Lee Rosenbaum is reporting that the rumors I mentioned over the weekend are true: legislation is about to be introduced to address some of the problems created by the recent changes to the fractional gift rules. Says Lee:
"A press conference will be held tomorrow in Washington to introduce the 'Promotion of Artistic Giving Act of 2007.' According to the press release, the bill would 'require that donors must complete their fractional gifts within the donor's lifetime [rather than within 10 years], require an IRS review of donations' appraisal value for gifts valued at over $1 million and eliminate the unnecessary estate and gift tax implications relating to fractional giving contained in [the 2006 Pension Protection Act].'"
I take it the last is a reference to what I was calling the "mismatch problem" in discussing the changes last year.