Lyle corp. is a distributor of pharmaceuticals and sells only to retail drug stores. lyle received unsolicited samples of non-pr
escription drugs from a manufacturer. lyle donated these drugs to a qualified exempt organization and deducted their fair market value as a charitable contribution. what should be included as gross income in lyle's return for receipt of these samples
<span>Fair market value should include as gross income in Lyles return for the receipt of these samples. It is the estimate of the market value of a property when the buyer and seller are knowledgeable and unpressured. Precedent or extrapolation helps in finding the Fair market value estimate.</span>
