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Tax forms download ez 1040 Publication 561 - Main Contents Table of Contents What Is Fair Market Value (FMV)?Factors. Tax forms download ez 1040 Stock. Tax forms download ez 1040 Options. Tax forms download ez 1040 Determining Fair Market Value Problems in Determining Fair Market Value Valuation of Various Kinds of PropertyHousehold Goods Used Clothing Jewelry and Gems Paintings, Antiques, and Other Objects of Art Collections Cars, Boats, and Aircraft Inventory Patents Stocks and Bonds Real Estate Interest in a Business Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Certain Life Insurance and Annuity Contracts Partial Interest in Property Not in Trust AppraisalsDeductions of More Than $5,000 Deductions of More Than $500,000 Qualified Appraisal Form 8283 Internal Revenue Service Review of Appraisals Penalty How To Get Tax HelpLow income tax clinics (LITCs). Tax forms download ez 1040 What Is Fair Market Value (FMV)? To figure how much you may deduct for property that you contribute, you must first determine its fair market value on the date of the contribution. Tax forms download ez 1040 Fair market value. Tax forms download ez 1040   Fair market value (FMV) is the price that property would sell for on the open market. Tax forms download ez 1040 It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts. Tax forms download ez 1040 If you put a restriction on the use of property you donate, the FMV must reflect that restriction. Tax forms download ez 1040 Example 1. Tax forms download ez 1040 If you give used clothing to the Salvation Army, the FMV would be the price that typical buyers actually pay for clothing of this age, condition, style, and use. Tax forms download ez 1040 Usually, such items are worth far less than what you paid for them. Tax forms download ez 1040 Example 2. Tax forms download ez 1040 If you donate land and restrict its use to agricultural purposes, you must value the land at its value for agricultural purposes, even though it would have a higher FMV if it were not restricted. Tax forms download ez 1040 Factors. Tax forms download ez 1040   In making and supporting the valuation of property, all factors affecting value are relevant and must be considered. Tax forms download ez 1040 These include: The cost or selling price of the item, Sales of comparable properties, Replacement cost, and Opinions of experts. Tax forms download ez 1040   These factors are discussed later. Tax forms download ez 1040 Also, see Table 1 for a summary of questions to ask as you consider each factor. Tax forms download ez 1040 Date of contribution. Tax forms download ez 1040   Ordinarily, the date of a contribution is the date that the transfer of the property takes place. Tax forms download ez 1040 Stock. Tax forms download ez 1040   If you deliver, without any conditions, a properly endorsed stock certificate to a qualified organization or to an agent of the organization, the date of the contribution is the date of delivery. Tax forms download ez 1040 If the certificate is mailed and received through the regular mail, it is the date of mailing. Tax forms download ez 1040 If you deliver the certificate to a bank or broker acting as your agent or to the issuing corporation or its agent, for transfer into the name of the organization, the date of the contribution is the date the stock is transferred on the books of the corporation. Tax forms download ez 1040 Options. Tax forms download ez 1040   If you grant an option to a qualified organization to buy real property, you have not made a charitable contribution until the organization exercises the option. Tax forms download ez 1040 The amount of the contribution is the FMV of the property on the date the option is exercised minus the exercise price. Tax forms download ez 1040 Example. Tax forms download ez 1040 You grant an option to a local university, which is a qualified organization, to buy real property. Tax forms download ez 1040 Under the option, the university could buy the property at any time during a 2-year period for $40,000. Tax forms download ez 1040 The FMV of the property on the date the option is granted is $50,000. Tax forms download ez 1040 In the following tax year, the university exercises the option. Tax forms download ez 1040 The FMV of the property on the date the option is exercised is $55,000. Tax forms download ez 1040 Therefore, you have made a charitable contribution of $15,000 ($55,000, the FMV, minus $40,000, the exercise price) in the tax year the option is exercised. Tax forms download ez 1040 Determining Fair Market Value Determining the value of donated property would be a simple matter if you could rely only on fixed formulas, rules, or methods. Tax forms download ez 1040 Usually it is not that simple. Tax forms download ez 1040 Using such formulas, etc. Tax forms download ez 1040 , seldom results in an acceptable determination of FMV. Tax forms download ez 1040 There is no single formula that always applies when determining the value of property. Tax forms download ez 1040 This is not to say that a valuation is only guesswork. Tax forms download ez 1040 You must consider all the facts and circumstances connected