01-18-2020, 8:19pm
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#14
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Barn Stall Owner #327
NCM Supporter '16,'17,'19,'20
Bantayan Kids '13,'14,'15,'17
GTMS ‘18
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Quote:
Originally Posted by 99 pewtercoupe
So any amount over the “fair market value” of the item is considered a charitable contribution so its tax deductible. I would assume the FMV in this case is the MSRP of the actual car that is delivered?
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Let's assume it was optioned out to a list price of $100K. He paid $3M so he gets a charitable tax deduction of $2.9M ( provided his accountant has all the ducks in a row )
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