TaxProf Blog: NY Times: Museum Directors Enjoy Tax-Free Housing in Multi-Million Dollar Condos: "The director of the Museum of Modern Art, Glenn D. Lowry, may have the best deal of all. In addition to the $2 million in salary and benefits he earned last year, he lives in a $6 million condo in the tower atop the museum.
But it’s not just the nice — and free — accommodation: None of these museum heads pay income tax on the value of this housing, which combined would rent for about $400,000 a year."
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Seems there is a tax loophole for university presidents and other cultural poobahs who are required to live on "business premises," meaning university or museum owned housing. It is major league perk. Not only do they get free housing--they don't even have to pay taxes on what is obviously a huge part of their pay package.
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