Feigenbaum Law

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Personal Tax Planning

IRS Determines Donation of Artwork was a Completed Gift and Therefore Taxable

In a recent Private Letter Ruling, the Internal Revenue Service (IRS) considered whether a transfer of legal title and a remainder interest in artwork donated to a foreign museum accompanied by an agreement to transfer the balance of any retained interests after the death of the owner could be considered a completed gift for federal tax purposes. ┬áThe IRS decided that the transfer was a completed gift since the donor had relinquished… Read More