Sotheby's to auction Botticelli tax-free

Cement magnate, Sheldon Solow, 92, using legal avoidance scheme

(ANSA) - NEW YORK, OCT 8 - Sotheby's is set to auction an extremely rare Botticelli tax-free to avoid a hefty tax bill.
    The portrait of a young man believed to belong to the Medici family has been put up for auction by the 92-year-old cement magnate Sheldon Solow.
    Solow bought it about 40 years ago for just over $1 million.
    Its estimate by the New York auction house is now $80 million.
    Normally such a profit would have to be declared as capital gains tax amounting to something like $33 million.
    This is not the case for Solow, who several years ago donated the work to his private foundation saving millions of dollars in tax breaks for philanthropy.
    The scheme is perfectly legal and is often used by wealthy Americans to protect various assets from the taxman, ranging from shares to real estate. (ANSA).


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