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Wed, 27 Apr 2005 07:15:45 -0600 |
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I have an individual who wants to sell a Mormon dresser made in the
mid-1850s. It has a marble
top which was brought across the Plains in the 1840-50s. The dresser
has very ornate wood carvings, mirror, etc. A prime piece, including
its historical context. The item has been featured in a Mormon
furniture book. The museum cannot give/purchase full price for the
dresser, which comes way under what the item is worth. The
sellers/donors want a certain price because of financial difficulties
and health problems.
Has anyone heard of giving "x" amount (a lower value) for the
object/artifact with a "purchase" price, then
the rest of the value of the item given as a donation for an IRS tax
write off? Otherwise, the museum would be buying it at a lower cost,
then allowing the donor to have a tax write off for the rest to give
them full value the item is worth.
Is that legal or feasible? The item is a museum piece. It was
suggested to have them just donate the piece, but again they need cash.
A museum should have it, instead of it going to a private collector.
Any ideas? Thanks in advance!
John
Boise, Idaho
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