Happy New Year from The KC Estate Planner! The NYT has this interesting article about a growing trend of private museums (legally structured as tax exempt organisations or nonprofits), so the art donors get tax write-offs for donating art, but with very limited hours (or by appointment only), so these museums can be effectively private museums for the benefit and enjoyment of the art donors, their family, and friends (but not the general public or the community). What do you think? Are private art museums a good idea or bad idea? Does this tactic abuse the IRS Code’s design? Should this tactic be curtailed or encouraged? Should a nonprofit or tax exempt organisation be allowed to do this? Should an art donor who does this get a tax deduction?
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