Ordinary income property refers to 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. It includes inventory, works of art or manuscripts created by the donor, and capital assets held one year or less.
Out-of-pocket expenses are expenditures from an individual's personal financial resources, often for business or personal uses. Common examples include unreimbursed costs for supplies, travel, and services.
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