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Fair Market Value

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By New York Times News Service | August 9, 1991
WASHINGTON -- In a ruling that will mean steep duties on portable Japanese word processors, the International Trade Commission determined yesterday that their sale in the United States at below fair market value had hurt U.S. producers.As a result of yesterday's decision, the Commerce Department will automatically assess anti-dumping duties of 58.71 percent on imports of the processors.The department had determined that the processors were being dumped in the U.S. market, or sold below fair market value.
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BUSINESS
By Natalie Sherman | April 8, 2014
State lawmakers approved a bill Monday that bars the state from using eminent domain to seize mortgages or deeds of trust for a two-year period. The move, sponsored by State Senator Joan Carter Conway, pre-emptively blocks municipalities from enacting a program pioneered in Richmond, Calif. designed to spur refinancing of underwater mortgages, in which a home is worth less than the original loan.  Baltimore City Councilman Bill Henry, who is campaigning for Conway's seat, had asked the city last year to look at the idea, which would establish a municipal authority to offer to buy underwater loans from lenders and, if refused, seize them for refinancing using the home's current value.
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BUSINESS
April 14, 1994
Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through Friday.Q: I had a 401(k) plan with my employer in which I made investments in various areas, including company stock. At the termination of my employment, I paid income tax on the fair market value of the company stock. What is my basis of the company stock I now hold? Is it the cost contribution I've made in all the various investments or the fair market value of the company stock determination?
EXPLORE
Editorial from The Aegis | June 19, 2012
Hard to believe though it may be, the Harford County government has been legally able to buy land without first getting it appraised. This seems to defy logic on a number of levels, not the least of which is that when a government is able to buy land without first having a good idea of its value, the system is left vulnerable to the politically well-connected able to sell property at inflated prices with only their allies in office being party...
BUSINESS
February 10, 1998
Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15.Q. Last year I donated a car to charity. How do I claim that on my 1040 form?A. Generally, you may claim a deduction for the car's fair market value on Line 16 of Schedule A. You should have a receipt from the organization to which the car was donated and how it was valued (appraisal or NADA book). If the value is greater than $500, you are also required to complete Form 8283, and if the value is greater than $5,000, you are required to attach an appraisal as substantiation for the fair market value.
NEWS
August 3, 2003
2 landowners deserve fair market value I sympathize with Mr. and Mrs. James Oliver and their plight over the three-acre oasis they have had for 35 years. ("In Howard, road turns rural oasis into a battlefield," The Sun, July 28, 2003.) It is valued at $382,000 by appraisers, according to James M. Irvin of the Department of Public Works. I would very much like a referral for those very same appraisers because I suspect our property taxes would reduce significantly with them on board. If Mr. Irvin or Stewart J. Greenebaum possessed this property, they would be outraged by the circumstances.
BUSINESS
September 1, 2002
Dear Mr. Azrael: I seek your advice on what recourse there is to establish clear ownership of a property. Three people decided to jointly purchase a 10-acre lot on which to build their individual houses. Partner A was short of funds, so the other two agreed to put in his share of the cost, with an oral understanding that he would pay his share when funds were available. When the property was purchased, all three signed the papers, but Partner A died several months later without paying his share.
BUSINESS
April 1, 2000
Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15. In 1937 my wife and four sisters and brothers inherited the homestead down in Virginia when her father died. In 1957, a flood wiped out the courthouse and all existing records. In 1999 the property was sold for $44,000 and each descendant received a check for $8,800. For tax reporting purposes, how do you determine the cost or basis of the property sold? The basis of this inherited property is the fair market value on the date of your wife's father's death.
BUSINESS
August 8, 1999
Dear Mr. Azrael:I own a building lot which I intend to donate to church. What is an acceptable standard to use to determine value? And, how do you determine the amount to be deducted?Mark E. CooperRandallstownDear Mr. Cooper:When property held for more than one year is donated to a bona fide church, charity or educational institution, the donor is entitled to a deduction equal to the fair market value of the property on the date of the gift. For example, a $10,000 deduction is allowable if the property has a fair market value of $10,000 at the time the deed is signed and delivered to the church.
NEWS
December 15, 2009
Richard Landis is on the right track, battling the Maryland Sate Department of Assessments and Taxation to get fair market value for his Anne Arundel County home. ("Buyers find relief to costly hints of homes' past worth," Dec. 13). Mr. Landis paid $165,000 for his home and was assessed at $268,000, prompting him to appeal his property tax assessment, a similar situation to what my daughter ran into in Montgomery County. My daughter, Alison Whitty, and her husband paid $385,000 for their 1950 brick rancher in Silver Spring but were assessed at $531,000 for it. I helped my daughter go through the appeals process in which she got a meager $30,000 reduction at the first step.