with the property, such as its desirability, use, and scarcity. Tax forms download ez 1040 For example, donated furniture should not be evaluated at some fixed rate such as 15% of the cost of new replacement furniture. Tax forms download ez 1040 When the furniture is contributed, it may be out of style or in poor condition, therefore having little or no market value. Tax forms download ez 1040 On the other hand, it may be an antique, the value of which could not be determined by using any formula. Tax forms download ez 1040 Cost or Selling Price of the Donated Property The cost of the property to you or the actual selling price received by the qualified organization may be the best indication of its FMV. Tax forms download ez 1040 However, because conditions in the market change, the cost or selling price of property may have less weight if the property was not bought or sold reasonably close to the date of contribution. Tax forms download ez 1040 The cost or selling price is a good indication of the property's value if: The purchase or sale took place close to the valuation date in an open market, The purchase or sale was at “arm's-length,” The buyer and seller knew all relevant facts, The buyer and seller did not have to act, and The market did not change between the date of purchase or sale and the valuation date. Tax forms download ez 1040 Example. Tax forms download ez 1040 Tom Morgan, who is not a dealer in gems, bought an assortment of gems for $5,000 from a promoter. Tax forms download ez 1040 The promoter claimed that the price was “wholesale” even though he and other dealers made similar sales at similar prices to other persons who were not dealers. Tax forms download ez 1040 The promoter said that if Tom kept the gems for more than 1 year and then gave them to charity, Tom could claim a charitable deduction of $15,000, which, according to the promoter, would be the value of the gems at the time of contribution. Tax forms download ez 1040 Tom gave the gems to a qualified charity 13 months after buying them. Tax forms download ez 1040 The selling price for these gems had not changed from the date of purchase to the date he donated them to charity. Tax forms download ez 1040 The best evidence of FMV depends on actual transactions and not on some artificial estimate. Tax forms download ez 1040 The $5,000 charged Tom and others is, therefore, the best evidence of the maximum FMV of the gems. Tax forms download ez 1040 Terms of the purchase or sale. Tax forms download ez 1040   The terms of the purchase or sale should be considered in determining FMV if they influenced the price. Tax forms download ez 1040 These terms include any restrictions, understandings, or covenants limiting the use or disposition of the property. Tax forms download ez 1040 Rate of increase or decrease in value. Tax forms download ez 1040   Unless you can show that there were unusual circumstances, it is assumed that the increase or decrease in the value of your donated property from your cost has been at a reasonable rate. Tax forms download ez 1040 For time adjustments, an appraiser may consider published price indexes for information on general price trends, building costs, commodity costs, securities, and works of art sold at auction in arm's-length sales. Tax forms download ez 1040 Example. Tax forms download ez 1040 Bill Brown bought a painting for $10,000. Tax forms download ez 1040 Thirteen months later he gave it to an art museum, claiming a charitable deduction of $15,000 on his tax return. Tax forms download ez 1040 The appraisal of the painting should include information showing that there were unusual circumstances that justify a 50% increase in value for the 13 months Bill held the property. Tax forms download ez 1040 Arm's-length offer. Tax forms download ez 1040   An arm's-length offer to buy the property close to the valuation date may help to prove its value if the person making the offer was willing and able to complete the transaction. Tax forms download ez 1040 To rely on an offer, you should be able to show proof of the offer and the specific amount to be paid. Tax forms download ez 1040 Offers to buy property other than the donated item will help to determine value if the other property is reasonably similar to the donated property. Tax forms download ez 1040 Sales of Comparable Properties The sales prices of properties similar to the donated property are often important in determining the FMV. Tax forms download ez 1040 The weight to be given to each sale depends on the following. Tax forms download ez 1040 The degree of similarity between the property sold and the donated property. Tax forms download ez 1040 The time of the sale—whether it was close to the valuation date. Tax forms download ez 1040 The circumstances of the sale—whether it was at arm's-length with a knowledgeable buyer and seller, with neither having to act. Tax forms download ez 1040 The conditions of the market in which the sale was made—whether unusually inflated or deflated. Tax forms download ez 1040 The comparable sales method of valuing real estate is explained later under Valuation of Various Kinds of Property. Tax forms download ez 1040 Example 1. Tax forms download ez 