Art Law Report

Key Tax Deferral Tool for Art Sales on the Chopping Block in U.S. Legislation Proposals

Posted by Nicholas O'Donnell on December 11, 2017 at 9:40 AM

The following appeared in Apollo magazine online on December 4, 2017

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Topics: Legislation, 1031 Exchange, Apollo Magazine, Tax Cuts and Jobs Act

Like-Kind Exchanges—Art and Collectibles’ Tax Deferral in the Crosshairs

Posted by Nicholas O'Donnell on April 29, 2015 at 7:56 AM

There has been considerable coverage in the last week about so-called “like-kind” exchanges of art, and federal tax. This has been driven by two factors: President Obama’s 2016 proposed budget, which would eliminate the tax deferral on these “1031 exchanges” for art and collectibles, and a recent New York Times article entitled “Tax Break Used by Investors in Flipping Art Faces Scrutiny.” The prospect of actual change is dubious, but there is no question that the prospect of the elimination of this tax deferral means anyone who is considering such an exchange for their art and collectible collection should be paying attention.

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Topics: 1031 Exchange, Jay Darby, Tax and Sports Update, Ernst & Young, New York Times, Like-Kind Exchange, Tax

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About the Blog


The Art Law Report provides timely updates and commentary on legal issues in the museum and visual arts communities. It is authored by Nicholas M. O'Donnell, partner in our Art & Museum Law Practice.

The material on this site is for general information only and is not legal advice. No liability is accepted for any loss or damage which may result from reliance on it. Always consult a qualified lawyer about a specific legal problem.

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