The appraisal cannot be done more than 60 days BEFORE the date of  receipt
of the gift, but can be done at any time after until the date the return is
due (including extensions). *  The thinking behind this is that you cannot
predict very far in advance what the value of an object will be, but you can
always determined what a value WAS at any point in the past.

* Instructions for Form 8283 (Revised October 1998)

Janice Klein
Director, Mitchell Museum of the American Indian, Kendall College
[log in to unmask] <mailto:[log in to unmask]>
www.mitchellmuseum.org <http://www.mitchellmuseum.org>

-----Original Message-----
From: Museum discussion list [mailto:[log in to unmask]]On Behalf
Of Anderson, Gail K.
Sent: Wednesday, March 17, 2004 3:45 PM
To: [log in to unmask]
Subject: 60 day limit on Appraisals



Hello.  Does anyone have information on the 60 day limit for appraisals on
contributions to museums?  I don't think I have ever heard of this but for
the second time in a month someone has told us that their accountant said
the appraisal must take place within 60 days of the gift.

I thank you in advance.

Gail Kana Anderson
Assistant Director
Fred Jones Jr. Museum of Art
The University of Oklahoma

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