Charitable Deductions for Gifts by Individuals, Partnerships and CorporationsCharitable Deductions for Gifts by Individuals, Partnerships and Corporations
A primer on a plethora of philanthropic provisions.
Do you know a philanthropist when you see one?
A lawyer agreed to pay an artist $10,000 to paint the lawyer’s portrait. When the portrait was delivered, the lawyer told the artist, “That’s the ugliest thing I’ve ever seen. It looks nothing like me.”
“Well, you don’t have to pay for it,” the artist told him. The artist took the portrait, and they parted ways.
The artist then displayed the portrait nationwide with a plaque reading,“The Thief.”
The lawyer threatened to sue the artist for libel. The artist countered that he was only an artist and didn’t know anything about the law, but it seemed to him that his defense would be the lawyer’s statement that the portrait looked nothing like him.
They worked things out. The portrait was retitled, “Th...
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