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@lrhenry04 wrote:

I feel like FMV of used items is what they are sold for. 

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You would probably feel differently if you were preparing an estate tax return. 

If the business closed its doors and sold everything at one time, at auction or for quick-sale fixed price, I would feel comfortable using sales price.  But apparently the business has some value as a going concern, which means the son inherited blue sky that had not been purchased, and inventory that wasn't worth retail until it sold for that value, six weeks or six months later. 

It's unlikely your method would not be challenged in an audit, but it's even more unlikely that an audit will occur.