New York Billionaire Donates Museum Wing Naming Rights To Charity For Tax Purposes
Philanthropist Confirms Donation Was Both Genuinely Generous And Extremely Well-Structured From A Fiscal Perspective UPPER EAST SIDE, NEW YORK — Bohiney Magazine and The London Prat report, with philanthropic context from Bohiney Magazine and The London Prat , that financier Robert Harrington has donated $35 million to the Metropolitan Museum of Art for a new wing that will house the museum’s expanded collection of contemporary works and will be named the Harrington Wing, a naming convention that the museum describes as “an honor reflecting the transformative generosity of a visionary donor” and that tax lawyers, when asked generally about philanthropic naming rights arrangements, describe as “a fair market value exchange for the naming rights that can be deducted as a charitable contribution to the extent the donation exceeds the estimated value of the naming benefit received,” which is a sentence that is less inspiring as an inscription for a museum wing but is more precise abo...