![]() Such used property may have little or no market value because It may be out of style. Household items do not include paintings, antiques, objects of art, jewelry, gems, and collections like stamp and coin collections. Household items include furniture, furnishings, electronics, appliances, linens, and similar items. The FMV of used household items is usually much lower than the price paid when new. Therefore, the value of Quinn’s contribution of the books is $10,000, the amount at which similar lots of books could be purchased from the promoter by members of the general public. The promoter was a willing seller for $10,000. ![]() The difference between the two prices was solely at the discretion of the buyer. ![]() Quinn purchased the books under the second option and, 3 months later, gave them to a house of worship, which will use the books for religious purposes.Īt the time of the gift, the promoter was selling similar lots of books for either $10,000 or $30,000. According to the promoter, Quinn could then, within 1 year of the purchase, give the books to a qualified organization and claim the full $30,000 retail price as a charitable contribution. The principal and interest on the note would not be due for 12 years. The promoter said that if Quinn wanted a charitable deduction within 1 year of the purchase, Quinn could buy the 500 books at the “retail” price of $30,000, paying only $10,000 in cash and giving a promissory note for the remaining $20,000. The facts are the same as in Example 1, except that the promoter gave Quinn Black a second option.
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