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#71
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Airplane Value - Was: 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 |
#72
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Airplane Value - Was: AOPA Plane Giveaway and Taxes
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 |
#73
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Airplane Value - Was: AOPA Plane Giveaway and Taxes
"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!!! |
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