NYT calls tax scam an “ambitious art initiative”

Man pays $2.4 million for celebrity photos.  Man agrees to pay an additional $2.4 million to the photographer if his tax avoidance scheme pays off.  Man donates photos to a government agency and values gift at $20 million.  Another government agency balks at accepting that valuation, perhaps because the market value of the art would seem to be  $2.4 million, since that’s what he paid for it.

The New York Times is unsure if this is a tax grab.  Maybe.  The man is also puzzled.  He can’t understand why his actions aren’t “being celebrated.”

We were asked to help facilitate a major gift to the Art Gallery of Nova Scotia that would provide it with a unique collection of art from one of the world’s most praised photographers and that’s exactly what we did.

Note the passive construction.  He declines to mention who asked him.

HT Althouse.

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