1040 Mary Black, who is not a book dealer, paid a promoter $10,000 for 500 copies of a single edition of a modern translation of the Bible. Tax forms download ez 1040 The promoter had claimed that the price was considerably less than the “retail” price, and gave her a statement that the books had a total retail value of $30,000. Tax forms download ez 1040 The promoter advised her that if she kept the Bibles for more than 1 year and then gave them to a qualified organization, she could claim a charitable deduction for the “retail” price of $30,000. Tax forms download ez 1040 Thirteen months later she gave all the Bibles to a church that she selected from a list provided by the promoter. Tax forms download ez 1040 At the time of her donation, wholesale dealers were selling similar quantities of Bibles to the general public for $10,000. Tax forms download ez 1040 The FMV of the Bibles is $10,000, the price at which similar quantities of Bibles were being sold to others at the time of the contribution. Tax forms download ez 1040 Example 2. Tax forms download ez 1040 The facts are the same as in Example 1, except that the promoter gave Mary Black a second option. Tax forms download ez 1040 The promoter said that if Mary wanted a charitable deduction within 1 year of the purchase, she could buy the 500 Bibles at the “retail” price of $30,000, paying only $10,000 in cash and giving a promissory note for the remaining $20,000. Tax forms download ez 1040 The principal and interest on the note would not be due for 12 years. Tax forms download ez 1040 According to the promoter, Mary could then, within 1 year of the purchase, give the Bibles to a qualified organization and claim the full $30,000 retail price as a charitable contribution. Tax forms download ez 1040 She purchased the Bibles under the second option and, 3 months later, gave them to a church, which will use the books for church purposes. Tax forms download ez 1040 At the time of the gift, the promoter was selling similar lots of Bibles for either $10,000 or $30,000. Tax forms download ez 1040 The difference between the two prices was solely at the discretion of the buyer. Tax forms download ez 1040 The promoter was a willing seller for $10,000. Tax forms download ez 1040 Therefore, the value of Mary's contribution of the Bibles is $10,000, the amount at which similar lots of Bibles could be purchased from the promoter by members of the general public. Tax forms download ez 1040 Replacement Cost The cost of buying, building, or manufacturing property similar to the donated item should be considered in determining FMV. Tax forms download ez 1040 However, there must be a reasonable relationship between the replacement cost and the FMV. Tax forms download ez 1040 The replacement cost is the amount it would cost to replace the donated item on the valuation date. Tax forms download ez 1040 Often there is no relationship between the replacement cost and the FMV. Tax forms download ez 1040 If the supply of the donated property is more or less than the demand for it, the replacement cost becomes less important. Tax forms download ez 1040 To determine the replacement cost of the donated property, find the “estimated replacement cost new. Tax forms download ez 1040 ” Then subtract from this figure an amount for depreciation due to the physical condition and obsolescence of the donated property. Tax forms download ez 1040 You should be able to show the relationship between the depreciated replacement cost and the FMV, as well as how you arrived at the “estimated replacement cost new. Tax forms download ez 1040 ” Opinions of Experts Generally, the weight given to an expert's opinion on matters such as the authenticity of a coin or a work of art, or the most profitable and best use of a piece of real estate, depends on the knowledge and competence of the expert and the thoroughness with which the opinion is supported by experience and facts. Tax forms download ez 1040 For an expert's opinion to deserve much weight, the facts must support the opinion. Tax forms download ez 1040 For additional information, see Appraisals, later. Tax forms download ez 1040 Table 1. Tax forms download ez 1040 Factors That Affect FMV IF the factor you are considering is. Tax forms download ez 1040 . Tax forms download ez 1040 . Tax forms download ez 1040 THEN you should ask these questions. Tax forms download ez 1040 . Tax forms download ez 1040 . Tax forms download ez 1040     cost or selling price Was the purchase or sale of the property reasonably close to the date of contribution? Was any increase or decrease in value, as compared to your cost, at a reasonable rate? Do the terms of purchase or sale limit what can be done with the property? Was there an arm's-length offer to buy the property close to the valuation date?     sales of comparable properties How similar is the property sold to the property donated? How close is the date of sale to the valuation date? Was the sale at arm's-length? What was the condition of the market at the time of sale?     replacement cost What would it cost to replace the donated property? Is there a reasonable relationship between replacement cost and FMV? Is the supply of the donated property more