Query responses
Charles H. Pritham
Description
Collection
Title:
Query responses
Creator:
Charles H. Pritham
Date:
8/23/2005
Text:
Last week I inquired as to the value of a used C Leg. First of
all, my thanks to all who responded. A few of the responses were to the
point and are quoted below.
Charles H. Pritham, CPO
Responses:
These have been selling on ebay for $8-10,000.00. Most units sold have been
newer though. Value is increased if the seller promises to assist with
future service and or warranty issues.
The pro rated value would be based on the total cost with a reduction in
price by 10 to 15% per year of actual use. Since the base warranty is three
years on the C Leg the current value of a four year old unit is about
$9,000. then you need to calculate for the foot again based on the same
percentages. These percentage reduction are based on product use and age
tables for items used on a daily basis. If the prosthetic components were
not used as much you might want to adjust the percentage accordingly.
Hope this helps,
There is a protocol established by the IRS regarding valuation of high value
items donated for a tax deduction. The organization receiving the item must
meet certain legal requirements to receive such a donation and must give a
receipt for the item....there are requirements regarding how the item can be
disposed of or used by the receiving entity. The item must have an
appraisal done by someone who can meet the legal definition of an appraiser
of such items. The appraiser does not have to be affiliated with the
receiving entity. Probably better if not affiliated. Advice of someone
such as the Barr Foundation as well as a CPA would be most helpful. It gets
complicated....I looked into this for someone once. I don't have all the
answers but this gives you a starting place. I know this does not answer
your question. Perhaps helpful anyway.
all, my thanks to all who responded. A few of the responses were to the
point and are quoted below.
Charles H. Pritham, CPO
Responses:
These have been selling on ebay for $8-10,000.00. Most units sold have been
newer though. Value is increased if the seller promises to assist with
future service and or warranty issues.
The pro rated value would be based on the total cost with a reduction in
price by 10 to 15% per year of actual use. Since the base warranty is three
years on the C Leg the current value of a four year old unit is about
$9,000. then you need to calculate for the foot again based on the same
percentages. These percentage reduction are based on product use and age
tables for items used on a daily basis. If the prosthetic components were
not used as much you might want to adjust the percentage accordingly.
Hope this helps,
There is a protocol established by the IRS regarding valuation of high value
items donated for a tax deduction. The organization receiving the item must
meet certain legal requirements to receive such a donation and must give a
receipt for the item....there are requirements regarding how the item can be
disposed of or used by the receiving entity. The item must have an
appraisal done by someone who can meet the legal definition of an appraiser
of such items. The appraiser does not have to be affiliated with the
receiving entity. Probably better if not affiliated. Advice of someone
such as the Barr Foundation as well as a CPA would be most helpful. It gets
complicated....I looked into this for someone once. I don't have all the
answers but this gives you a starting place. I know this does not answer
your question. Perhaps helpful anyway.
Citation
Charles H. Pritham, “Query responses,” Digital Resource Foundation for Orthotics and Prosthetics, accessed November 25, 2024, https://library.drfop.org/items/show/225300.
