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General Accounting Discussions: Value of Donated Fixed Asset with No Depreciation Declared

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    • CommentAuthorrong8s
    • CommentTimeJan 24th 2012
     
    If a fixed asset is purchased new for $5000 and inadvertently omitted from the books, not depreciated then donated to a charitable organization 5 years later, what is the asset value that should be declared as a charitable contribution? It was assumed that since there was no deprecaition taken on the asset then the charitable contribution entry should be $5000. How does the IRS view this? Which IRS policy would address this type of issue?

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