Coattail corporation manufactures and sells women and children coats. this year cc donated 1000 coats to a qualified public charity. the charity distributed the coats to needy women and children throughout the region. at the time of the contribution, the fair market value of each coat was $80. determine the amount of charitable contribution (the taxable income limitation does not apply) for the coats assuming the following: a) cc's adjusted basis in each coat was $30. i was getting that it is $55,000, but is the max not only $2? i dont know i am a little lost on this one
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Coattail corporation manufactures and sells women and children coats. this year cc donated 1000 coat...
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