AOPA Plane Giveaway and Taxes

TaxSrv wrote:
"Ron Natalie"wrote:
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.

The IRS has no basis in case law to enforce MSRP on a car,

Sorry Fred, but if you are really a tax expert, you should do
some research into the issue. The MSRP *IS* what the IRS
values a new car winning as .

"Ron Natalie" wrote:
The IRS has no basis in case law to enforce MSRP on a car,

Sorry Fred, but if you are really a tax expert, you should do
some research into the issue. The MSRP *IS* what the IRS
values a new car winning as.

Just where do I begin to research such a unique exception to basic
principles of property valuation? It ain't in statute, and
therefore not in Regs. Perhaps a Tax Court judge ruled once this
way because no one ever told him he doesn't really have to pay
sticker for his cars?

What is true is that prize-awarding organizations, who often don't
pay street retail for it, place MSRP on the 1099 because they feel
they have no way to determine average retail price. Fair enough.
But nowadays they have edmunds.com for a pretty fair, if not a bit
high, street value by region and even color. They just have to
convince themselves that's acceptable for IRS reporting.

Fred F.