The art donation tax evasion. - Hallo friend USA IN NEWS, In the article you read this time with the title The art donation tax evasion., we have prepared well for this article you read and download the information therein. hopefully fill posts Article HOT, Article NEWS, we write this you can understand. Well, happy reading.

Title : The art donation tax evasion.
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The art donation tax evasion.

Compare how the NYT treats this story to what the commenters there say. I hate to cut and paste any of this because the text by the NYT is so evasive (about tax evasion) that I have to copy too much to get my point across. But let me try:

Someone — and absolutely no one involved seems ready to say who — came up with an idea in 2012 for a patron to purchase 2,070 photos by the American portrait photographer Annie Leibovitz and then donate them to a museum in Canada. This was a colossal score for the Art Gallery of Nova Scotia in Halifax, which owned nothing by Ms. Leibovitz at the time. For Ms. Leibovitz, who had a financial crisis several years earlier, the transaction meant she earned several million dollars.

And the donor, [Harley Mintz, the Deloitte Canada partner]... stood to qualify for a generous tax deduction and recognition as an arts patron. Four years later, though, a Canadian government panel that must sign off on the deduction is still balking at approving it, partly because the panel won’t accept a $20 million valuation for a collection that the donor purchased for just $4.75 million....

... Ms. Leibovitz has received only half of the promised $4.75 million. By contract, she does not receive the rest of the money unless the government panel signs off, according to Mr. Mintz.

This goes on at great length. By contrast, the commenters are brief and cutting:

1. "For the record, Ms. Liebovitz is generally considered a passable magazine photographer unworthy of museum collections. The MoMA, for example, has none of her photographs in its vast collection."

2.  "Ah, the good old-fashioned donation evaluation for taxes. The wealthy have been doing this for a very long time. Museums are there for this very reason. To deposit overly valued art pieces in lieu of a tax deduction. Same goes for property, buildings and other funding to arts, medicine and pet projects. Art is tricky. How is it exactly evaluated? And by whom?"

3. "High-end highly-paid & highly dated celebrity photography seems an odd multimillion-dollar art investment for Nova Scotia even without that dodgy tax dodge."

4. "Herein lies the heart and soul of the art industry in our time."

Thus articles The art donation tax evasion.

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