A long-time client asks for your advice. His wife of 40 years recently passed away and plans to retire to a small condo in the Virgin Islands. They owned a successful business and a 5,700-square-foot home. The plan is to sell the home and give a few special items to his three children. Everything else in the home is to be donated to charity; including clothing, furniture, appliances, artwork, and household items. These have been acquired over 40 years and he has no idea when they were acquired or the value that was paid.

Prepare a tax research memo to advise Douglas including tax rules of charitable donations and relevant limitations. Give suggestions for documentation and value assessment for the various categories of charitable contributions