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
United States. Congress. House. Committee on Government Operations. Government Activities and Transportation Subcommittee
U.S. Government Printing Office, 1983 - Art - 422 pages
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abuses acceptance acquisition activities ADAA additional adjustments American amount appraisals Art Advisory Panel Art Dealers art objects Artist Association auction Avenue basis believe benefit charitable charitable contribution claimed collection Collins Commissioner committee considered contribution cost court deduction depreciable determine Director discussion donated donor Drawings effect experts fair market value GALLERY gifts given giving Government hearing held House important included income individual institutions interest Internal Revenue Service investment involved less matter meetings museums organization overvaluation Paintings Panelists percent period possible present President problem professional profit proposal purchase questions reason recommended referred represented respect responsibility result returns reviewed Sculpture Service staff statement Street Subcommittee substantial suggestions TAX SHELTERS taxpayer tion Title valuation Washington York
Page 215 - The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts.
Page 239 - Salvage value is the amount (determined at the time of acquisition) which is estimated will be realizable upon sale or other disposition of an asset when it is no longer useful in the taxpayer's trade or business or in the production of his income and is to be retired from service by the taxpayer.
Page 239 - The depreciation allowance includes an allowance for normal obsolescence which should be taken into account to the extent that the expected useful life of property will be shortened by reason thereof. Obsolescence may render an asset economically useless to the taxpayer regardless of Its physical condition. Obsolescence is attributable to many causes, including technological improvements and reasonably foreseeable economic changes.
Page 239 - 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. This period shall be determined by reference to his experience with similar property taking into account present conditions and probable future developments.
Page 231 - ... 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, conservation, or maintenance of property held for the production or...
Page 265 - ... 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 268 - ... 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 238 - 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 28 - A valuable and treasured art piece does not have a determinable useful life. While the actual physical condition of the property may influence the value placed on the object, it will not ordinarily limit or determine the useful life. Accordingly, depreciation of works of art generally is not allowable.