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The American art tax system

2019-01-21 来源: 51due教员组 类别: 更多范文

下面为大家整理一篇优秀的assignment代写范文- The American art tax system,供大家参考学习,这篇论文讨论了美国艺术品的税收制度。在美国境内的艺术品交易,美国国家税收署依据最初购买动机而将交易对象分为销售商、投资人和收藏家,对交易对象征收长期资本所得税或利得税。经销商最初的购买动机是为了获得利润,缴纳所得税;投资人,其最初购买的动机是为了投资,缴纳长期资本利得税;收藏家购买艺术品为了欣赏,出售持有超过一年的艺术品的所得被视为长期资本利得,适用资本利得税,销售持有期低于一年的艺术品所得,则需缴纳所得税。另外,美国为扶持其艺术事业的发展,实行直接的财政补贴政策和间接的税收优惠政策,降低了艺术品的交易成本,成功地吸引世界性艺术品和投资资本。

American art tax system,美国艺术品的税收制度,assignment代写,paper代写,北美作业代写

In the United States, art is treated as assets. Therefore, Gains in the United States are mainly subject to Capital Gains Rates Tax and Sales Tax.

Capital gains tax is a tax levied on income from capital asset appreciation. Gains on investment Capital beyond one year are defined as long-term Capital Gains Tax with a rate of 28%. Short-term capital gains less than one year of investment are regarded as ordinary income for investors and are taxed at a 35% income tax rate.

For art transactions in the United States, the Internal Revenue Service divides the transactions into sellers, investors and collectors based on the original purchase motive, and imposes long-term capital tax or income tax on the transactions. The dealer's initial purchase motivation is to obtain profit and pay income tax; An investor whose initial motivation for purchase is to invest and pay long-term capital gains tax; A collector's income from the sale of art held for more than one year is considered long-term capital gains and is subject to capital gains tax. Income from the sale of art held for less than one year is subject to income tax.

A sales tax is a "destination tax" that occurs when art is delivered or ownership is transferred locally. If the dealer registers with the state tax authority in which the dealer is located and receives a resale certificate, the dealer is exempt from sales tax in any state where the art is purchased, because the art is used for resale and is ultimately borne by the consumer. Use tax is used to supplement sales tax, may be for some reason did not pay sales tax, levy use tax to supplement. For example, a collector lives in California and buy artwork in other states, have consign in its place of residence, according to the regulation of tax law, need not pay consumption tax in the state that buys artwork, but should pay use tax in its place of residence California, it is to use the ground to levy to article essentially.

In addition, people who receive art advisory services are also subject to tax and sales tax. Art consultants provide interior decoration and design services for art works for collectors or investors, and carry out actual installation instructions to customers' homes. The service fees earned are subject to state sales tax, which is borne by the customer being served.

The United States has a zero tariff policy on art imports. However, a customs royalty equivalent to 0.21% of the declared value of the work shall be levied on foreign sellers.

If an individual donates to a public charity, the pre-tax deduction for his donation shall not exceed 50% of the tax payable. For donations to private charitable foundations, the pre-tax deduction for individual donations shall not exceed 20% of the tax payable, and the excess shall not be carried forward. The company's donation enjoys the tax deduction of 10% of the adjusted gross profit. There are more specific restrictions on donations to specific non-operating private funds. Donations in excess of the limit can be carried forward for five years to be deducted.

Taxpayers who want to reduce their tax burden by donating artworks should be aware of the donation regulations. The first step is to determine whether the donated property is long-term capital gains or ordinary income. Generally, if a charitable donation of art is defined as a long-term capital gain, the taxpayer will receive a full fair market value tax deduction as a long-term capital gain, but if the donation is defined as a general income deduction, the original cost will be limited.

Second, there are requirements for whom to donate. If a taxpayer donates art to a private charitable foundation, he receives only a tax break for the original cost of the purchase. However, donations to public charities receive a full market value deduction. For example, someone who bought a painting for $1,000 a few years ago now has a fair market value of $10,000, and if they donate it to a public charity, they get a $10,000 charitable income tax credit. Donors who have a 35% tax bracket are exempt from paying $3,500 in income taxes. All else being equal, a taxpayer who donates a collection to a private charitable foundation will receive a charitable income tax credit of $1,000 on the original purchase cost, or $350.

In the process of transferring collections, collectors can choose reasonable tax planning tools to maximize their tax deduction. Before choosing a tax planning tool, you should first understand the estate tax and gift tax in the United States. Under the tax break Obama signed into law in 2010, a new tax rate was introduced for the excess progressive rate of inheritance and gift taxes, giving U.S. citizens a lifetime of legal zero inheritance and zero gift taxes.

When an artwork is sold to a public charity, it is sold at a discount to its fair market value. A tax-planning technique can be used in a bargain sale. For example, an older client is willing to sell his collection to his favorite museum, but he doesn't have enough income to do so. Under the bargain sale rule, he sells his art to the museum so that he can receive a certain amount of investment cash and pass on his assets to his heirs. As far as taxation is concerned, both ordinary income income and long-term capital gains property sales are subject to taxation, in which the charitable deduction is allowed within the fair market value, excluding the value that can be regarded as a donation if sold at a low price.

