It is this time of year when I receive scores of inquiries regarding appraisals for tax preparations. Most of which have been gifts of tangible personal property to 501c3 qualified charitable organizations. In these cases I am asked to make fair market valuations for gift tax purposes, most of which are donations to museums and historical societies which in turn are allowed by law to become credited as income tax deductions.
One recent appraisal I performed of particular local interest was for a 1:24 scale 28 inch model of the steamboat Sabino donated to the Newburyport Maritime Society, Customs House Maritime Museum in 2015. The original Sabino was built in 1908 by W. Irving Adams and had once been owned and operated in Newburyport Harbor during the beginnings of Newburyport’s redevelopment in the late 1960’s and early 1970’s. Today the Sabino is owned and operated by Mystic Seaport and was designated a National Historic Landmark in 1992. The scale model was donated by its maker and one time co-owner who spent over 500 hours to faithfully reproduce. Please visit the Customs House Maritime Museum this season to view this remarkable addition to their permanent collections.