An organization can issue an official receipt when it receives a gift of a work of art as part of its primary mission. It can also issue an official receipt if it is a registered museum. Otherwise, an organization can issue an official receipt only when it disposes of the work of art, provided it is disposed of by December 31 of the fifth calendar year following the year in which the gift was received.

The official receipt must include the required information, as well as:

• the date on which the work of art was disposed of;
• the amount deemed to be the consideration received for the work of art;
• the fair market value (FMV) of the work of art at the time it was disposed of.

Consult Value of a Gift of a Public Work of Art or a Building for Cultural Purposes if a public work of art was donated.