A charitable trust established by a donor, in which the donor gives a portion of the trust proceeds to himself or his family and the remainder to a charitable institution. Generally, a charitable residual trust gives at least one non-charitable beneficiary a certain amount of money each year. The payment period must be when the beneficiary is alive or not more than 20 years. Upon termination of the benefit period, the non-charitable beneficiary shall be given an appropriate tax exemption. The proceeds of charitable residual trusts are not subject to income tax, so the trustor can sell them without paying capital gains tax, and the income tax deduction for the trustor is based on the value of the remainder. Generally, there are two types of charitable residual trust funds: annuity trust funds are required to pay a fixed amount to non-charitable beneficiaries every year, whose value is equal to 5%-50% of the fair market value of the trust property; The trust is required to pay a fixed amount each year to non-charitable beneficiaries, equal to 5-50% of the trust's fair market value, which is assessed annually.

Collectors want to keep the collection while they live, but are willing to give it to charity when they die. An estate tax deduction of 100% of the fair market value of the collection can be deducted if the collection is donated to a public charity or a private charitable foundation after death.

If a collection is given to a charitable organization, the undivided interest in the collection will meet the estate tax deduction. For example, if the testator gave three quarters of the undivided benefits to charity during his lifetime, the testator also gave the remaining quarter to charity after his death. In paying the estate tax, the charitable estate tax deduction reaches the full fair market value of the remainder.

The second is the deduction of marriage estate tax transferred between spouses. The economic recovery tax act of 1981 provided an unlimited deduction for the estate tax on marriages. If a collector wishes to have his collection acquired by a charity after his death, he should give it to his surviving spouse instead of donating it directly to a charity, which in turn will be donated to the charity during his spouse's lifetime or after his death. Because there is now an unrestricted marriage estate tax deduction, surviving spouses do not receive federal estate taxes on their deceased spouses.

When a collector is willing to give their collection to their heirs to continue to retain art, this is a non-charitable transfer.

One is the transfer of wills. A collector who does not transfer a collection during his lifetime must dispose of it after his death. If you prefer to transfer the collection through a will and give it to a non-charitable beneficiary, such as a spouse. Under U.S. tax law, a spouse can get a spouse deduction for an estate transferred to a spouse. For example, in 2009, the zero estate tax was $3.5 million.

The other is a will transfer in the form of a trust. Collectors can use a trust fund to make a will transfer and hope to transfer an item to their surviving spouse in full and to their children after the surviving spouse dies. The basic idea is that one transfer covers two estates, but generates only one estate tax. Although zero estate tax is available, a trust fund is a better option. As far as the trust fund is concerned, it should specify who will undertake the insurance, storage and other expenses, and the trustee should be authorized to sell any one piece of the collection. This provision is necessary for cash-strapped families, and owning a valuable collection does not put them in the position of not having the money to pay for it. If the surviving spouse can ask the trust trustee to convert income-producing assets into income-producing assets, the trust fund also applies to the spousal estate tax deduction.

Some people who inherit art but can't pay estate taxes end up selling their collection to pay for it. Such sales require heirs to earn a certain amount each year, as well as commission fees that heirs hope will be deducted as federal estate taxes. But it is not clear whether these costs can be used for federal estate tax purposes, and the probate court's fee allowances do not guarantee that they can be used for federal estate tax purposes.

One of the most important tax effects of the estate tax is that the appreciation of works of art included in the total estate increases the basis for the income tax, which is equal to the taxable value of the federal estate tax. The tax code provides that the cost of acquiring property from a deceased person is based on the fair market value of the date of death or alternative date. In other words, if a collector buys a painting for $10,000, but by the time he dies, the value of the painting is $100,000 in terms of the federal estate tax, and his heirs receive the painting, the increased taxable value is equal to $100,000.

In order to promote the development of China's art market and philanthropy, we should continue to expand the preferential tax policies for art transactions on the basis of existing tax incentives. First of all, we need to start with the intensity of tax reduction and exemption, mainly to increase the proportion of pre-tax deduction for charitable donations of individuals and enterprises in China, and allow the carry-over deduction of the excess amount in the following tax years, so as to improve the enthusiasm of enterprises and individuals in giving. At the same time, the government should gradually expand the scope and form of charitable donations and clarify the relevant preferential tax policies for the donation of artworks. Every year, China's public welfare groups receive preferential donations of artworks, but the regulations on the deduction of charitable donations of artworks are still not clear. Most importantly, in order to attract worldwide art and investment, the government should reduce the import tariff and import VAT on Chinese art, so as to reduce the cost of art transaction. At present, the import tariff of artworks in China is 6%, plus 17% of import VAT, plus additional consumption tax, import VAT and administrative expenses, which increases the tax burden of imported artworks for importers in mainland China. However, for Chinese art trading, the biggest problem is still the authenticity and identification of artworks in the aspect of donation and the tax preference thus enjoyed, which is the constraint of the weak implementation of tax policy.

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