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