I only provided info for the inventory, because that's all that was asked about. But yes, when closing a business you must indicate disposition of inventory and all assets associated with the business. If you donate the assets to charity, then you must reduce the FMV of your donation by the amount of depreciation taken over the business life of the asset. This will commonly result in an amount of zero for your donation deduction. But it's better than paying taxes on the recaptured depreciation.
