Two individuals looking at art in a museum.

The Challenges for Art Donation (Part 2 of 3): Economic Substance

As discussed in part one of this series on art donations, a taxpayer who wishes to receive a tax deduction for their charitable donation of a work of art should take several steps in anticipation of the Internal Revenue Service’s (IRS’s) refusal to allow the deduction. In recent years, especially, the IRS has undertaken a [...]

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