The IRS Issues a "No Change Letter" for DomainMart's Appraisal
The IRS officially accepts DomainMart's domain name appraisals for tax-deductible charitable contributions.
- (1888PressRelease) September 24, 2010 - Berkeley, CA - DomainMart, a leading provider of quantitative and analytical domain-name services, is now good enough for the IRS when it comes to providing on-target valuations of domain name-based charitable contributions.
DomainMart's valuation of a recent charitable contribution was flagged by the IRS and subjected to extra scrutiny. Result: A "No Change Letter" in which the IRS spells out its agreement with DomainMart's findings. The IRS says it accepts the deduction as a legitimate claim, without any modification or restriction on value.
"This is a victory for the entire domain name industry," says Alex Tajirian, DomainMart's CEO. "Prior to this IRS finding, industry insiders and outsiders mocked appraisals as a process of pulling rabbits out of a hat. No more!"
A charitable donation to a nonprofit organization that receives government assistance can benefit the receiving party and society as a whole. One example is donating domain names to relevant organizations. In contrast, a large number of charitable donations have private benefits for the donating party but are socially useless because they decrease the government's income without any offsetting benefits.
The ruling is "proof that domain names are a valuable intangible asset and that their value can be legitimately quantified," adds Tajirian. Long-term, he predicts, the ruling will increase domain name prices and create much-needed liquidity.
About DomainMart
DomainMart, an industry leader since its launch in 1996, provides domain-name secondary market products and consulting services, including valuation, corporate portfolio analysis and protection, brand naming, monetization, and private investment analyses.
For more information, please visit http://DomainMart.com/ or contact:
Tom Saitori, Marketing Specialist
DomainMart
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