Tuesday, May 03, 2016

"We are committed to rooting out tax abuses wherever we find them, especially in the art world, where the difference can be hundreds of thousands — if not millions — of dollars in lost tax revenue" (UPDATED)

NYT:  Developer Aby Rosen to Pay $7 Million in Suit Over Unpaid Taxes on Art.

UPDATE:  Tim Schneider thinks Rosen got a raw deal:  "[W]hile some dealers certainly view tax laws as made to be broken, I actually side with Rosen and Gelfand here, at least based on what's been reported. Given that transactions in the art industry can happen anywhere at any time, hanging works at home hardly means they're not actively on the market."