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.
Topics: 1031 Exchange, Jay Darby, Tax and Sports Update, Ernst & Young, New York Times, Like-Kind Exchange, Tax
The Super Bowl is America’s biggest civic holiday, in many ways. The country’s most popular sport combines with the country’s desire just to sit and watch television in a once-a-year event. This year did not disappoint, in one of the most exciting contests in the game’s history, the New England Patriots prevailed over the Seattle Seahawks 28-24, sealed by a game-winning drive by Tom Brady and a last-minute interception by Malcom Butler.
Topics: Left Shark, Seattle Seahawks, Glendale, California Gurls Richard Prince, Hooray for Everything, Halftime Show, Malcom Butler, Katy Perry, Arizona, Jay Darby, New England Patriots, NYU Law School, Super Bowl, Rorschach Test, Copyright, Garcia v. Google et al., Ninth Circuit, Tumblr, Chris Sprigman, Tom Brady, Fair Use, Rastafarians Patrick Cariou, Art Law Report