XML FeedsTAXATION
By admin on Mar 17, 2010 | In Law | Send feedback »
Tax can take many forms. There may be a tax on income, on the gain from the sale of a capital property, on gifts of valuable property made during one's lifetime, and on bequests made from one's estate. In addition, there are direct and indirect taxes, by different levels of government, on various goods and services.
This chapter restricts itself to the tax consequences in Canada, the United States, and Mexico of the gifting of art and art objects, primarily for charitable purposes, during the lifetime of the donor or by his or her estate. It deals with the general concepts employed by the federal governments of the three countries to encourage donations through tax benefits and to restrict those benefits by specific rules and regulations(1).
