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Inflated art appraisals cost U.S. government untold millions
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The IRS audits few artwork donations claimed on tax returns that yield $1 billion in write-offs a year. Data suggest overvaluation is rampant.
By Jason Felch and Doug Smith
Los Angeles Times Staff Writers
March 2 2008
An alleged tax-fraud scheme involving donations of overvalued art to four local museums is part of a larger, unchecked problem with inflated art appraisals that has cost the federal government untold millions, a Times analysis has found.
The complete article can be viewed at:
http://www.latimes.com/news/la-me-irs2mar02,0,4136424.story
Visit latimes.com at http://www.latimes.com
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