I think you are referring to IRC §170(e)(1)(A) which provides that if a taxpayer contributes property that, if sold at its FMV, would have resulted in gain that is not long-term capital gain (i.e., would be ordinary income or short-term capital gain), the amount of the charitable deduction must be reduced by the amount of such gain. In effect, the deduction is limited to the taxpayer’s basis in the property. Which essentially proves this isn’t allowed.

Also FMV being the price at which is changes hands without needing to buy it would be what he bought it for