In a message dated 1/12/2003 7:04:10 PM Central Standard Time, kctommy@msn.com writes:
> As such, the donor is entitled to put the best possible price on the item
> giving every consideration to it's intrinsic value and historical
> significance. The IRS is free to dispute it in an audit. Indeed, the donor
> may be a sucker if he doesn't aggressively set his price to allow for the
> inevitable IRS discounting if he is audited.
>
More importantly, CyclArt is obliged to provide the most accurate evaluation possible (not necessarily the highest), to ensure their customer is afforded a defensible charitable deduction. Should the IRS disallow the deduction or decrease the amount claimed, then the taxpayer would be liable for the taxable difference -- plus interest and penalties!! I'm sure that Jim is being both cautious and conservative in making his evaluation (hence the consult to this august forum). Its a matter of maintaining his professional reputation not just expediency in ascertaining value.
Regards,
Carlo Carr New Orleans (Finally back from the wilds of western North Carlolina)