Digital BW, The Print

any CPAs here?

Brian Ellis <bellis60@...> wrote:                                  "Why don't you just sell images
 (indicating on the price card that the proceeds will be donated), and
 donate the proceeds back to the art center as cash and value your
 donation as the actual cash sale. That way you get the full deduction
 of the sale price, the sale validates the amount of the reduction,
 and the art center gets cash for the building fund."
 
 Because there would be a taxable gain on the sale, which would offset the 
 charitable contribution deduction and the whole thing would be a wash.
 
 ----- Original Message ----- 
 From: "richardeskin" <richeskinphoto@...>
 To: <DigitalBlackandWhiteThePrint@yahoogroups.com>
 Sent: Wednesday, June 13, 2007 8:14 PM
 Subject: [Digital BW] Re: Valuing Prints
 
 It isn't clear whether the images are being donated to be hung in
 their new or refurbished building, or as a cash contribution to the
 building fund.  If the latter why don't you just sell images
 (indicating on the price card that the proceeds will be donated), and
 donate the proceeds back to the art center as cash and value your
 donation as the actual cash sale. That way you get the full deduction
 of the sale price, the sale validates the amount of the reduction,
 and the art center gets cash for the building fund. Any images not
 sold can be donated after the exihibit at material value or, in
 appreciation for your donation, to be permanently exhibited in the
 new building.
 
 --- In DigitalBlackandWhiteThePrint@yahoogroups.com, "hflockwood"
 <hflockwood@...> wrote:
 >
 > In a juried process, I was selected to exhibit my (B&W) prints at a
 non-profit art center in VT
 >>
 > Since the center is in the midst of a fund raising effort, I'm
 contemplating donating the entire
 > collection to their building fund, rather than trying to sell
 them.  Obviously, this raises the
 > question of how to value the collection for tax purposes..
 >
 > So, if I am to claim a charitable deduction, how do I value the
 donation?  The center has
 > agreed that $400 per print, or $10,000 for the collection, would be
 easily justified.
 >
 > I'm looking for guidance from others who may have faced a similar
 situation.
 >
 > TIA.
 >
 > Harry
 >
 
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