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  • 1.  Determining market value of item being "salvaged" from a building being demolished

    Posted 01-08-2024 10:22 AM

    Looking for guidance as to how (if needed) to determine a market value for a seat being removed from a building that is being demolished and having "donors" make a $250 gift/payment for said item.  Would the entire $250 be considered a gift without a market value having to be assigned?  Or would this need to be a quid pro quo donation with market value vs gift value being assigned? Thanks in advance!



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    Jana Hunt
    Gannon University
    hunt001@gannon.edu
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  • 2.  RE: Determining market value of item being "salvaged" from a building being demolished

    Posted 01-08-2024 10:40 AM
    When we replaced the floor at Cameron Indoor Stadium (now called Coach K Court) at Duke - and sold sections of the old floor - Counsel advised us that the stated price equaled the fair market value. Therefore, there was no net tax-deductible gift.

    You might want to run this by Counsel.

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987




    Original Message


  • 3.  RE: Determining market value of item being "salvaged" from a building being demolished

    Posted 01-08-2024 10:47 AM

    Thank you for your guidance as always John.



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    Jana Hunt
    Gannon University
    hunt001@gannon.edu
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    Original Message


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