Partner Taylor Weinstein, a member of the Tax and Investment Management Groups, and Associate Olivia Taylor, a member of the Art Law Group, co-authored the article "NAGPRA Regulations Prompt Valuation Questions for Repatriated Native American Cultural Objects," featured in the May/June 2025 issue of Thomson Reuters' Taxation of Exempts.
Prompted by changes to the Native American Graves Protection and Repatriation Act (NAGPRA), collectors, dealers, and museums evaluating the future of cultural objects in their collections might be interested to learn that repatriating or donating them to the origin culture's or affiliated tribe's tax-exempt organization could provide a charitable income tax deduction. Taylor and Olivia explore the challenges of determining the "fair market value" one can declare to the IRS for such a tax deduction.
Using both precedential and informative examples in the cultural and artistic object context, the authors detail how legal restrictions affecting an object's sale do not necessarily render that object's fair market value zero.
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