Giving art to museums used to be pure eat-your-cake-and-have-it. A collector could sign away his Rembrandt, Van Gogh or Gignoux (yes, who?) to his favorite museum, deduct its value from his income tax, and leave it right over his fireplace until his death. As of midnight June 30, the Indian giving is over,, thanks to the Internal Revenue Service.
The revenooers are shutting the life-interest loophole. In the future, no deduction may be taken until the art work is physically ceded to a museum or charitable institution. But most muse um directors are not alarmed by the new law, even...
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