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To: LionHeart who wrote (3927)	6/27/1998 1:06:00 AM
From: wonk	Respond to of 11684

I DONT THINK SO. Hey I have a 62 corvette mint, I bought it of my dad for $10,000, now I could not possibly get the book value for it ($35,000) because I only paid $10,000. Your dad selling to you was not an "arms length" transaction. At the time of your purchase from your dad, what was book, i.e, what could he have sold the vette in the open market? If you sold today, the new purchaser would "book" the asset at the sales price less purchase cost. Fair market value is determined at a point in time. ww