May 3, 2007
Committee Says Donors Exaggerate Value of Artwork
The Internal Revenue Service has recalculated the value of hundreds of pieces of artwork for which deductions were claimed by taxpayers who donated them to charities or left them to heirs.
As it has in the past, the advisory panel found that many people exaggerated the value of paintings and other items contributed to charities and placed too small a value on objects left to heirs. Each year, a committee of art experts meets to review appraisals submitted by people the IRS is
This is an article for subscribers only. You can gain access by purchasing a:
Print Subscription
Digital Subscription
Already have an account? Log In Now.
