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Heritage Auctions Heritage Auctions For Trusts and Estates Advisors Journal SECOND ISSUE // 2015 LIKE-KIND EXCHANGES FOR IN THIS ART & COLLECTIBLES ISSUE: BY CHAD SCHLEICHER, BUSINESS DEVELOPMENT MANAGER, ACCRUIT LLC ONCE AGAIN IT IS THAT DREADED TIME FOR MOST—TAX TIME. WE START 1 COMPILING OUR RECEIPTS, ORGANIZING OUR ASSETS, AND TRYING TO Like-Kind Exchanges for REMEMBER WHAT WE DID OVER THE PAST YEAR. WE ARE FORCED TO Art & Collectibles REALIZE THAT THERE AREN'T A LOT OF OPTIONS WHEN IT COMES TO 3 DEFERRING OR ELIMINATING TAXES. Rarity, Desirability and Authenticity 4 For collectors, one powerful option to Simply put, an LKE allows a taxpayer Dealing with an Estate consider involves Like-Kind Exchanges the ability to maximize cash flow by Coin Collection (LKEs), also known as 1031 Exchanges. deferring capital gains tax on the sale of 5 Which are commonly known through an asset that produced a taxable gain. Valuations in the Vault their use in Real Estate transactions. LKEs can be used across a wide For example, a person buys a Norman 6 variety of transactions, including those Rockwell drawing for $100,000 with the Luxury Real Estate involving tangible, depreciable personal intention to hold it as an investment. 7 property such as, trucks, tractors, office Three years later a buyer is willing to Domain Names equipment, restaurant equipment, etc. pay $250,000 for that same piece. LKEs can also work with collectibles, The person sells the art and makes 10 a $150,000 gain on the original All About Appraisals such as art, antiques, metals, gems, coins, stamps and fine wine. investment. Collectibles are taxed at a 8 maximum capital gain rate of 28%, rather What is a Like-Kind Exchange or John F. Kennedy’s Sailboat than the typical, and more standard 1031 Exchange? 15% capital gain rate. That means Uncle 11 Section 1031 provides that gain or loss is West Coast Expertise Sam gets $42,000 of that $150,000 gain, not recognized when property held for leaving the person with only $108,000. 12 productive use in trade or business, or Heritage Expands in NYC for investment, is exchanged for like-kind Now let's suppose, using that same property to be held for productive use example, that the individual wanted to 13 1 Crossover Appeal in trade or business, or for investment . CONT. ON PAGE 2 14 Upcoming Auctions 15 A highlight of Heritage’s upcoming May 4-6 auctions of Fine Jewelry Heritage Sponsored Events and Luxury Accessories is this beautiful 5.07 Carat Internally Flawless Need an Interesting Speaker? Fancy Light Pink Diamond, Diamond and Pink Gold Ring by Chopard. Estimate: $700,000 - $900,000 1Long, Jeremiah and Foster, Mary. Tax-Free Exchanges under §1031. Thompson Reuters. sell the Rockwell but reinvest those funds What does like-kind mean for rare US coins in an upcoming Heritage into something else. If the individual Collectibles? auction. He knows that he wants to use follows the like-kind exchange rules and In Real Estate, the definition of like-kind all the proceeds to buy better condition reinvests all the funds into a like-kind is broad and can include everything from examples of similar rare US coins. He replacement asset, those capital gain raw land, to an office building, rental reaches out to Accruit and discusses taxes can be deferred until the person homes and apartment complexes, to the process. Accruit and John Smith decides to sell the replacement asset at name a few examples. Collectibles, on sign all the required like-kind exchange a later time. This allows the full $150,000 the other hand, are much more narrowly documents and adhere to the rules and to be re-invested into something else, defined, and collectors must understand regulations. John sells his coins at the like a more valuable Rockwell or other the term like-kind as it pertains to the Heritage auction, and the sale proceeds Illustration artist’s work. nature or character of property rather are transferred to Accruit (who acts as than its grade or quality. Therefore, an unrelated third-party accommodator). an example of like-kind collectibles Once John decides to reinvest the can include rare Mexican gold coins proceeds into a like-kind replacement, for rare Austrian gold coins, a Winslow Accruit transfers all the proceeds to the Homer watercolor painting for a Georgia seller of the replacement gold coins. O’Keeffe watercolor painting and a Babe In return, John Smith doesn't pay the Ruth baseball bat for a Shoeless Joe related capital gains tax and therefore, Jackson baseball bat. Not considered allows himself an interest-free source of like-kind would include gold bullion capital to keep his collection growing. for silver bullion “silver and gold are intrinsically different metals and primarily How can I learn more? Heritage Auction's used in different ways”1 or Numismatic