Quote:
Originally Posted by canjond
I'm certainly not a tax expert (I pay my CPA to be), but couldn't there be some value in a cheap purchase and donation for write-off purposes? I.e., collection has FMV of $10k, although difficult and time consuming to move. The collection is purchased for $100 and then donated to a series of thift store, charity auctions, fund raisers, etc?
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Jon
I can't say what the IRS would do with this, but in Canada, there have been numerous packaged donations that promoters have sold in this manner. They have been universally attacked and attacked successfully by the Canada Revenue Agency.
Max