Long shot here, but this is not a matter of IRS or Ministry of CD, its a matter of market.
I've traded in exotic cars and rare aviation artifacts for many years. I've seen all sorts of things claimed to have all sorts of value. At the end of the day, if its a collectable and has value, why would she be donating it to a collective? Because she can't sell it, that's why.
However the bottom line is what will the market pay for it? If she is going to donate it to you, it has no value, unless she can (a) substantiate that it is 24kt gold, note gold chrome. (b) That there is a market for it. The last point (b) is why the IRS and Finance Ministry would both frown on the recipient determining the value in the absence of any substantial evidence for that value.
Somewhere in Canada there is someone who is a purported "expert" in bicycles and another who might likely be a metallurgist and can chemically or otherwise verify the gold v. chrome matter. Then the "expert" should be able to determine if there is a market for this bike regardless of gold v. chrome.
Good luck. Would enjoy knowing the outcome.
Thank you
Matt
-----Original Message----- From: sheldon mains sheldon@spokesconnect.org To: The Think Tank thethinktank@lists.bikecollectives.org Sent: Thu, Aug 7, 2014 3:02 pm Subject: Re: [TheThinkTank] Appraising the value of a bike
The IRS really frowns on the recipient of donated goods providing a value. She should get it appraised herself. With the special condition, it may be more difficult. Maybe an antique dealer would be a good bet.
sheldon
.............. Sheldon Mains SPOKES Bike Walk Connect www.SpokesConnect.org www.fb.com/SpokesConnect Minneapolis, MN 612/618-7149 Three ways to donate to SPOKES:
- Volunteer. 2. Donate repairable used bikes. 3. Financial donations always welcome. Check www.SpokesConnect.org for details.
On Thu, Aug 7, 2014 at 7:25 AM, Rick Nonnekes rnonnekes@gmail.com wrote:
We recently had a lady bring in a bike for donation. It is an early 1980's Rossi Columbia, custom made for her. She's adamant that it is plated with 24k gold - looks like it too (although we're speculating on gold coloured chrome). It's in good condition. Can anyone suggest how we can get it appraised for value?
Cycle Transitions,
Cobourg Ontario, Canada
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