Digital BW, The Print

The way around this is to sell at the materials cost, and then donate the
proceeds.  But that¹s the same as simply donating the collection and
claiming the materials cost.  However, keeping the price that low will
enhance the probability of sales, hence income to the arts center.

Thanks to everyone for your time and valuable advice.  As Tyler suggested, I
should perhaps focus on generosity to the arts center, which I will do.

Harry


On 6/13/07 6:25 PM, "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@comcast.net
> <mailto:richeskinphoto%40comcast.net> >
> To: <DigitalBlackandWhiteThePrint@yahoogroups.com
> <mailto:DigitalBlackandWhiteThePrint%40yahoogroups.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
> <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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