My client manufactures and sells products. He ran a special where customers bought 1 item and he would make a charitable donation of the same type item to a charity. The letter of one of the charities says "$18,000" received in donations. Client got the letter from the charity and it has the value in it. Is there anything I need to be aware of with these type of in-kind donations?
"Large quantities. If you contribute a large number of the same item, fair market value is the price at which comparable numbers of the item are being sold.