According to IRS Publication 526 "Charitable Contributions" --

"Amount of deduction...[I]n certain situations, you must reduce the fair
market value ... to the property's cost or other basis.  You must do this if:

...

"2)  The contributed property is tangible personal property that is put to
an unrelated use by the charity ...

"The term tangible personal property means any property, other than land or
buildings, that can be seen or touched.  It includes furniture, books,
jewelry, paintings, and cars.

"The term unrelated use means a use that is unrelated to the exempt
purpose or function of the charitable organization...

"Example.  If a painting contributed to an education institution is used
by that organization for educational purposes by being placed in its
library for display and study by art students, the use is not an
unrelated use.  But if the painting is sold and the proceeds are used by
the organization for educational purposes, the use is an unrelated use."


Andy Finch
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AAM Government Affairs