A person would need the stoniest of hearts to gaze upon Michelangelo’s Sistine Chapel or Picasso’s Guérnica and think about money. We all understand that the true value of a masterpiece cannot be expressed in either words or numbers—no one can put a price on art, the saying goes.
Yet when tax time rolls around, the law requires doing exactly that. The IRS has developed extensive guidelines for converting brush strokes and chisel marks into dollars and cents. Read more