Different Donations, Same Tactics

December 3, 2023

They say that art is in the eye of the beholder. It might be more accurate to say that art, at least when it comes to its value, is in the eye of the Internal Revenue Service (“IRS”). Cognizant of transactions supposedly involving charitable art donations and inflated appraisals, the IRS has sounded the proverbial alarm bell. In the context of tax enforcement, this generally means making public announcements and then initiating a compliance campaign. This sounds simple enough, but, as this article explores, the IRS might encounter several problems in the realm of art donations if it does nothing more than roll out its standard procedures.

Learn more about this topic by Hale Sheppard as reported by Forbes on forbes.com.

Read the complete article here.

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