The reaction of the boron hydride B4H10 with allene was studied at the CCSD(T)/6-311+G(d)//MP2/6-31G(d) level. The mechanism is surprisingly complex with 44 transition states and several branching points located. The four carboranes and one basket that have been observed experimentally are all connected by pathways that have very similar free energies of activation. In addition, two new structures, a basket (2,4-(CH2CH2CH2)B4H8, 5a) and a "classical" structure (1,4-(Me2C)bisdiborane, 7), which might be obtained from the B4H10 + C3H4 reaction under the right conditions (hot/cold, quenched, etc.) have been identified. The first branch point in the reaction is the competition between H2 elimination from B4H10 (DeltaG(298 K) = 32.2 kcal/mol) and the hydroboration of allene by B4H10 (DeltaG(298 K) = 31.3 kcal/mol). The next branch point in the hydroboration mechanism controls the formation of 2,4-(MeCHCH2)B4H8 (1) (DeltaG(298 K) = 31.5 kcal/mol) and arachno-1,2/arachno-1,3-Me2-1-CB4H7 (8 and 8a) (DeltaG(298 K) = 34.3 kcal/mol). Another branch point in the H2-elimination mechanism controls the formation of 1-Me-2,5-micro-CH2-1-CB4H7 (29) (DeltaG(298 K) = 0.1 kcal/mol) and 2,5-micro-CHMe-1-CB4H7 (25/26) (DeltaG(298 K) = 7.3 kcal/mol). Formation of 2-Me-2,3-C2B4H7, a carborane observed in the reaction of methylacetylene with B4H10, is calculated to be blocked by a high barrier for H2 elimination. All free energies are relative to B4H10 + allene. An interesting reaction step discovered is the "reverse hydroboration step" in which a hydrogen atom is transferred from carbon back to boron, which allows a CH hydrogen to shuttle between the terminal and central carbon of allene.