29 Dec
2005
29 Dec
'05
8:39 p.m.
In article <Pine.SUN.4.20.0512292202570.12524-100000 at osfn.org>,
William Donzelli <aw288 at osfn.org> writes:
Not if you're going to the trouble of purchasing/building a structure
for public exhibition as a museum.
Of course, at that point its not really your "personal" collection
anymore.
You also can't form a 501(c)3 corporation by yourself.
Yes, forming a non-profit to hide the expenses of the collection in
your basement is probably not going to pass the inspection of an
audit.
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Additionally,
it may be helpful to form a 501(c)3 as the entity
through which you manage your collection if you're going to go to the
whole trouble of purchasing land or creating structures to house it.
That changes the tax situation dramatically and suddenly you can apply
for grants from places like the Bill & Melinda Gates Foundation for
historic preservation funds :-).
The tax situation also changes drastically with the IRS men at your
door. Turning a personal collection into an 501c3 is just begging for an
audit.