[leglock]

As you may be aware, Chevy gave Tom Brady a truck for being named Super Bowl MVP of which he declined the gift.

Had he accepted the gift, would Brady’s basis be the msrp of the truck (fmv) or would it be Chevy’s basis in the truck (i.e. Chevy’s cost to manufacture the truck)?

[mla1169]

https://m.espn.go.com/general/story?storyId=12290611&city=boston&src=desktop&rand=ref~%7B%22ref%22%3A%22https%3A%2F%2Fwww.google.com%2F%22%7D

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Massachusetts CPA (non reporting) since 3/12.

[Skynet]

The real question is what would have been the FMV had Brady given his team mate Gisele instead.

[ocboa]

I am wondering if the 35,000 value is the fmv or the cost to manufacture. Wouldn't the basis to Brady (had he accepted the gift) be the basis in the hands of Chevy which would be the cost to chevy not the fmv?

[Anonymous]

I wonder consider the truck more of a “prize” for winning MVP than a gift from Chevy, thus making it taxable at the FMV.

[Peterman25]

Follow or lookup Robert Raiola (SportsTaxMan) on Twitter. He tweets about this stuff and articles about it non stop. Before this truck was handed out he was tweeting about it. Same for Grammy gift bags last night. I find it some intriguing reading.

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[jm962011]

what about the man from Detroit who walked 21 miles to/from work everyday? A dealership just gave him a car (even though a fundraiser had been set up)

https://www.cbsnews.com/news/fundraiser-tops-350000-for-james-robertson-detroit-man-with-21-mile-walk-for-work/

[Author]

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