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Business & farm
selling for less than FMV might not work. some decades ago there were cases of winners on prize shows reporting less than FMV (1099 amount) for some of the prizes they won because they sold them for less. the IRS and courts shot them down. things like cars and boats had to be reported at sticker price. but the key is - is this still the IRS position.
‎October 3, 2021
11:05 PM