or less than the demand for it?     opinions of experts Is the expert knowledgeable and competent? Is the opinion thorough and supported by facts and experience? Problems in Determining Fair Market Value There are a number of problems in determining the FMV of donated property. Tax forms download ez 1040 Unusual Market Conditions The sale price of the property itself in an arm's-length transaction in an open market is often the best evidence of its value. Tax forms download ez 1040 When you rely on sales of comparable property, the sales must have been made in an open market. Tax forms download ez 1040 If those sales were made in a market that was artificially supported or stimulated so as not to be truly representative, the prices at which the sales were made will not indicate the FMV. Tax forms download ez 1040 For example, liquidation sale prices usually do not indicate the FMV. Tax forms download ez 1040 Also, sales of stock under unusual circumstances, such as sales of small lots, forced sales, and sales in a restricted market, may not represent the FMV. Tax forms download ez 1040 Selection of Comparable Sales Using sales of comparable property is an important method for determining the FMV of donated property. Tax forms download ez 1040 However, the amount of weight given to a sale depends on the degree of similarity between the comparable and the donated properties. Tax forms download ez 1040 The degree of similarity must be close enough so that this selling price would have been given consideration by reasonably well-informed buyers or sellers of the property. Tax forms download ez 1040 Example. Tax forms download ez 1040 You give a rare, old book to your former college. Tax forms download ez 1040 The book is a third edition and is in poor condition because of a missing back cover. Tax forms download ez 1040 You discover that there was a sale for $300, near the valuation date, of a first edition of the book that was in good condition. Tax forms download ez 1040 Although the contents are the same, the books are not at all similar because of the different editions and their physical condition. Tax forms download ez 1040 Little consideration would be given to the selling price of the $300 property by knowledgeable buyers or sellers. Tax forms download ez 1040 Future Events You may not consider unexpected events happening after your donation of property in making the valuation. Tax forms download ez 1040 You may consider only the facts known at the time of the gift, and those that could be reasonably expected at the time of the gift. Tax forms download ez 1040 Example. Tax forms download ez 1040 You give farmland to a qualified charity. Tax forms download ez 1040 The transfer provides that your mother will have the right to all income and full use of the property for her life. Tax forms download ez 1040 Even though your mother dies 1 week after the transfer, the value of the property on the date it is given is its present value, subject to the life interest as estimated from actuarial tables. Tax forms download ez 1040 You may not take a higher deduction because the charity received full use and possession of the land only 1 week after the transfer. Tax forms download ez 1040 Using Past Events to Predict the Future A common error is to rely too much on past events that do not fairly reflect the probable future earnings and FMV. Tax forms download ez 1040 Example. Tax forms download ez 1040 You give all your rights in a successful patent to your favorite charity. Tax forms download ez 1040 Your records show that before the valuation date there were three stages in the patent's history of earnings. Tax forms download ez 1040 First, there was rapid growth in earnings when the invention was introduced. Tax forms download ez 1040 Then, there was a period of high earnings when the invention was being exploited. Tax forms download ez 1040 Finally, there was a decline in earnings when competing inventions were introduced. Tax forms download ez 1040 The entire history of earnings may be relevant in estimating the future earnings. Tax forms download ez 1040 However, the appraiser must not rely too much on the stage of rapid growth in earnings, or of high earnings. Tax forms download ez 1040 The market conditions at those times do not represent the condition of the market at the valuation date. Tax forms download ez 1040 What is most significant is the trend of decline in earnings up to the valuation date. Tax forms download ez 1040 For more information about donations of patents, see Patents, later. Tax forms download ez 1040 Valuation of Various Kinds of Property This section contains information on determining the FMV of ordinary kinds of donated property. Tax forms download ez 1040 For information on appraisals, see Appraisals, later. Tax forms download ez 1040 Household Goods The FMV of used household goods, such as furniture, appliances, and linens, is usually much lower than the price paid when new. Tax forms download ez 1040 Such used property may have little or no market value because of its worn condition. Tax forms download ez 1040 It may be out of style or no longer useful. Tax forms download ez 1040 You cannot take a deduction for household goods donated after August 17, 2006, unless they are in good used condition or better. Tax forms download ez 1040 A household good that is not in good used condition or better for which you take a deduction of more than $500 requires a qualified appraisal. Tax forms download ez 1040 See Deduction over $500 for certain clothing or household items, later. Tax forms download ez 1040 If the property is valuable because it is old or unique, see the discussion under Paintings, Antiques, and Other Objects of Art. 