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Art Donors And Museums Rejoice 2009-09-01Art Donors And Museums Rejoice 2009-09-01
It looks like fractional interest gifts of art will be a viable strategy for the wealthy once again. On Aug. 6, 2009, Senator Charles Schumer (D. New York) introduced Senate Bill 1605 to restore many, but not all, of the tax benefits of fractional gifts of art and collectibles to charity that were wiped out by the Pension Protection Act of 2006 (PPA). Senate Bill 1605 is likely to become law, as it
David T. Leibell & Daniel L. Daniels, partners in the New York and Stamford, Conn., office of Wig
It looks like fractional interest gifts of art will be a viable strategy for the wealthy once again.
On Aug. 6, 2009, Senator Charles Schumer (D. New York) introduced Senate Bill 1605 to restore many, but not all, of the tax benefits of fractional gifts of art and collectibles to charity that were wiped out by the Pension Protection Act of 2006 (PPA). Senate Bill 1605 is likely to become law, as it represents a compromise with Senator Charles Grassley (R. Iowa) — the architect of the 2006 effort to effectively nix fractional gifts.
Museums around the country, surprised by the PPA's attack on fractional gifts of art and collectibles, have been f...
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