June 28, 2001

IRS Panel Says Donors Exaggerate Value of Artwork

By GRANT WILLIAMS

By GRANT WILLIAMS

The Internal Revenue Service's Art Advisory Panel has reviewed and recalculated the value of thousands 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 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

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