Tax question?
Tax question—
My client donated a boat on August 1, 2003. He received an appraisal on the boat 1 week before for 395,000. After donating the property the charity sold the boat for 135,000 on August 8, 2003. IRS has disapproved the 395,000 and says the deduction can only be 135,000 and want 100,000 right away. Any help regarding this issue would be greatly appreciated.
