Coattail Corporation (CC) manufactures and sells women and children's coats. This year CC donated 1,000 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 CC's charitable contribution (the taxable income limitation does not apply) for the coats assuming the following:
CC's adjusted basis in each coat was $30.
CC's adjusted basis in each coat was $10.