Here's how a former president of the United States could turn a grounded VIP 757 into millions of ... [+] dollars in annual profits. It states if the donor donates a qualified vehicle with a claimed fair market value in excess of $500, the donor may deduct the smaller of: the gross proceeds from the sale of the vehicle by the organization, or the vehicle's fair market value on the date of the contribution. If the now Palm Beach, Florida resident contributes property with a fair market value that is less than his basis in it, the deduction is limited to fair market value. A deduction cannot be claimed for the difference between the property's basis and its fair market value, he says. A key factor complicating a museum donation is the fair market value of Trump's plane.

Source: Forbes April 16, 2021 17:20 UTC