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IRS Ruling Illustrates There's An Art To Gifting Art

Publisher: Law360
August 29, 2018
Day Pitney Author(s) Casey J. O'Connor

Von Sanborn, Matthew Lee and Casey O'Connor authored an article, "IRS Ruling Illustrates There's An Art To Gifting Art," published by Law360. The article discusses a private letter ruling by the Internal Revenue Service which held that a donor's gift of art to two museums would be a completed gift for U.S. gift tax purposes, although the donor reserved the option to terminate the gift upon certain conditions. The ruling, as explained in the article, illustrates the importance of careful estate planning and exposes an imbalance between the treatment of certain gifts for U.S. income tax and gift tax purposes.

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