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141.0201 Artistic charitable contributions deduction for individuals.
(1)
(2)
(3)
(4)
Notwithstanding any statutory provisions to the contrary, a deduction shall be
allowed individuals against adjusted gross income in arriving at net income for
"qualified artistic charitable contributions" in an amount equal to the fair market
value of the property contributed as determined at the time of such
contribution.
For purposes of this chapter, "qualified artistic charitable contribution" shall
mean a charitable contribution of any literary, musical, artistic or scholarly
composition, any letter or memorandum, or similar property, but only if:
(a) Such property was created by the personal efforts of the taxpayer no less
than one (1) year prior to such contribution;
(b) The taxpayer has received a written appraisal of the fair market value of
such property by a person qualified to make such an appraisal (other than
the taxpayer, donee, or any related person within the meaning of Section
168(e)(4)(D) of the Internal Revenue Code), and the appraisal is made
within one (1) year of the date of such contribution;
(c) The taxpayer attaches to his income tax return for the taxable year in
which such contribution was made a copy of such appraisal;
(d) The donee is an organization described in Section 170(b)(1)(A) of the
Internal Revenue Code;
(e) The use of such property by the donee is related to the purpose or
function constituting the basis for the donee's exemption under Section
501 of the Internal Revenue Code, or in the case of a governmental unit,
to a public purpose; and
(f) The taxpayer receives from the donee a written statement representing
that the donee's use of the property will be in accordance with paragraph
(e) of this subsection.
The aggregate amount of qualified artistic charitable contributions allowable to
any taxpayer as a deduction under this section for any taxable year shall not
exceed the artistic adjusted gross income of the taxpayer for such taxable year.
For purposes of this subsection, the term "artistic adjusted gross income"
means that portion of the adjusted gross income of the taxpayer for the taxable
year attributable to:
(a) Income with respect to property described in subsection (2) of this section
that is created by the taxpayer; and
(b) Income from teaching, lecturing, performing or similar activity with respect
to such property or to similar property created by individuals other than
the taxpayer.
The provisions of this section shall not apply in the case of any charitable
contribution of any letter, memorandum, or similar property which was written,
prepared or produced by or for an individual while such individual was an
officer or employee of the United States or any state, or political subdivision
thereof, if the writing, preparation, or production of such property was related
to, or arose out of the performance of such individual's duties as such an officer
or employee.
(5)
The provisions of this section shall be effective for tax years beginning on or
after January 1, 1987.
Effective:July 15, 1986
History: Created 1986 Ky. Acts ch. 247, sec. 1, effective July 15, 1986.
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