to
figure a value. However, since this is a very unique item accountants
must use some judgement. Certainly the value is no where near the
value of everything in the plane because no one would pay for such a
White Elephant.

And as such as soon as you sell it you have set fair market value.

And would then owe income tax on the difference.

-Robert