When considering their charitable options, many donors overlook giving assets that can provide the greatest tax benefits. In this article from the Journal of Practical Estate Planning, Orange County, California attorney Joy Gibney Berus discusses several factors to consider and requirements that must be met to obtain and maximize the benefits from donations of art, antiques and collectibles.  MORE »

Despite the old adage warning against discussing politics in polite company, we just couldn't resist the partisan throw-down that happened between Sen. Harry Reid and radio talk show host Rush Limbaugh during the past few weeks that resulted in a $4,200,200 gift to charity via an eBay auction. We were curious how the gift was structured and thought you might be as well.  MORE »

Writing for the Private Art Dealers Association, Robert Dance has suggested that experience be considered for purposes of meeting the "qualified appraiser" requirements under appraisal compliance guidance, noting that an educational requirement might disqualify some of the foremost experts on the market for works in their fields.  MORE »

The tax law surrounding charitable contributions of tangible personal property such as artwork to museums has long been subject to vigorous debate among taxwriters. In this article, Connecticut attorney James B. Lyon reviews the evolution of these rules with emphasis on the newest and most restrictive provisions as imposed by the Pension Protection Act of 2006.  MORE »

In a December 7 letter to Gregory F. Jenner, Treasury acting assistant secretary for tax policy, Donald C. Alexander, former IRS commissioner, discussed the new used car donation rules under section 884, specifically whether new procedures under subsection (f)(12) apply to used car donations in which the claimed value of the car exceeds $500. Alexander believes that the new rules apply if the claimed value on a used car donation exceeds $500, but he recognizes that Treasury will still have some concerns about tax avoidance. Therefore, he suggested that charities receiving a donated vehicle obtain a certificate from the donor saying that the donor would not claim a deduction for the car exceeding its fair market value.  MORE »

It has been said the two happiest days in the life of a boat owner are the day they buy their pride and joy and the day they sell it. There might be a third--the day they give it away! In this tongue-in-cheek cautionary tale, recovering boat owner and PGDC Editor Marc Hoffman tells a story about one that, to use a related metaphor, unfortunately didn't get away.  MORE »

Cash donations, as long as the actual amount of the donation is substantiated, will not result in an IRS challenge. But donations of objects such as fine art and collectibles have always been problematic. In this article from Leimberg Information Services, Orange, California attorney Joy Gibney Berus shares ten "must know" TIPs on donating personal property items such as art, antiques, and collections so you may assist your clients in maximizing all of the benefits to which they are entitled.  MORE »

When it comes to estate planning, the estates of successful artists have a problem: Flooding the market with originals to raise money to pay estate taxes can have a depressing effect on not only the prices of the artwork being sold, but more importantly on the perception of value of those who already own work by that artist. In this article, Burgess J.W. Raby, Esq., and William L. Raby, CPA, both associated with the Raby Law Office, Tempe, Ariz., examine how one artist solved this problem with a bonfire and another with a foundation.  MORE »

Because of its nearly infinite variety, tangible personal property is one of the most interesting types of property contributed to charity. This text defines tangible personal property, reviews the income tax rules associated with its transfer, discusses its compatibility with various planned giving vehicles, and provides guidance for its ownership and disposition.  MORE »

The Planned Giving Design Center is dedicated to discussing "the art of giving." In this edition of Gift Planner's Digest, New York art consultant Laurence C. Zale and attorney Philip T. Temple discuss "the giving of art."  MORE »