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Abby's adjusted gross income this year is $700,000. The fair market value of Abby's donated inventory is $600,000. Her adjusted basis in the inventory is $400,000. If Abby had sold the inventory, she would have recognized an ordinary gain of $200,000 (fmv of $600,000 minus adjusted basis of $400,000).
The fair market value of property is the price at which it would change hands between a willing and informed buyer and seller. The term is used throughout the Internal Revenue Code , as well as in bankruptcy laws, in many state laws, and by several regulatory bodies.
Non-cash donations are deductible at the lesser of the donor's cost or the current fair market value, unless the non-cash donation has been held for longer than a year, in which case it can only be deducted at fair market value. If appreciated stock is donated, the deduction is the fair market value of the stock on the date of the donation and ...
A home's fair market value is, in a nutshell, the price that a buyer would pay a seller in an open market. Many factors go into determining it, including location, size, age, condition and the ...
Depending on your situation, estate planning can often be a good way to make a high-value donation to a worthy cause. As with building a long-term plan, speak with your financial advisor about ...
A charitable remainder unitrust (known as a "CRUT") is an irrevocable trust created under the authority of the United States Internal Revenue Code § 664 [1] ("Code"). This special, irrevocable trust has two primary characteristics: (1) Once established, the CRUT distributes a fixed percentage of the value of its assets (on an annual or more frequent basis) to a non-charitable beneficiary ...
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