Dieter Stussy - Page 3

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          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.                            

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Last modified: May 25, 2011