June 4, 1998
IRS Panel Says Donors Exaggerate Value of Artwork
The I.R.S.'s Art Advisory Panel has reviewed hundreds of pieces of artwork donated by taxpayers to charity and found, as always, that many people exaggerated the value of paintings, sculpture, and other items. In cases where the objects were left to heirs, however, many people placed too small a value on the objects.
Each year, a committee of art experts meets to review appraisals submitted by taxpayers who are under I.R.S. audit. The panel steps in when
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