October 12, 2006
Congress Should End Special Tax Breaks for Art Gifts
Wealthy donors have long received extraordinarily generous tax breaks when they donate art to museums.
For years, donors have been permitted to give partial ownership rights of an art object to a museum or charity and immediately receive a tax deduction on their income taxes for the donated portion of the object's value.
For example, if a donor gave 25 percent of a painting worth $1-million, he or she was entitled to a $250,000 deduction as long as the museum had the right to
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