The implications of Terry Peeler's line of reasoning are that after one year the museum may dispose of the donated object with no impact on the donor's tax status.  
I believe any museum which so proceeded could be placing itself and its donors in a questionable position if the declared value of the donation exceeded $500.00  
 
IRS Form 8283 clearly states that the "fair market value" of the donation (in whole or in part) which an appraiser attests exceeds $500.00, is subject to revision if the museum disposes of any part of the donation by sale within two years of the date it was accepted.  

By signing IRS Form 8283, a museum which sells such a donated object within two years of its donation accepts the legal responsibility to so inform the IRS and the donor in writing.  In turn, the donor is required to file with the IRS an amended return for the tax year in which the donation occurred, showing as the fair market value the actual amount the museum received for the object at sale, not the appraised value at the time of the donation.
 

David S. Brose
        Schiele Museum  

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