Thank you for responding, AmyC. I didn't word my question very well. As you know, Treasury Regulation 20-2031.2 outlines how donated securities are to be valued in determining the "fair value" deduction used on the tax return. In the case of common stock, the deduction is the average of the high and low trading price on the date of the donation...regardless of how the security was acquired...purchased or inherited.
So, my question is why TurboTax shows a different valuation method on Form 8283 (Noncash Charitable Contributions) for purchased and inherited common stock. For example, TurboTax uses the phrase "Comparative Sales" for donated purchased common stock and "Average Share" for donated inherited common stock. Of these two descriptions it seems to me that "Average Share" most closely describes the proper method.
Please advise. Many thanks.
