Before you can issue a tax receipt for a gift, you must first determine the fair market value of the gift and of any advantage the donor received in return for making the gift. If you are unable to determine the fair market value of either the gift or advantage, you cannot issue a tax receipt.
This section also reviews valuing advantages, items given to donors in return for their gifts.
- definition of fair market value
- important concepts
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- price in the open market
- comparable market prices
- using a valuator or appraiser
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- when a gift includes several items together
- valuing each item separately
- using average values
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- 24 scenarios where you would determine the value of gifts
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- when a gift must be valued at the donor's original cost
- exemptions from this rule
- example
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