Arts and Humanities Tax Reform Act of 1985

Summary

Arts and Humanities Tax Reform Act of 1985 - Amends the Internal Revenue Code to permit the executor of an estate, in calculating the value of the gross estate, to disregard that portion of the value of any copyright or literary, musical, or artistic work created by the decedent which would have been ordinary income if such work had been sold by the decedent at its fair market value. Allows an income tax deduction for the current fair market value of a literary, musical, or artistic composition created by the taxpayer and contributed to a charitable organization. Disallows such estate tax valuation and charitable contribution deduction if the property was produced while the taxpayer was a Government officer or employee and arose out of the performance of the taxpayer's duties. Permits a tax deduction for the business use of a home if such dwelling unit is used to a substantial extent (rather than exclusively as provided under current law) for the taxpayer's trade or business. Requires the Secretary of the Treasury to submit to the appropriate congressional committees legislative recommendations with respect to such deduction.

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1 official file

• Introduced in House

  summary · EN · 21 March 1985

  Open at official source

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