$1 + OVC

Hello and happy Friday :

I requested an FAA CD-ROM with all the archived paperwork for my plane.
While looking through the various 'Bill of Sale' forms, most of them say '$1
+ OVC' for the selling price. (OVC = Other Verbal Consideration)

Any ideas why this is done?
--
Ben
C-172 - N13258 @ 87Y

"Ben Smith" <ben-smith@REMOVE.charter.IT.net> wrote in message news:100g8d1rapq8d7a@corp.supernews.com...
> Hello and happy Friday :
>
> I requested an FAA CD-ROM with all the archived paperwork for my plane.
> While looking through the various 'Bill of Sale' forms, most of them say '$1
> + OVC' for the selling price. (OVC = Other Verbal Consideration)
>
Valuable, not verbal.
They are usually trying to dodge some taxes. Only works with limited results.
Around here the tax office knows how to use the aviation equivalent of the blue
book. They'll compute the value of the OVC for you.

And other people consider it none of the FAA's business how much you paid.

"Ben Smith" <ben-smith@REMOVE.charter.IT.net> wrote in message
news:100g8d1rapq8d7a@corp.supernews.com...
> Hello and happy Friday :
>
> I requested an FAA CD-ROM with all the archived paperwork for my plane.
> While looking through the various 'Bill of Sale' forms, most of them say
'$1
> + OVC' for the selling price. (OVC = Other Verbal Consideration)
>
> Any ideas why this is done?
> --
> Ben
> C-172 - N13258 @ 87Y
>
>

Gotcha, thanks.