New York: Fine Art Purchased in Co-Ownership and Then Leased to Co-Owner is an Exempt Resale

The New York Tax Appeals Tribunal reversed an administrative law judge’s ruling to hold that a limited liability company’s purchase of a one-half interest in a fine art painting that was subsequently leased to the painting’s other co-owner under a written one-year lease agreement qualified for sales tax exemption, because it had acquired the interest exclusively for re-lease at the time of purchase.

Source Deloitte

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