Valuation of Gifts and Travel Reimbursements
Value gifts and travel reimbursements according to their fair market value. For most travel reimbursements, the fair market value will be the amount actually received. The fair market value of a gift ordinarily will be the retail cost to purchase the item. If you cannot find the market value of the same item, you may estimate its value by referencing the retail cost of similar items of like quality. You may make a good faith estimate if items of like quality are not readily available in the market.
Valuing a Ticket to an Event
The market value of a ticket entitling the holder to attend an event that includes food, refreshments, entertainment, or other benefits is the face value of the ticket, which may exceed the actual cost of the food and other benefits. Do not subtract the cost of food and beverages from the face value of a ticket when determining the value.
Valuing Free Attendance at an Event in a Skybox or Private Suite
To value free attendance at an event in a skybox or private suite, take the value of the most expensive publicly available ticket to the event and add in the market value of food, beverages, entertainment, and other tangible benefits provided to you in excess of what would have been provided through the publicly available ticket.
Valuing Attendance at a No-Fee Event
If no fee was charged to any attendee, value a gift of free attendance by using the market value of food, beverages, entertainment, and other tangible benefits offered to attendees. The market value of these items is based on the cost you would have incurred to obtain similar items at a comparable location or event.
A gift from a group of individuals is considered a gift from a single source for purposes of the $390 and $156 thresholds. Do not apportion the value of the gift among several donors.