Fractional Gifts At Risk Under New Law

“A recent change in federal tax law that was intended to curb abuses by the wealthy has museum officials grumbling that priceless art gifts could dry up… The old law allowed a collector to donate a percentage of an art object, take a tax write-off for the gift, and yet retain physical possession of the piece, often for many years. The new law caps the value of the donation, the time span of the gift and how the museum and private owner will share it. Museums say the original law enriched public art collections, cemented relationships with donors and cost taxpayers little compared with its benefits.”