Ordinary Income Property

About Ordinary Income Property:

for charitable contribution purposes, property whose sale at fair market value on the date of the contribution would have resulted in ordinary income or in short-term capital gain. Ordinary income property includes inventory, works of art or manuscripts created by the donor, and capital assets held 1 year or less. The amount deductible for a contribution of ordinary income property is its fair market value less the amount that would be ordinary income or short-term capital gain if the property had been sold for its fair market value.

See also other Tax Terms and Definitions in U.S.A.

capital gain property.

See also Capital Gain in the American Legal Encyclopedia and Capital Gain in the World Legal Encyclopedia.