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Posted by dpb on April 10, 2008, 2:02 pm
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Seth wrote:
...
> What about an eBay _sale_? The eBay sale meets the definition in the
> regulations, and I don't see anything in the quoted regulations about
> a qualified appraiser trumping the definition.
...
Just having sold it doesn't remove the possibility of a compulsory sale
by the buyer -- he _could_ be willing to accept anything if in a pinch.
The expert appraiser trumps the regulation in the eyes of probate court
in some states apparently from earlier posts.
I agree it would need a fairly sizable sample population of completed
auctions to have any chance of setting a FMV at significant variance to
an expert appraiser's estimate if it came to that in the process of
probate -- but that doesn't say it isn't possible still the appraiser is
over-estimating for a multitude of reasons.
Where I see the practical difficulty in stuff like this is that ime
appraisers tend to have experience in what I'll term "high end" markets
whereas an "every day" estate auction is likely to only bring in small
fractions of what some items might bring if there were the time and
inclination to market them to precisely the right outlet or in a
location (particularly larger population centers) where there could be
more demand.
imo, $0.02, etc., ...
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Posted by Stuart Bronstein on April 11, 2008, 12:29 am
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sethb@panix.com (Seth) wrote:
>
>>From the charitable contribution regulations Reg §
>>1.170A-1(c)(2) "The fair market value is the price at which
>>the property would change hands between a willing buyer and
>>a willing seller, neither being under any compulsion to buy
>>or sell and both having reasonable knowledge of relevant
>>facts."
>
> What about an eBay _sale_? The eBay sale meets the definition in the
> regulations, and I don't see anything in the quoted regulations about
> a qualified appraiser trumping the definition.
A single eBay sale is meaningless because it could be an aberration.
If you find five or ten eBay sales of the same item, that will give you
a better idea of what it is actually worth.
Stu
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<< that may be imposed upon the taxpayer. >>
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Posted by kastnna on April 11, 2008, 5:36 pm
Please log in for more thread options > se...@panix.com (Seth) wrote:
> > What about an eBay _sale_? The eBay sale meets the definition in the
> > regulations, and I don't see anything in the quoted regulations about
> > a qualified appraiser trumping the definition.
>
> A single eBay sale is meaningless because it could be an aberration.
> If you find five or ten eBay sales of the same item, that will give you
> a better idea of what it is actually worth.
Perhaps ALL of ebay is an aberation. I think it is a shopping place
for tech-savvy consumers looking for a deal, not a source for fair
market value. Suppose one were to find 5 or 10 similar sales on ebay.
What if 1000s of other sales occurred offline at prices markedly
higher?
Ex: Because I am in the market, I recently checked ebay for a 2006 3-
series BMW. Total for sale=90. I then checked autotrader for the same
criteria. Total for sale=3158. Even if autotrader constituted the
ENTIRE market (which I don't believe it does), ebay is offering less
than 3% of all potential candidates. The vast majority of the ebay
offerings were also cheaper that the autotrader offerings (with some
overlap for double listed items).
That may not be the case here. Ebay may, in fact, be the primary
resale source for the items in question. However, if it is not, it
shouldn't be relied upon as indicitive of fair market value.
--
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<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
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<< to this newsgroup as well as our anti-spamming policy >>
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Posted by Seth on April 12, 2008, 2:01 am
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>Perhaps ALL of ebay is an aberation. I think it is a shopping place
>for tech-savvy consumers looking for a deal, not a source for fair
>market value. Suppose one were to find 5 or 10 similar sales on ebay.
>What if 1000s of other sales occurred offline at prices markedly
>higher?
Then buy the stuff on eBay and get rich.
The fact that so few people are doing that implies that eBay prices
aren't necessarily that low.
Seth
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
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<< to this newsgroup as well as our anti-spamming policy >>
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<< Copyright (2007) - All rights reserved. >>
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Posted by kastnna on April 14, 2008, 6:23 pm
Please log in for more thread options On Apr 12, 1:01 am, se...@panix.com (Seth) wrote:
>
> >Perhaps ALL of ebay is an aberation. I think it is a shopping place
> >for tech-savvy consumers looking for a deal, not a source for fair
> >market value. Suppose one were to find 5 or 10 similar sales on ebay.
> >What if 1000s of other sales occurred offline at prices markedly
> >higher?
>
> Then buy the stuff on eBay and get rich.
I buy a lot of stuff on ebay because it is cheaper than it costs me
locally. I don't resell it and "get rich" because there is an
opporunity costs associated.
> The fact that so few people are doing that implies that eBay prices
> aren't necessarily that low.
That statement would only be true if there were absolutely no other
variables to consider. There are numerous other costs and risks
associated with ebay that affect price. Shipping costs, selling fees,
the inability to "try" an item before purchasing, the lack of
dedicated customer service by individual sellers, and the risk of
getting "scammed" all result in ebay items generally selling for less
than comparable products in "brick and mortar" stores. To overcome
these additional factors, ebay sellers must demand a lower price.
One can simply look for big ticket items on ebay (BMWs, plasma TVs,
etc) and see that these items routinely sell for less than average
prices.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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