NEWS
December 15, 2009
Richard Landis is on the right track, battling the Maryland Sate Department of Assessments and Taxation to get fair market value for his Anne Arundel County home. ("Buyers find relief to costly hints of homes' past worth," Dec. 13). Mr. Landis paid $165,000 for his home and was assessed at $268,000, prompting him to appeal his property tax assessment, a similar situation to what my daughter ran into in Montgomery County. My daughter, Alison Whitty, and her husband paid $385,000 for their 1950 brick rancher in Silver Spring but were assessed at $531,000 for it. I helped my daughter go through the appeals process in which she got a meager $30,000 reduction at the first step.
BUSINESS
By Eileen Ambrose and Eileen Ambrose,Sun Columnist | December 17, 2006
Goodwill Industries' drop-off site in Timonium is one of the nonprofit's busiest in the country. On a recent Tuesday, cars on average dropped off a donation every two or three minutes. And that was a slow day. Most donors grabbed a receipt for tax purposes. But many were unaware Congress now requires that donated clothes and household items be in good used condition to qualify for a tax deduction. That means donors can no longer take deductions for broken appliances, busted toys, used mattresses, well-worn shoes, electronics on their last legs or thread-bare underwear.
BUSINESS
By HUMBERTO CRUZ and HUMBERTO CRUZ,TRIBUNE MEDIA SERVICES | December 25, 2005
Shoppers trampling and knocking down one another in their mad rush to the store. Employees blithely using office computers to shop online during work hours. Techno-addicts racking up credit-card debt in pursuit of the hottest - or the coolest - electronic gadgets. None of this, of course, has anything to do with the spirit of the holiday season. But this does: Making a donation, whatever you can afford comfortably, to a charity of your choice. The self-satisfaction of giving is its own reward, and reason enough for doing it. As a bonus, you can get a tax break that in some cases pays for a big part of your gift.
NEWS
August 3, 2003
2 landowners deserve fair market value I sympathize with Mr. and Mrs. James Oliver and their plight over the three-acre oasis they have had for 35 years. ("In Howard, road turns rural oasis into a battlefield," The Sun, July 28, 2003.) It is valued at $382,000 by appraisers, according to James M. Irvin of the Department of Public Works. I would very much like a referral for those very same appraisers because I suspect our property taxes would reduce significantly with them on board. If Mr. Irvin or Stewart J. Greenebaum possessed this property, they would be outraged by the circumstances.
BUSINESS
September 1, 2002
Dear Mr. Azrael: I seek your advice on what recourse there is to establish clear ownership of a property. Three people decided to jointly purchase a 10-acre lot on which to build their individual houses. Partner A was short of funds, so the other two agreed to put in his share of the cost, with an oral understanding that he would pay his share when funds were available. When the property was purchased, all three signed the papers, but Partner A died several months later without paying his share.
NEWS
By Joe Nawrozki and Joe Nawrozki,SUN STAFF | August 21, 2000
On a bright February day, as the storm whipped up along Baltimore County's waterfront over a redevelopment plan bearing the wallop of condemnation, government leaders and the standard-bearers of local business gathered at the Riverwatch Restaurant and Marina for a quiet lunch. Robert L. Hannon, the county economic development chief and architect of the Essex-Middle River revitalization plan, was there to win hearts and minds as he outlined the plan. At a front table, Robert D'Antonio, the new president of the Essex-Middle River-White Marsh Chamber of Commerce, listened intently, eyes fixed on the table.
BUSINESS
By Kenneth R. Harney | August 16, 1998
MORTGAGE loans that exceed the value of the homes securing them are attracting new, critical attention at the IRS, on Capitol Hill, and in at least one district attorney's office.The issue in all three places is the same: Homeowners taking out mortgages with balances higher than their property values -- a hot, multibillion-dollar financing concept for the past two years -- may be taking illegal tax write-offs on portions of their interest payments. Those homeowners may be misinformed about federal law limiting interest deductions, or they may be actively misled by their lender or loan broker.
BUSINESS
April 1, 2000
Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15. In 1937 my wife and four sisters and brothers inherited the homestead down in Virginia when her father died. In 1957, a flood wiped out the courthouse and all existing records. In 1999 the property was sold for $44,000 and each descendant received a check for $8,800. For tax reporting purposes, how do you determine the cost or basis of the property sold? The basis of this inherited property is the fair market value on the date of your wife's father's death.
BUSINESS
August 8, 1999
Dear Mr. Azrael:I own a building lot which I intend to donate to church. What is an acceptable standard to use to determine value? And, how do you determine the amount to be deducted?Mark E. CooperRandallstownDear Mr. Cooper:When property held for more than one year is donated to a bona fide church, charity or educational institution, the donor is entitled to a deduction equal to the fair market value of the property on the date of the gift. For example, a $10,000 deduction is allowable if the property has a fair market value of $10,000 at the time the deed is signed and delivered to the church.
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