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New York AG: Sothebys helped rich art lover skirt taxes – 24web.news

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See Fox Business Network streaming live on the web.Sothebys assisted an art collector evade millions of dollars in New York sales taxes, the state lawyer general said in a lawsuit filed Friday, accusing the prominent auction home of accepting fake documents to spare a top customer a tax bill.GET FOX BUSINESS ON THE GO BY CLICKING HEREThe case involves $27 million worth of purchases of pieces by such artists as painter Jean-Michel Basquiat and carver Anish Kapoor, and it portrays Sothebys as so excited to keep a leading clients service that staffers enabled him to pass himself off as an art dealer for tax purposes. After the collector asked why some art purchases arent subject to sales tax, she supplied him with whats understood as a “resale certificate” type and partially filled it out.The file is suggested to offer a tax exemption only to art dealers buying products for their company inventory and resale. Other buyers generally owe New York state and city sales tax on art purchased and provided in the city.CLICK HERE TO INTERACT WITH FOX NEWS VOTER ANALYSISThe staffer– and, over time, more than 20 coworkers– knew the customer was buying art for his own enjoyment, according to the claim.

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