Reach out to Mark Prendergast (mprendergast@ coins for bullion coins. Numismatic HA.com; 214.409.1632) or Karl Chiao type coins are determined by their age, ([email protected]; 214.409.1958) or number minted, history, art, etc. while contact Accruit's Chad Schleicher bullion type coins are determined solely ([email protected]; 303-865-7334). on the basis of their metal content1. Accompanied by a signed letter in which Babe Ruth Accruit is the nation’s leading qualified states “.. this-my trustworthy bat with which I With artwork it’s critical to understand batted out my 57th and 58th [corrected to 59th] each piece’s nature and character as the intermediary for personal property home-runs at the Polo Grounds-New York City on exchanges, specializing in high-volume September 26, 1921 and broke my own world's core in defining whether or not they are home run record.”, Sold for $717,000 on February like-kind. Generally speaking, different like-kind exchange programs. 21st during Heritage’s Sports Collectibles Platinum Accruit.com Night® Auction in New York. pieces of media will not be considered like-kind to one another. An exchange that involves A company like Accruit acts as the third an oil painting party Qualified Intermediary (“QI”) who for another oil will hold the funds in escrow between painting will the original sale and the subsequent work, and an purchase of a “like-kind” investment item. oil painting for a sculpture or Is this a tax loophole? lithograph will The answer is NO. Like-Kind Exchanges generally not. began in 1921 and were established for a few primary reasons, two of which Describe are: To avoid unfair taxation on the the typical taxpayer’s continuing investment that process. began with the original property, and to John Smith encourage active reinvestment. Section is selling his 1031 encourages exchanging, prompting collection of investors to buy and sell on a frequent basis rather than buying once and sitting Using 1031 Exchanges, a collector can sell their Norman Rockwell drawing and replace it with a more valuable finished example, without paying capital gains taxes. This Rockwell preliminary drawing from on that asset for 50 years. 1949 for a Ford Motor Company Holiday card is coming up for sale during Heritage’s May 14-15th Illustration Art Auction in Beverly Hills. 2 SECOND ISSUE // 2015 RARITY, DESIRABILITY AND AUTHENTICITY WERE THE NAMES OF THE GAME ON SATURDAY NIGHT, FEB. 21, 2015 AT HERITAGE AUCTIONS’ NEW YORK “PLATINUM NIGHT®” SPORTS AUCTION, AS MORE THAN $9.8 MILLION WORTH OF THE WORLD'S MOST EXTRAORDINARY SPORTS MEMORABILIA CHANGED HANDS INSIDE THE FLETCHER-SINCLAIR MANSION WHILE SNOW BLASTED MANHATTAN OUTSIDE. Considered the most significant Muhammad With 2015 being the 50th anniversary of the most controversial Ali document in existence, Ali’s 1966 letter to event in sports history, both pairs of fight worn gloves from the the Draft Board requesting religious exemption famous "Phantom Punch" 1965 bout between Muhammad Ali from conscription to serve in the Vietnam War. & Sonny Liston sold for $956,000. The gloves come previously Sold for $334,600 from the personal collection of George Russo, the then Boxing Commissioner of the State of Maine, who seized the boxing gloves following the controversial first round Liston knockout. The only known "Shoeless Joe" Jackson signed photograph authenticated by modern grading- services, found in a photo book that sat in a trunk at Legendary Green Bay Packer's Coach Vince Lombardi's sweater from his the end of a bed in a Cleveland, OH house — and coaching days at West Point, found at Goodwill outlet for just 58 cents, was originally compiled by Cleveland newspaper sold for $43,020! The black and gold tone sweater had been donated by photographer Frank W. Smith in 1911. the widow of Bill Wannamaker, who coached at West Point with Lombardi Sold for $179,250 during the 1940s and early 1950s. 3 DEALING WITH AN ESTATE COIN COLLECTION BY SARAH MILLER When we are tasked with valuing an trust. To begin, look at the dates of resulting in value derived from their metal accumulation of coins in a safe or bank the coins and whether or not they have content. Older silver dollars minted from vault, it is often what we might term a been graded (certified), are in original 1878-1921 (Morgan Dollars) and 1921 to “mystery collection.” As most advisors government packaging, or are simply 1935 (Peace Dollars) carry at least some and executors are not numismatists by loose (known as “raw”). Anything that has premium over their silver content in worn trade or avocation, this pile of coins can been certified—placed in an inert plastic condition and can be scarce if a rare be either a store of value or source of holder with a condition report and a serial year, so set these aside from the pile to confusion.
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