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18-01-2018
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Lyle corp. is a distributor of pharmaceuticals and sells only to retail drug stores. lyle received unsolicited samples of non-prescription drugs from a manufacturer. lyle donated these drugs to a qualified exempt organization and deducted their fair market value as a charitable contribution. what should be included as gross income in lyle's return for receipt of these samples

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30-01-2018

Fair market value should include as gross income in Lyles return for the receipt of these samples. It is the estimate of the market value of a property when the buyer and seller are knowledgeable and unpressured. Precedent or extrapolation helps in finding the Fair market value estimate.

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