Tax Planning Strategies

Choosing the right entity to do business, hold artworks, or invest in artworks requires additional tax alternative research when considering whether to form an LLC, Partnership, Corporation or Trust. Additionally, the tax implications to the owners of each type of entity can vary. Add to this the fact that art and collectibles are subject to unique tax laws. Therefore, proactive, not reactive, tax planning is crucial. We are skilled in reducing the impact of income and capital gains tax upon sales of art and collections through various tax planning techniques, as well as proactive business entity choice decisions. For Museums, we are experienced in assisting museums with non-profit tax compliance, trust or corporate compliance, and donation acceptance procedures.

Recent Services

  • Formed LLC electing to be taxed as an S corporation for gallery in order to reduce state gross sales tax liability.
  • Advised and assisted investor in 1031 exchange purchase of like kind artwork.
  • Assisted with the formation of a private operating foundation.