The New York Times looks at the current practices of “Like-Kind Exchange” on the fine art market, a tax provision allowing collectors and art flippers to defer taxes on sales income by using proceeds to buy an even more expensive work, and the attention it’s currently receiving from tax regulators.  “If you are doing five transactions over 25 years,†says advisor Josh Baer, “each time buying something more expensive, each time you don’t pay the capital gains tax on the way. At the end of the day you are way ahead.â€
Read more at New York Times
