Art for Taxes

Degas
"Dancer Looking at the Sole of Her Right Foot"

"Acceptance in Lieu," the Brits call it. Unlike our Internal Revenue Service, which demands cash, the British sometimes accept works of art in payment of inheritance tax. The Degas sculpture above is a recent example.

At London's Courtauld Institute the bronze will keep company with another Degas work, acquired a few years ago under the Acceptance in Lieu program from the estate of art dealer and historian Lillian Browse. (Known as 'The Duchess of Cork Street," this remarkable woman started out as a dancer, moved into the art world and lived until age 99.)

Should the U.S. consider accepting art in payment of taxes?