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Tax forms download ez 1040   Important items in the valuation of antiques and art are physical condition and extent of restoration. Tax forms download ez 1040 These have a significant effect on the value and must be fully reported in an appraisal. Tax forms download ez 1040 An antique in damaged condition, or lacking the “original brasses,” may be worth much less than a similar piece in excellent condition. Tax forms download ez 1040 Art appraisers. Tax forms download ez 1040   More weight will usually be given to an appraisal prepared by an individual specializing in the kind and price range of the art being appraised. Tax forms download ez 1040 Certain art dealers or appraisers specialize, for example, in old masters, modern art, bronze sculpture, etc. Tax forms download ez 1040 Their opinions on the authenticity and desirability of such art would usually be given more weight than the opinions of more generalized art dealers or appraisers. 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Tax forms download ez 1040 You can also find pricing information about used cars on the Internet. Tax forms download ez 1040 An acceptable measure of the FMV of a donated car, boat, or airplane is an amount not in excess of the price listed in a used vehicle pricing guide for a private party sale, not the dealer retail value, of a similar vehicle. Tax forms download ez 1040 However, the FMV may be less than that amount if the vehicle has engine trouble, body damage, high mileage, or any type of excessive wear. Tax forms download ez 1040 The FMV of a donated vehicle is the same as the price listed in a used vehicle pricing guide for a private party sale only if the guide lists a sales price for a vehicle that is the same make, model, and year, sold in the same area, in the same condition, with the same or similar options or accessories, and with the same or similar warranties as the donated vehicle. Tax forms download ez 1040 Example. 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Tax forms download ez 1040 This rule applies if the claimed value of the donated vehicle is more than $500. Tax forms download ez 1040 In certain cases, you can deduct the vehicle's FMV. Tax forms download ez 1040 For details, see Publication 526. Tax forms download ez 1040 Inventory If you donate any inventory item to a charitable organization, the amount of your deductible contribution generally is the FMV of the item, minus any gain you would have realized if you had sold the item at its FMV on the date of the gift. Tax forms download ez 1040 For more information, see Publication 526. Tax forms download ez 1040 Patents To determine the FMV of a patent, you must take into account, among other factors: Whether the patented technology has been made obsolete by other technology; Any restrictions on the donee's use of, or ability to transfer, the patented technology; and The length of time remaining before the patent expires. Tax forms download ez 1040 However, your deduction for a donation of a patent or other intellectual property is its FMV, minus any gain you would have realized if you had sold the property at its FMV on the date of the gift. Tax forms download ez 1040 Generally, this means your deduction is the lesser of the property's FMV or its basis. Tax forms download ez 1040 For details, see Publication 526. Tax forms download ez 1040 Stocks and Bonds The value of stocks and bonds is the FMV of a share or bond on the valuation date. Tax forms download ez 1040 See Date of contribution, earlier, under What Is Fair Market Value (FMV). Tax forms download ez 1040 Selling prices on valuation date. Tax forms download ez 1040   If there is an active market for the contributed stocks or bonds on a stock exchange, in an over-the-counter market, or elsewhere, the FMV of each share or bond is the average price between the highest and lowest quoted selling prices on the valuation date. Tax forms download ez 1040 For example, if the highest selling price for a share was $11, and the lowest $9, the average price is $10. Tax forms download ez 1040 You get the average price by adding $11 and $9 and dividing the sum by 2. Tax forms download ez 1040 No sales on valuation date. Tax forms download ez 1040   If there were no sales on the valuation date, but there were sales within a reasonable period before and after the valuation date, you determine FMV by taking the average price between the highest and lowest sales prices on the nearest date before and on the nearest date after the valuation date. Tax forms download ez 1040 Then you weight these averages in inverse order by the respective number of trading days between the selling dates