Value of a Gift of Bare Ownership of Cultural Property or of a Work of Art

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If a donor makes a gift to an organization of bare ownership of cultural property or a work of art, the organization must calculate the value of the gift on the basis of the duration of the usufruct or the right of use.

Duration of usufruct or right of use based on life expectancy

If the duration of the usufruct or right of use is based on the life expectancy of the donor, the value of the gift is equal to the fair market value (FMV) of the property multiplied by one of the following rates:

  • 25%, for a donor aged 24 or under;
  • 31%, for a donor aged 25 to 29;
  • 38%, for a donor aged 30 to 34;
  • 44%, for a donor aged 35 to 39;
  • 50%, for a donor aged 40 to 44;
  • 56%, for a donor aged 45 to 49;
  • 62%, for a donor aged 50 to 54;
  • 68%, for a donor aged 55 to 59;
  • 73%, for a donor aged 60 to 64;
  • 78%, for a donor aged 65 to 69;
  • 83%, for a donor aged 70 to 74;
  • 87%, for a donor aged 75 to 79;
  • 91%, for a donor aged 80 or over.

Usufruct or right of use for a fixed period

If the usufruct or right of use is for a fixed period, regardless of the donor's life expectancy, the value of the gift is equal to the FMV of the property multiplied by one of the following rates:

  • 87%, where the period is 10 years or less
  • 74%, where the period is from 11 to 20 years
  • 61%, where the period is 21 years or more
Note

The rules above also apply to a gift of a public work of art. However, they do not apply to gifts of buildings for cultural purposes. 

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