Quote:
Originally posted by Jim Cesiro
Big Ed - Your probably right, I will have to pay market value, but, lets look at it this way as well, I have to sell it fast or be in violation where I can be fined $1000 a day.
So now what price do I put on it? I mean I have to sell it like yesterday, I cannot hold out for a fair market price because my situation, which is documented, dictates I fix this problem in 10 days.
I think a few grand below market will sell it fast.
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What I did was go to every online resource I could find for used car values (NADA, Edmunds, KBB, and a bunch more). Rated the truck as fair condition (it's a work truck, right? I'm very critical
) and took the lowest value I could find. CPA said that was a-OK, as long as I had documented how I received the value it was good.
In your case, if you must make the transfer under duress, using the same logic I would say wholesale pricing would apply. Obviously, get your professional's opinion on this...I'm not a CPA and I don't even play one on TV!