and the valuation date. Tax forms download ez 1040 Example. Tax forms download ez 1040   On the day you gave stock to a qualified organization, there were no sales of the stock. Tax forms download ez 1040 Sales of the stock nearest the valuation date took place two trading days before the valuation date at an average selling price of $10 and three trading days after the valuation date at an average selling price of $15. Tax forms download ez 1040 The FMV on the valuation date was $12, figured as follows: [(3 x $10) + (2 x $15)] ÷ 5 = $12 Listings on more than one stock exchange. Tax forms download ez 1040   Stocks or bonds listed on more than one stock exchange are valued based on the prices of the exchange on which they are principally dealt. Tax forms download ez 1040 This applies if these prices are published in a generally available listing or publication of general circulation. Tax forms download ez 1040 If this is not applicable, and the stocks or bonds are reported on a composite listing of combined exchanges in a publication of general circulation, use the composite list. Tax forms download ez 1040 See also Unavailable prices or closely held corporation, later. Tax forms download ez 1040 Bid and asked prices on valuation date. Tax forms download ez 1040   If there were no sales within a reasonable period before and after the valuation date, the FMV is the average price between the bona fide bid and asked prices on the valuation date. Tax forms download ez 1040 Example. Tax forms download ez 1040 Although there were no sales of Blue Corporation stock on the valuation date, bona fide bid and asked prices were available on that date of $14 and $16, respectively. Tax forms download ez 1040 The FMV is $15, the average price between the bid and asked prices. Tax forms download ez 1040 No prices on valuation date. Tax forms download ez 1040   If there were no prices available on the valuation date, you determine FMV by taking the average prices between the bona fide bid and asked prices on the closest trading date before and after the valuation date. Tax forms download ez 1040 Both dates must be within a reasonable period. Tax forms download ez 1040 Then you weight these averages in inverse order by the respective number of trading days between the bid and asked dates and the valuation date. Tax forms download ez 1040 Example. Tax forms download ez 1040 On the day you gave stock to a qualified organization, no prices were available. Tax forms download ez 1040 Bona fide bid and asked prices 3 days before the valuation date were $10 and 2 days after the valuation date were $15. Tax forms download ez 1040 The FMV on the valuation date is $13, figured as follows: [(2 x $10) + (3 x $15)] ÷ 5 = $13 Prices only before or after valuation date, but not both. Tax forms download ez 1040   If no selling prices or bona fide bid and asked prices are available on a date within a reasonable period before the valuation date, but are available on a date within a reasonable period after the valuation date, or vice versa, then the average price between the highest and lowest of such available prices may be treated as the value. Tax forms download ez 1040 Large blocks of stock. Tax forms download ez 1040   When a large block of stock is put on the market, it may lower the selling price of the stock if the supply is greater than the demand. Tax forms download ez 1040 On the other hand, market forces may exist that will afford higher prices for large blocks of stock. Tax forms download ez 1040 Because of the many factors to be considered, determining the value of large blocks of stock usually requires the help of experts specializing in underwriting large quantities of securities, or in trading in the securities of the industry of which the particular company is a part. Tax forms download ez 1040 Unavailable prices or closely held corporation. Tax forms download ez 1040   If selling prices or bid and asked prices are not available, or if securities of a closely held corporation are involved, determine the FMV by considering the following factors. Tax forms download ez 1040 For bonds, the soundness of the security, the interest yield, the date of maturity, and other relevant factors. Tax forms download ez 1040 For shares of stock, the company's net worth, prospective earning power and dividend-paying capacity, and other relevant factors. Tax forms download ez 1040 Other factors. Tax forms download ez 1040   Other relevant factors include: The nature and history of the business, especially its recent history, The goodwill of the business, The economic outlook in the particular industry, The company's position in the industry, its competitors, and its management, and The value of securities of corporations engaged in the same or similar business. Tax forms download ez 1040 For preferred stock, the most important factors are its yield, dividend coverage, and protection of its liquidation preference. Tax forms download ez 1040   You should keep complete financial and other information on which the valuation is based. Tax forms download ez 1040 This includes copies of reports of examinations of the company made by accountants, engineers, or any technical experts on or close to