- 3 - the School of Art at the University of California at Los Angeles.1 Dean Stussy resided in the residence until his death. The Foundation is a section 501(c)(3) organization that was formed in 1990. The Foundation is responsible for storing, cataloging, and selling the paintings and other artwork of Dean Stussy (collectively, Dean Stussy artwork). The Foundation began storing the Dean Stussy artwork at the residence at or about the time the Foundation was formed and continued to store the Dean Stussy artwork there throughout the subject year. The Dean Stussy artwork stored at the residence included approximately 100 pieces which measured 4 feet by 8 feet and approximately 1,000 pieces which measured 4 feet by 4 feet. The Foundation valued its Dean Stussy artwork at $820,934 as of December 31, 1998. Pursuant to a “Deed of Gift and License” dated April 30, 1990, Dean Stussy made two gifts to the Foundation. The first gift was the Dean Stussy artwork. The second gift was a license to the exclusive use of four rooms (collectively, rooms) in the residence. The rooms, none of which during the subject year were used by petitioner for personal purposes, totaled 900 square feet. Petitioner was not entitled to collect from the Foundation any rent on the rooms, and the Foundation was liable for only the payment of insurance. 1 Dean Stussy painted more than 7,000 paintings.Page: Previous 1 2 3 4 5 6 7 8 9 10 Next
Last modified: May 25, 2011