Digital BW, The Print

Uh, oh.  I knew I came to the right place with this question.

Harry


On 6/13/07 8:20 PM, "s.traudt" <steve@...> wrote:
> 
> 
> The problem here of course, is that you then have to claim the sale
> price of each print as income. And you then deduct the sale price when
> you donate it. So it essentially becomes a "wash".
> 
> steve
> 
> --- In DigitalBlackandWhiteThePrint@yahoogroups.com
> <mailto:DigitalBlackandWhiteThePrint%40yahoogroups.com> , "richardeskin"
> <richeskinphoto@...> wrote:
>> >
>> > 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
>> <mailto:DigitalBlackandWhiteThePrint%40yahoogroups.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
>>> > >
>> >
> 
 
-- 

Harry F. Lockwood




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