Carlos owns equipment with an $800,000 acquisition cost, a $270,000 adjusted basis, and a $500,000 FMV. Carlos makes a gift of the equipment to a charitable organization. The equipment is used by the charity in its exempt function. What is the amount of his charitable contribution deduction? Without considering any limitations due to Carlos's AGI, his charitable contribution deduction is $ the 1 acquisition cost of the equipment. acquisition cost of the equipment less the adjusted basis at the time of the contribution. FMV. FMV less the amount of gain that would be ordinary income if he sells the equipment. ordinary income that would be recognized on the sale of the equipment