Estate Tax Liability: The
Fine Art of Determining Fair Market Value
The following is from Heritage
Auctions (www.HA.com) on Fair Market Value (2009):
The Art and Collectibles
Capital Gains Tax Treatment Parity Act (S. 374) sponsored by Senator
Pete Domenici (R-NM) and Charles Schumer (D-NY) would "provide the same
capital gains treatment for art and collectibles as for other investment
property." Currently the capital gains tax rate for art and collectibles
is 28%, compared to 15% for other types of investments. As fine art and
collectibles have emerged of late as a powerful alternative asset class,
the Art Dealers Association of America and many auction houses support
this legislation. Some fear, if the bill passes and the capital gains
tax is lowered on sales of art and collectibles, donations to museums
would diminish. The bill also includes language comparable to Leahy's
regarding raising the write-off for artist donations to fair market
value level.
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