THE UCC AND BANKRUPTCY–THE ARTIST’S TRAP

The Uniform Commercial Code, also known as the UCC, governs all sales of goods in the United States.  Under the UCC, whenever an artist brings a work to a gallery for sale, that work is considered to be a consignment.  What this means is whatever rights the artist...

ARTIST’S PROFESSION IS NOT A HOBBY UNDER TAX LAWS

Last October, artists everywhere won a victory against the IRS. The United States Tax Court held that the IRS had incorrectly ruled that an artist’s profession was merely a hobby and that any assessment of back taxes and penalties was improper. A brief background on...