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Midori_Schaaf t1_j2b7xc5 wrote

Rich guy auctions painting. Buys it back for a ridiculous sum, then donates the painting. Instant tax writeoffs, and a national think piece about the art to inflate its value. This is tax avoidance. This is not art.

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yeshia t1_j2bdbk6 wrote

Makes no sense. A tax write-off does not magically get you your money back. Just a fraction of it.

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AgentElman t1_j2cb6ea wrote

I sell you a painting for $100 million. Then I buy it back for $100 million. I have no established the value of the painting as $100 million and I get to write that off on my taxes when I donate it. The painting might only be worth $1 million in a real market.

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jcd1974 t1_j2c9ldf wrote

The Marilyn Monroe portrait was sold by the estate of Paul Allen, to pay estate taxes.

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