Robert M. Gary wrote:


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


AOPA says plane will have a FMV of $135K I believe someone said. If I
win and put it up for sale but can only get $100K then that's the value
as far as the IRS is concerned. Only if you keep it does the $135K have
any bearing.