Our client Mr. Green Jeans is considering donating his 1979 John Deere 4640 tractor to a tractor museum located in a nearby town. The Internal Revenue Service recognizes the museum as a legitimate charitable organization for tax purposes. The 1979 tractor has low miles, has been stored in a closed utility building and is in excellent condition. Mr. Green Jeans is only the second owner and he originally paid $24,000 for the tractor some years ago. Based on recent sales at auctions he believes the fair market value is now at least $50,000. He believes the museum's curator will gladly accept this donation to add to the museum's antique tractor display, but he's uncertain as to the amount that he may deduct on his tax return as a charitable contribution. He plans to make additional charitable contributions in the future, and needs information to plan for the timing of those contributions. 

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Your Name Your Title Date Subject Tax Research Memo Charitable Contribution Deduction for Donation of 1979 John Deere 4640 Tractor Facts Mr Green Jean... View the full answer