I've always wondered how game show contestants would be taxed when they win something. Say they won a car that has a MSRP of $35,000.00 The contestant immediately puts an add in the paper wanting to sell the vehicle and states the price is $35,000.00 or 'best offer'. Since msrp is always an inflated price, if the vehicle sells for $26,500 would the IRS tax at the msrp or the $26,500.00 ? I think this is the question being asked here. Hardware resellers always have a quoted price that is always negotiable. For them to stay in business they buy low and sell high; or whatever they can get. The item when purchased had a set price if they can get more on the sale what is the true value of the item? -----Original Message----- From: Stan Sieler [mailto:[log in to unmask]] Sent: Thursday, May 02, 2002 11:17 AM To: [log in to unmask] Subject: Re: [HP3000-L] Fair market value for 967/SX Re: > Stan, being uncharacteristically stubborn, writes: because I cited pretty good reasons to think I'm right :) > > IRS doc 561: > > Fair market value (FMV) is the price that > > property would sell for on the open market. > > > > Note that it doesn't say "the price you'd have to pay to replace it". > > In this case, the answer to the question "what would a dealer pay me for * To join/leave the list, search archives, change list settings, * * etc., please visit http://raven.utc.edu/archives/hp3000-l.html *