Revision of IRS Tax Deductions for the Arts: Hearing Before a Subcommittee of the Committee on Government Operations, House of Representatives, Ninety-eighth Congress, First Session, August 4, 1983

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Page 301 - The expenses, however, of carrying on transactions, which do not constitute a trade or business of the taxpayer and are not carried on for the production or collection of income or for the management, conservation, or maintenance of property held for the production of income, but which are carried on primarily as a sport, hobby, or recreation are not allowable as nontrade or nonbusiness expenses. Expenses, to be deductible under section 23 (a) (2), must be "ordinary and necessary...
Page 309 - See section 179 and 1.179-1 for a further description of the term "reasonable allowance." (b) Useful life. For the purpose of section 167 the estimated useful life of an asset is not necessarily the useful life inherent in the asset but is the period over which the asset may reasonably be expected to be useful to the taxpayer in his trade or business or in the production of his income.
Page 301 - Expenses of carrying on transactions which do not constitute a trade or business of the taxpayer and are not carried on for the production or collection of income or for the management, conservation, or maintenance of property held for the production of income, but which are carried on primarily as a sport, hobby, or recreation are not allowable as nontrade or nonbusiness expenses. The question whether or not a transaction is carried on primarily for the production of income or for the management,...
Page 345 - ... that it is highly unethical for a museum to support in any way, whether directly or indirectly, that illicit market. A museum should not acquire, whether by purchase, gift, bequest or exchange, any object unless the governing body and responsible officer are satisfied that the museum...
Page 348 - ... particular members of the community, ethnic or religious groups concerned. Although it is occasionally necessary to use human remains and other sensitive material in interpretative exhibits, this must be done with tact and with respect for the feelings for human dignity held by all peoples.
Page 308 - As used in section 1031 (a), the words "like kind" have reference to the nature or character of the property and not to its grade or quality. One kind or class of property may not, under that section, be exchanged for property of a different kind or class. The fact that any real estate involved is improved or unimproved is not material, for that fact relates only to the grade or quality of the property and not to its kind or class. Unproductive real estate held by...
Page 346 - ... of the museum, and any publicity relating to these, should be in accordance with a clear policy, should be relevant to the collections and the basic educational purpose of the museum, and must not compromise the quality of those collections. In the case of the manufacture and sale of replicas, reproductions, or other commercial items adapted from an object in a museum's collection, all aspects of the commercial venture must be carried out in a manner that will not discredit either the integrity...
Page 399 - In 1962, Colin founded a protectionist lobby, the Art Dealers Association of America, the purpose of which was "to promote the interests of persons and firms dealing in works of fine art and to improve the stature and status of the fine arts business and to enhance the confidence of the public in responsible fine arts dealers.
Page 305 - In the case of an activity not engaged in for profit to which subsection (a) applies, there shall be allowed — (1) the deductions which would be allowable under this chapter for the taxable year without regard to whether or not such activity is engaged in for profit, and (2) a deduction equal to the amount of the deductions which would be allowable under this chapter for the taxable year only if such activity were engaged in for profit...
Page 49 - In the case of tangible property, it applies to that which is subject to wear and tear, to decay or decline from natural causes, to exhaustion, and to obsolescence...

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