the valuation date. Tax forms download ez 1040 Restricted securities. Tax forms download ez 1040   Some classes of stock cannot be traded publicly because of restrictions imposed by the Securities and Exchange Commission, or by the corporate charter or a trust agreement. Tax forms download ez 1040 These restricted securities usually trade at a discount in relation to freely traded securities. Tax forms download ez 1040   To arrive at the FMV of restricted securities, factors that you must consider include the resale provisions found in the restriction agreements, the relative negotiating strengths of the buyer and seller, and the market experience of freely traded securities of the same class as the restricted securities. Tax forms download ez 1040 Real Estate Because each piece of real estate is unique and its valuation is complicated, a detailed appraisal by a professional appraiser is necessary. Tax forms download ez 1040 The appraiser must be thoroughly trained in the application of appraisal principles and theory. Tax forms download ez 1040 In some instances the opinions of equally qualified appraisers may carry unequal weight, such as when one appraiser has a better knowledge of local conditions. Tax forms download ez 1040 The appraisal report must contain a complete description of the property, such as street address, legal description, and lot and block number, as well as physical features, condition, and dimensions. Tax forms download ez 1040 The use to which the property is put, zoning and permitted uses, and its potential use for other higher and better uses are also relevant. Tax forms download ez 1040 In general, there are three main approaches to the valuation of real estate. Tax forms download ez 1040 An appraisal may require the combined use of two or three methods rather than one method only. Tax forms download ez 1040 1. Tax forms download ez 1040 Comparable Sales The comparable sales method compares the donated property with several similar properties that have been sold. Tax forms download ez 1040 The selling prices, after adjustments for differences in date of sale, size, condition, and location, would then indicate the estimated FMV of the donated property. Tax forms download ez 1040 If the comparable sales method is used to determine the value of unimproved real property (land without significant buildings, structures, or any other improvements that add to its value), the appraiser should consider the following factors when comparing the potential comparable property and the donated property: Location, size, and zoning or use restrictions, Accessibility and road frontage, and available utilities and water rights, Riparian rights (right of access to and use of the water by owners of land on the bank of a river) and existing easements, rights-of-way, leases, etc. Tax forms download ez 1040 , Soil characteristics, vegetative cover, and status of mineral rights, and Other factors affecting value. 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Tax forms download ez 1040 Capitalization of Income This method capitalizes the net income from the property at a rate that represents a fair return on the particular investment at the particular time, considering the risks involved. Tax forms download ez 1040 The key elements are the determination of the income to be capitalized and the rate of capitalization. Tax forms download ez 1040 3. Tax forms download ez 1040 Replacement Cost New or Reproduction Cost Minus Observed Depreciation This method, used alone, usually does not result in a determination of FMV. Tax forms download ez 1040 Instead, it generally tends to set the upper limit of value, particularly in periods of rising costs, because it is reasonable to assume that an informed buyer will not pay more for the real estate than it would cost to reproduce a similar property. Tax forms download ez 1040 Of course, this reasoning does not apply if a similar property cannot be created because of location, unusual construction, or some other reason. Tax forms download ez 1040 Generally, this method serves to support the value determined from other methods. Tax forms download ez 1040 When the replacement cost method is applied to improved realty, the land and improvements are valued separately. Tax forms download ez 1040 The replacement cost of a building is figured by considering the materials, the quality of workmanship, and the number of square feet or cubic feet in the building. Tax forms download ez 1040 This cost represents the total cost of labor and material, overhead, and profit. Tax forms download ez 1040 After the replacement cost has been figured, consideration must be given to the following factors: Physical deterioration—the wear and tear on the building itself, Functional obsolescence—usually in older buildings with, for example, inadequate lighting, plumbing, or heating, small rooms, or a poor floor plan, and Economic obsolescence—outside forces causing the whole area to become less desirable. Tax forms download ez 1040 Interest in a Business The FMV of any interest in a business, whether a sole proprietorship or a partnership, is the amount that a willing buyer would pay for the interest to a willing seller after consideration of all relevant factors. Tax forms download ez 1040 The relevant factors to be considered in valuing the business are: The FMV of the assets of the business, The demonstrated earnings capacity of the business, based on a review of past and current earnings, and The other factors used in evaluating corporate stock, if they apply. 