AOPA Cardinal tax value?

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?


--
Dallas

"Dallas" wrote in message
. ..

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?

I seems to work for AOPA and that is all that really matters isn't it? It is
good advertising for the companies who donate materials and services, and AOPA
apparently makes enough on the raffle sales to make it worth their while. As a
nice little plus, they get some fair magazine articles out of the deal.

Would it make sense for YOU to plow $350,00 into that same airframe? Of
course not!

Vaughn

http://www.aopa.org/sweeps/officialrules.html
WHAT CAN I WIN? One (1) Grand Prize. One (1) Grand Prize winner will receive
a restored Cessna Cardinal 177B Aircraft. Winner does not have choice of any
options, exterior or interior colors. Approximate retail value ("ARV"):
$105,000.

In article ,
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?

Probably not, but I'd rather have an old cardinal than a new SR22.
I really don't like the sidestick.

--
Bob Noel
(goodness, please trim replies!!!)

And anyone that has taken a look-see at the AOPA Cardinal will realize that
THIS Cardinal is no-doubt THE FINEST!! IMHO


"Kyle Boatright" wrote in message
...

"Mike Noel" wrote in message
. ..
Any idea what the tax value will be on the AOPA Cardinal? The latest
AOPA mag claims about 350K has been invested by various suppliers in the
plane. If the tax man thinks it is worth 350K, wouldn't someone need to
shell out nearly 100K in taxes to claim it?

--
Best Regards,
Mike

http://photoshow.comcast.net/mikenoel

While the aircraft is certainly spruced up, the "investment" on the part
of most of the suppliers is essentially in an advertising expense which
gets their shop's or product's name in the magazine repeatedly.

Win the airplane and you'll get taxed on a basis which is equivalent to or
slightly above the price of the nicest Cardinal(s) currently trading
hands.

My guess is that the world's nicest Cardinal is worth $100k - $125k, which
probably means taxes of between $30k and $40k. Not a bad price to pay for
a very nice airplane.

KB

Raffle?? What Raffle??


"Vaughn Simon" wrote in message
...

"Dallas" wrote in message
. ..

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?

I seems to work for AOPA and that is all that really matters isn't it?
It is good advertising for the companies who donate materials and
services, and AOPA apparently makes enough on the raffle sales to make it
worth their while. As a nice little plus, they get some fair magazine
articles out of the deal.

Would it make sense for YOU to plow $350,00 into that same airframe?
Of course not!

Vaughn

On Fri, 23 Nov 2007 16:15:03 -0800, "Ted" TBBlakeley@comcastDOTnet
wrote:

And anyone that has taken a look-see at the AOPA Cardinal will realize that
THIS Cardinal is no-doubt THE FINEST!! IMHO


I saw and sat in it in Hartford, and I'd have to agree.

"Kyle Boatright" wrote:

My guess is that the world's nicest Cardinal is worth $100k - $125k,

I bet it would sell for the high end of that, maybe a bit more because of the
advertising it's gotten during the refurb. process.

Anybody know what any previous AOPA sweepstakes airplanes have sold for?

--
Dan
T-182T at BFM

On Nov 23, 5:18 am, Matt Whiting wrote:

Any tax gurus here know if what she is quoted as saying is legit?

Not a tax guru but I do know that its not the winner's responsibility
to determine the fair value of the prize. AOPA is required to do so. I
spoke to AOPA about this before and they said they have accountants
that come up with the most favorable value for the winner as possible.
Remember that although they may have put $300,000 into the plane, its
unlikely that more than 1/2 of that would ever come back.

-Robert

Robert M. Gary wrote:
On Nov 23, 5:18 am, Matt Whiting wrote:

Any tax gurus here know if what she is quoted as saying is legit?

Not a tax guru but I do know that its not the winner's responsibility
to determine the fair value of the prize. AOPA is required to do so. I
spoke to AOPA about this before and they said they have accountants
that come up with the most favorable value for the winner as possible.
Remember that although they may have put $300,000 into the plane, its
unlikely that more than 1/2 of that would ever come back.

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

Matt