AOPA Plane Giveaway and Taxes

FMV requires a willing buyer and seller and this seller doesn't sound
like a willing. Getting buyers to lowball bids proves nothing.

"Mike Spera" wrote in message
ink.net...


How about if you put it up on e-bay with a $10,000 minimum and make
the hidden reserve $750,000. The low ballers will creep bid the thing
up to $40,000 and some sniper will bid another $10,000 in the final
seconds. Auction ends with the highest bid at $50,000, but you don't
have to sell it because they don't make the reserve. Fair Market
Value? Why not? Doubts about a one-time auction? Do it twice and
average the 2 highest ending bids. Lower the reserve on the second
auction to $740,000. You followed ALL the rules.

I don't believe e-bay auctions have ever been used to establish FMV.
What better way short of actually selling the beast can you establish
what the public will pay????? With a house, the appraiser's opinion
does not mean a hill of beans. The selling price establishes value.

Holes in this theory?(I'm sure there are PLENTY).
Thanks,
Mike

O.K. How do you indicate your willingness to sell? Maybe, put it up for
sale via auction and then go through it to the end (multiple times)? You
pay the e-bay fees. What more might you need to do to show you are
trying to sell the beast?

Willing buyers? Well, bidding on e-bay is a contract. Regardless of the
size of the bid, the act of bidding in a binding auction might show
willingness. No?

Other opinions?
Mike

FMV requires a willing buyer and seller and this seller doesn't sound
like a willing. Getting buyers to lowball bids proves nothing.

"Mike Spera" wrote in message
ink.net...


How about if you put it up on e-bay with a $10,000 minimum and make
the hidden reserve $750,000. The low ballers will creep bid the thing
up to $40,000 and some sniper will bid another $10,000 in the final
seconds. Auction ends with the highest bid at $50,000, but you don't
have to sell it because they don't make the reserve. Fair Market
Value? Why not? Doubts about a one-time auction? Do it twice and
average the 2 highest ending bids. Lower the reserve on the second
auction to $740,000. You followed ALL the rules.

I don't believe e-bay auctions have ever been used to establish FMV.
What better way short of actually selling the beast can you establish
what the public will pay????? With a house, the appraiser's opinion
does not mean a hill of beans. The selling price establishes value.

Holes in this theory?(I'm sure there are PLENTY).
Thanks,
Mike

"MS" == Mike Spera writes:

MS Holes in this theory?(I'm sure there are PLENTY).

No transaction took place, so the market value was never established.
Bzzzzztt!!!