D3. A donor told our charity that we should apply the “deemed fair market value rule” to his gift in kind. Whose responsibility is it to ensure that the rule is applied?
Short answerLong answer
A donor must inform the charity that the deemed fair market value rule applies.More…
If a donor gives a gift in kind to a charity for which a receipt is issued and the donor fails to notify the charity that the deemed fair market value rule applies, the value of the donor’s gift could be reduced to zero.