| Railway Preservation News https://www.rypn.org/forums/ |
|
| ALCO 16-244 Possible Good News https://www.rypn.org/forums/viewtopic.php?f=1&t=2529 |
Page 1 of 1 |
| Author: | Rick [ Mon Jan 14, 2002 6:56 pm ] |
| Post subject: | ALCO 16-244 Possible Good News |
Got this email today. But the question is, is the prime mover worth 50K? > todengine@woh.rr.com |
|
| Author: | Rick [ Mon Jan 14, 2002 6:57 pm ] |
| Post subject: | Re: ALCO 16-244 Possible Good News |
Oops, here's the email: Hello, we still have the locomotive engine and need to move it soon. We have thought about your offer and have decided that if we can get $50,000.00 tax deduction for the donation we will accept. Please contact us at your earliest convenience. Thank you finebroker@mindspring.com todengine@woh.rr.com |
|
| Author: | David Farlow [ Tue Jan 15, 2002 1:38 am ] |
| Post subject: | Re: ALCO 16-244 Possible Good News *NM* |
hudson.industries@worldnet.att.net |
|
| Author: | David Farlow [ Tue Jan 15, 2002 1:41 am ] |
| Post subject: | Re: ALCO 16-244 Possible Good News |
> Got this email today. But the question is, > is the prime mover worth 50K? As a donation credit our attorney has always said that in the end it will be up to the donor to determine the value. It would be hard to establish that it is not worth 50K. Obviously you need to have 501 (c) 3 or similar status to allow them to donate it to your group. David Farlow hudson.industries@worldnet.att.net |
|
| Author: | Dave [ Tue Jan 15, 2002 8:09 am ] |
| Post subject: | Re: ALCO 16-244 Possible Good News |
Perhaps if it is appraised as replacement cost? Dave irondave@bellsouth.net |
|
| Author: | Rick [ Tue Jan 15, 2002 9:07 am ] |
| Post subject: | Re: ALCO 16-244 Possible Good News |
I have sent a reply back to the broker handling the prime mover stating that it is up to the donor to be able to prove the value of the prime mover to the IRS, should they audit him. I did say that I would pay to have an appraisal done of the prime mover to establish an accurate value for it. todengine@woh.rr.com |
|
| Author: | ge13031 [ Tue Jan 15, 2002 9:25 am ] |
| Post subject: | Re: ALCO 16-244 Possible Good News |
Rick: check this site out (if you already haven't) to get some pricing ideas: http://www.marinedieselengines.com/htmlfiles/nofra lamontdc@adelphia.net |
|
| Author: | Randy Hees [ Wed Jan 16, 2002 2:09 am ] |
| Post subject: | Re: ALCO 16-244 Possible Good News |
Be very careful. There are very specific IRS rules which say you as the recipient CANNOT pay for the appraisal (or even suggest the appraiser). You will need to give them a letter thanking them for the donation, usually with lots of verbiage about the item. For more valuable items like this there is also an IRS form that needs to be filled out by the non-profit, and sent to the donator. There are professional appraisers. The appraisal typically will describe the item, then offer several ways it might be appraised, including replacement value or on the collectors market (there are people who collect old internal combustion engines, not locomotives, or trucks, just engines.) I suspect that an appraiser would have little trouble valuing this at greater than $50,000. Randy Hees > I have sent a reply back to the broker > handling the prime mover stating that it is > up to the donor to be able to prove the > value of the prime mover to the IRS, should > they audit him. > I did say that I would pay to have an > appraisal done of the prime mover to > establish an accurate value for it. http://spcrr.org hees@ix.netcom.com |
|
| Page 1 of 1 | All times are UTC - 5 hours [ DST ] |
| Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group http://www.phpbb.com/ |
|