USA FMV of Fixed Asset Donated to Charity

Joined
Jan 21, 2012
Messages
1
Reaction score
0
A fixed asset was inadvertently omitted from the books of a small business and is now being disposed of (approximate value of $5000). If the asset was purchased 5 years ago and never depreciated, what is the FMV of the asset posted to the Charitable Contributions account? Is it the full purchase price of the asset since it was never depreciated? Is there an IRS Pub/policy that specifically addresses this issue?
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Members online

No members online now.

Forum statistics

Threads
11,775
Messages
27,839
Members
21,814
Latest member
alea2024

Latest Threads

Top