You see, since the value of anything is determined by the market for it (from gold to grain to stocks, and yes, art), you must prove the tax consequences to the IRS whenever you transfer ownership to any charity or other recipient.

Taxpayers by nature want a gift to charity to receive a higher value and a gift to a loved one to receive a lower value. The Art Advisory Panel is there to check your work, or the work of your appraiser, and be sure that the right taxes have been paid.

If you intend to give, whether to charity or others, then the Art Advisory Panel will need to be convinced of the value you set.

Plan accordingly.

Philip J. Kavesh
Helping clients with customized estate planning guidance and trust & estate administration for over 44 years.
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