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Tax forms download ez 1040 In addition, they are available for purchase via the website of the U. Tax forms download ez 1040 S. Tax forms download ez 1040 Government Printing Office, by phone at (202) 512-1800, or by mail from the: Superintendent of Documents P. Tax forms download ez 1040 O. Tax forms download ez 1040 Box 371954 Pittsburgh, PA 15250-7954 Tables containing actuarial factors for transfers to pooled income funds may also be found in Income Tax Regulation 1. Tax forms download ez 1040 642(c)-6(e)(6), transfers to charitable remainder unitrusts in Regulation 1. Tax forms download ez 1040 664-4(e), and other transfers in Regulation 20. Tax forms download ez 1040 2031-7(d)(6). Tax forms download ez 1040 Special factors. Tax forms download ez 1040   If you need a special factor for an actual transaction, you can request a letter ruling. 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Tax forms download ez 1040 Certain Life Insurance and Annuity Contracts The value of an annuity contract or a life insurance policy issued by a company regularly engaged in the sale of such contracts or policies is the amount that company would charge for a comparable contract. Tax forms download ez 1040 But if the donee of a life insurance policy may reasonably be expected to cash the policy rather than hold it as an investment, then the FMV is the cash surrender value rather than the replacement cost. Tax forms download ez 1040 If an annuity is payable under a combination annuity contract and life insurance policy (for example, a retirement income policy with a death benefit) and there was no insurance element when it was transferred to the charity, the policy is treated as an annuity contract. 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Tax forms download ez 1040 You must make an adjustment for depreciation or depletion using the factors shown in Publication 1459, Actuarial Values (Book Gimel). Tax forms download ez 1040 You can use the factors for the month in which you made the contribution or for either of the two months preceding that month. Tax forms download ez 1040 See the earlier discussion on Annuities, Interests for Life or Terms of Years, Remainders, and Reversions. Tax forms download ez 1040 You can download Publication 1459 from www. Tax forms download ez 1040 irs. Tax forms download ez 1040 gov. Tax forms download ez 1040 For this purpose, the term “depreciable property” means any property subject to wear and tear or obsolescence, even if not used in a trade or business or for the production of income. 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Tax forms download ez 1040   In determining the value of restrictions, you should take into account the selling price in arm's-length transactions of other properties that have comparable restrictions. Tax forms download ez 1040 If there are no comparable sales, the restrictions are valued indirectly as the difference between the FMVs of the property involved before and after the grant of the restriction. Tax forms download ez 1040   The FMV of the property before contribution of the restriction should take into account not only current use but the likelihood that the property, without the restriction, would be developed. Tax forms download ez 1040 You should also consider any zoning, conservation, or historical preservation laws that would restrict development. Tax forms download ez 1040 Granting an easement may increase, rather than reduce, the value of property, and in such a situation no deduction would be allowed. Tax forms download ez 1040 Example. 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Tax forms download ez 1040 The value of this easement is $4,000, determined as follows: FMV of the property before granting easement:   $2,000 × 10 acres $20,000 FMV of the property after granting easement:   $1,500 × 8 acres $12,000   $2,000 × 2 acres 4,000 16,000 Value of easement   $4,000   If you later transfer in fee your remaining interest in the 8 acres to another qualified organization, the FMV of your remaining interest is the FMV of the 8 acres reduced by the FMV of the easement granted to the first organization. Tax forms download ez 1040 More information. Tax forms download ez 1040   For more information about qualified conservation contributions, see Publication 526. Tax forms download ez 1040 Appraisals Appraisals are not necessary for items of property for which you claim a deduction of $5,000 or less. Tax forms download ez 1040 (There is one exception, described next, for certain clothing and household items. 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Office of Elementary and Secondary Education (OESE)

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Website: Office of Elementary and Secondary Education (OESE)

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