AOPA Cardinal tax value?

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.

-Robert

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.

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

Dallas wrote:
On Thu, 22 Nov 2007 11:26:04 -0700, Mike Noel wrote:

The latest AOPA mag claims about 350K has been invested

I applaud AOPA's effort to restore old aircraft and all that, but
considering that the base price of a new SR22 is $371,200, does it
really make sense to plow $350,000 into an old airframe?

Unless Cirus is going to give them a sub cost price yes it does. A lot of
that stuff is given to AOPA and/or provided at reduced cost.

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.

Newps wrote:


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.

Better sell it in the same tax year as you win it then!

Matt

Matt Whiting wrote:



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.


Better sell it in the same tax year as you win it then!


Yep, that's why they give it away in January.