When value is not equivalent to price or cost, how does an appraiser determine that difference in value?
Mission: justify the donation value (FMV) of the one-of-a-kind Petty trophy with comparable one-of-a-kind trophies from other sports celebrities. If there are no comparable records available for a specific type of property, then the appraiser can use a similar category, but there is an inherent weakness when using a substitute category; the appraiser’s argument may be contested. For example, a Richard Petty trophy, which is one of a kind, for an IRS Fair Market value (FMV) donation. Substitute comps are necessary due to a one-of-a-kind-scenario; case attributes: one of a kind and celebrity ownership. Use substitute comparables: celebrity hockey player trophy, celebrity jockey trophy, celebrity Grand Prix racer trophy; all approximately of the same age and with the same target value as perceived by the appraiser (yes, we often know what the value is before we prove it with comparables). Take the average of the sum.
Mission: justify the donation value (FMV) of the one-of-a-kind Petty trophy with comparable one-of-a-kind trophies from other sports celebrities. If there are no comparable records available for a specific type of property, then the appraiser can use a similar category, but there is an inherent weakness when using a substitute category; the appraiser’s argument may be contested. For example, a Richard Petty trophy, which is one of a kind, for an IRS Fair Market value (FMV) donation. Substitute comps are necessary due to a one-of-a-kind-scenario; case attributes: one of a kind and celebrity ownership. Use substitute comparables: celebrity hockey player trophy, celebrity jockey trophy, celebrity Grand Prix racer trophy; all approximately of the same age and with the same target value as perceived by the appraiser (yes, we often know what the value is before we prove it with comparables). Take the average of the sum. Q: If I understand you correctly, you are saying that any premium or cel
