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#1
November 26th 07, 04:29 AM
posted to rec.aviation.piloting
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AOPA Cardinal tax value?
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. 
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#2
November 26th 07, 05:52 AM
posted to rec.aviation.piloting
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AOPA Cardinal tax 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
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#3
November 26th 07, 09:59 PM
posted to rec.aviation.piloting
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AOPA Cardinal tax value?
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.
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#4
November 27th 07, 03:10 AM
posted to rec.aviation.piloting
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AOPA Cardinal tax value?
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
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#5
November 27th 07, 03:32 AM
posted to rec.aviation.piloting
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AOPA Cardinal tax value?
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.
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