Abstract
Wealthy art collectors have long sought tax breaks for “donations” of their art without having to turn over possession of the artwork. Congress has previously recognized these efforts and taken measures to remedy the apparent unfairness of allowing collectors to obtain a tax deduction while never giving up their art. More recently, collectors are opening up private museums in the form of tax-exempt organizations. Private museums allow an art collector to donate art to an entity that the collector both created and controls. This practice has recently been called into question because it allows for major tax deductions while often offering the public minimal gain, which is contrary to the rationale behind tax deductions.
This Comment will explain potential remedies to bring the public benefit into alignment with the loss of tax revenue. Of course, to do so, the tax code must become more complex as Congress closes off current avenues that lead to outcomes that produce mismatches between tax deductions and public benefit. Thus, this Comment provides remedies that balance the goal of fairness with the need for clarity.
Recommended Citation
Steven Rodgers,
Donate Your Art and Keep it Too: How the Government Subsidizes Art Collections for the Rich and What Congress Can Do About It,
40
S. Ill. U. L.J.
45
(2015).
Available at:
https://opensiuc.lib.siu.edu/siulj/vol40/iss1/7