Art is particularly well-suited for charitable transfers if the circumstances fit, but not all collectors or artists want to leave their art to a charitable organization. In order to understand the different ramifications of transfers of art during life and why it may be preferable to wait for death to make the transfer, it is important to first understand the income tax rules particular to art.

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Topics:  Art, Capital Gains, Charitable Donations, Charitable Remainder Trust, Copyright, Estate Planning, Fair Market Value, Flip CRUT, Forgery, Pension Protection Act of 2006, Private Foundations, Split-Interest Charitable Trusts, Termination

Published In: Art, Entertainment & Sports Updates, Nonprofits Updates, Wills, Trusts, & Estate Planning Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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