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EPCNYC: Evening Program & Dinner March 2020
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Join EPCNYC for the final evening program of the EPCNYC 2019-2020 year. In order to accommodate dietary restrictions, please register one week in advance.

 Export to Your Calendar 3/26/2020
When: Thursday, March 26, 2020
5:30 pm - 8:00 pm
Where: Map this event »
Union League Club
38 E 37th St
New York 10016
United States
Contact: Caitlin Borger
855.293.0784


Online registration is available until: 3/26/2020
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Art and Audits

 

About the Presentation

This presentation will address the requirements set forth by the Internal Revenue Service for an estate with significant art holdings and for the charitable donation of artwork for the purpose of tax deduction. 

 

When dealing with a taxable estate which includes an art collection, the IRS has clear parameters as to how an appraisal of artwork should be documented and submitted, defined values and who is considered qualified to perform the appraisal.  Not meeting these guidelines, providing insufficient documentation or the using wrong appraiser can result in the entire tax filing being denied and significant monetary penalties to the estate or tax payer. 

 

Through dialogue and real-life case studies, the presentation will address:

  • According to the IRS: Who is a ‘Qualified Appraiser’?
  • Why is it important – in fact imperative – that a fiduciary or executor engage a ‘Qualified Appraiser’ when submitting documents to the IRS which address the value of the artwork?
  • What questions should a fiduciary or estate executor ask in order to make sure the tax payer’s return or donation is not rejected by the IRS?   

 

About the Presenters

Moderator: Diana Wierbicki

Diana Wierbicki is a Partner and the Global Head of the Withers Art law group. Her clients include the industry’s top collectors, dealers, galleries, charitable organizations, artists, and museums. Diana has been quoted in numerous news outlets as a notable authority on art law, including in The New York Times, CNN, Bloomberg Business, and the BBC. She has given regular, in-depth treatment to the legal developments impacting the art industry and its participants in articles she has written for publications including Forbes, Trusts & Estates (of which she is a member of the editorial board), Crain’s, and Wealth Management. As an active member of the art community, Diana serves as Co-Chair of the Appraisers Association of America’s Art Law Day, Chair of the New York City Bar Association’s Art Law Committee, and Chair of the American Bar Association's Art and Collectibles Committee. She is also an active member of the Professional Advisory Council of the Metropolitan Museum of Art, the Planned Giving Advisory Council of the New York Historical Society, ArtTable, and an affiliate member of the Association of Professional Art Advisors. 

 

 

Karin Gross

Karin Gross is a Special Counsel in the IRS’s Office of Chief Counsel. She is the Office’s subject matter expert on the charitable contribution deduction and the related appraisal requirements for tangible and intangible property. She is a frequent speaker on charitable contribution appraisal issues and worked on finalizing the Treasury regulations on qualified appraisals. Gross holds a law degree from the University of Wisconsin Law School and a graduate tax law degree from Georgetown University Law School. She is a member of the DC Bar.

 

 

 

 

Emily Thompson

Emigrant Bank Fine Art Finance is the art financing subsidiary of Emigrant Bank (Member FDIC, founded 1850). They lend money to clients using their art and antiques as collateral, offering competitive bank interest rates and discreet, professional service.  There clients include individuals, art dealers, trusts and estates, foundations, and museums who own art and antiques with a minimum value of $2 million. Emigrant’s loan programs help them finance new purchases, create liquidity, build their inventory, diversify their assets, pay gift and estate taxes, and facilitate estate planning. Loans are structured to provide their clients with the highest level of flexibility and offer loans with terms of up to 10 years. The loans can be structured as a term loan, line of credit, or letter of credit. In most cases, clients retain possession of their art.

 

 

 

Gabe M. Wolosky

Gabe M. Wolosky is a Partner in the Tax, Advisory Services and International Departments of Prager Metis CPAs, a member of Prager Metis International LLC. He has been practicing since 1976. Gabe specializes in providing compliance, planning, and advisory services in private and family wealth. He is a trusted advisor to his clients, including individuals, closely held businesses, foundations and fiduciaries on a wide range of matters including personal financial planning, estate, trusts, gifts and foundation and business matters. He understands the complexities associated with and works closely with clients on multinational, cross border and multistate issues. He has an expertise in several industries including art dealers and collectors, antique dealers, professional services, estates, and entertainers. Gabe has also participated in the valuation of intellectual property. Gabe is a noted expert and has presented and participated in panels for New York State Bar Association, CMJ, New York State Society of Certified Public Accountants, as well as several law firms and trust companies

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