Tangible Personal Property

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One little discussed change in the new tax law are the broad changes to code section 1031. The provision that allows like kind exchanges for similar types of...
With the new tax law in place, planning for intangible personal property, especially charitable planning will become increasingly important. With no...

An interview on gifts of tangible personal property with art expert Laurence Zale.


Charitable auctions have stood the test of time as a great way to leverage our consumption oriented culture for the benefit of philanthropic activities.  While auctions have been traditionally held in connection with special events, in more recent years online...


In Notice 2014-21, The Internal Revenue Service provided guidance regarding the tax treatment of "convertible virtual currency", i. e. Bitcoin. For those who were thinking that Bitcoin or other similar ideas was a panacea for trading freely without the need for...


While John and Jane Eastwood don’t require much for living expenses, they cannot afford to retire on the investment assets they have. In addition, their estate is also very illiquid and it is likely their substantial art collection will have to be liquidated in...

3 Mar 2010 | Tangible Personal Property | National Publication | News story | 6 comments
The Smithsonian Institution in a two-sentence statement has declined accepting the suit worn by O.J. Simpson on the day he was acquitted of the murders of Nicole Brown Simpson and Ronald Goldman.
Writing for The Art Law Blog, New York attorney Donn Zaretsky analyzes S. 1605 and its implications for charitable contributions of fractional interests in tangible personal property.

When considering their charitable options, many donors overlook giving assets that can provide the greatest tax benefits. In this article from the Journal of Practical Estate Planning, Orange County, California attorney Joy Gibney Berus discusses several...

1 Nov 2007 | Tangible Personal Property | National Publication | Article | 3 comments
Despite the old adage warning against discussing politics in polite company, we just couldn't resist the partisan throw-down that happened between Sen. Harry Reid and radio talk show host Rush Limbaugh during the past few weeks that resulted in a $4,200,200 gift to...
Writing for the Private Art Dealers Association, Robert Dance has suggested that experience be considered for purposes of meeting the "qualified appraiser" requirements under appraisal compliance guidance, noting that an educational requirement might disqualify some of...
15 Feb 2007 | Tangible Personal Property | National Publication | Article | 2 comments
The tax law surrounding charitable contributions of tangible personal property such as artwork to museums has long been subject to vigorous debate among taxwriters. In this article, Connecticut attorney James B. Lyon reviews the evolution of these rules with emphasis...
In a December 7 letter to Gregory F. Jenner, Treasury acting assistant secretary for tax policy, Donald C. Alexander, former IRS commissioner, discussed the new used car donation rules under section 884, specifically whether new procedures under subsection (f)(12)...
8 Dec 2004 | Tangible Personal Property | National Publication | Article | 5 comments
It has been said the two happiest days in the life of a boat owner are the day they buy their pride and joy and the day they sell it. There might be a third--the day they give it away! In this tongue-in-cheek cautionary tale, recovering boat owner and PGDC Editor Marc...
16 Nov 2004 | Tangible Personal Property | National Publication | Article | 7 comments
Cash donations, as long as the actual amount of the donation is substantiated, will not result in an IRS challenge. But donations of objects such as fine art and collectibles have always been problematic. In this article from Leimberg Information Services, Orange,...
When it comes to estate planning, the estates of successful artists have a problem: Flooding the market with originals to raise money to pay estate taxes can have a depressing effect on not only the prices of the artwork being sold, but more importantly on the...

Because of its nearly infinite variety, tangible personal property is one of the most interesting types of property contributed to charity. This text defines tangible personal property, reviews the income tax rules associated with its transfer, discusses its...


The Planned Giving Design Center is dedicated to discussing "the art of giving." In this edition of Gift Planner's Digest, New York art consultant Laurence C. Zale and attorney Philip T. Temple discuss "the giving of art."

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Define: Tangible Personal Property

Tangible personal property means any property, other than land or buildings, that can be seen or touched.

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