Beverly Hills : Appeal for Art Donations
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Spare art, anyone?
That unlikely appeal has been issued by the Fine Arts Commission of the city of Beverly Hills, which is seeking donations of private art for public use.
The city and donors would benefit alike because state and federal laws allow for the fair market value of art gifts to be deducted from the giver’s gross taxable income, said Nancy Nebenzahl, commission chairwoman.
“We believe that the tax deductions offered by the federal and state tax codes make such gifts particularly attractive at this time,” she said.
The original one-year period for such gifts has been extended for six months, to June 30, she said.
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