Discussion Archives:Donation of inventory valued at more than 5,000 no appraisal?

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Discussion Forum Index --> Advanced Tax Questions --> Donation of inventory valued at more than 5,000 no appraisal?


Discussion Forum Index --> Tax Questions --> Donation of inventory valued at more than 5,000 no appraisal?

David555 (talk|edits) said:

20 January 2011
S-Corp had inventory original cost $200,000. S-corporation dissolved, inventory was distributed to S/H at 50,000 FMV.

Basis/Cost to S/H = 50,000

Inventory is now being recorded on Schedule C. Client now wants to donate inventory and our intention is to allow a 50,000 charitable contribution without a appraisal.

(Information under copyright by RIA has been removed for compliance with the copyright policies. Also, David555 edited his post several times, and one of those edits appears to have removed his actual question from the end of the post - I'm adding it back in below and have added the content between the brackets to recap the content that had to be removed as it was copyrighted by RIA. Trillium)

A search brings up Discussion:Inventory_donation but why doesn't my inventory exception [in Pub 561 and RIA para K-3951] apply? or am I misreading it?

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