Ch. 16 - #61 - Coattail Corporation manufactures and sells women and children coats. This year CC donated 1000 coats to a qualified public charity. The charity distributed the coats to needy women and children throughout the region. At the time of the contribution, the fair market value of each coat was $80. Determine the amount of charitable contribution (the taxable income limitation does not apply) for the coats assuming the following: a) CC's adjusted basis in each coat was $30. I was getting that it is $55,000, but is the max not only $20000? I dont know I am a little lost on this one