Monday, November 22, 2010

other uses of art

The gift of a work of art, has enormous tax-shelter potential unaffected by the IRS using a panel of appraisers to try to spot valuation abuses. A Degas may have a fair market value today of $1 million. The donor can get a tax deduction for that amount even though he picked it up for one-hundredth of that amount a mere decade ago.

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