I think it should be considered a sale with a discount, not a deed of gift.
The museum is still purchasing the work.  Unfortunately, artists may only
deduct the cost of materials when donating their works to museums, so Suzy Q
will not be able to claim a percentage of total value on her tax return,
anyway.  Perhaps the credit line could reflect her donation, instead.

 

From: Museum discussion list [mailto:[log in to unmask]] On Behalf
Of Meegan Carr
Sent: Tuesday, March 02, 2010 11:55 AM
To: [log in to unmask]
Subject: [MUSEUM-L] Deed of Gift Question

 


Hello Everyone,

I am posting this for a co-worker.  We would like your feedback on this type
of deed of gift situation.

Thank you in advance for your help!

Sincerely,
Meg Carr

 

 

Hypothetical situation:

 

A museum  wishes to buy a work by artist Suzy Q.  Suzy Q offers to sell the
work for wholesale, "donating" the rest of the value of the work.

 

How is the Deed of Gift worded?


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