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Mr. and Mrs. Smith donated on August 14, 2016 a 2014 Maverick Micro flat boat to...

Mr. and Mrs. Smith donated on August 14, 2016 a 2014 Maverick Micro flat boat to Trout Unlimited, a qualified charitable organization. The fair market value at the time of the donation was $12,800. The Smith’s had purchased the boat on February 2, 2014.

What is the amount of charitable contribution, if any? Explain.

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Answer #1

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Solution Answer: $ 12,800 Explanation As per IRS, Personal property and intangible assets are valued at fair market value (FMV) at the time of Charitable contribution It is standardized, no further explanation require

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