American art dealer Mary Boone's tax returns, a work of 'impressionism than realism'

Business | 15 Feb 2019 10:07 am

Following the jailing of New York City art dealer, Mary Boone for tax avoidance, Assistant U.S. Attorney Olga I. Zverovich said a history of mental illness and substance abuse cited by art dealer MAry Boone’s lawyer was no excuse for her failure to pay over US$3 million in US taxes.

Boone, she said, paid no taxes in 2009 and 2010 on millions of dollars in revenues and only US$335 in taxes in 2011, when she should have paid over US$1.2 million.

"It’s brazen. It’s deliberate. It’s expensive and clearly motivated by greed,” Zverovich said.

Prosecutors said Boone all but eliminated her taxes in 2011 by using business funds to pay about US$1.2 million in personal expenses, including US$793,000 to remodel her Manhattan apartment, US$120,800 for rent and US$300,000 in personal credit card charges.

Prosecutors said Boone fooled her accountant by mischaracterizing personal expenses.

For instance, they said, she called a US$500,000 payment to a contractor for apartment remodeling a commission, and she withdrew over US$560,000 in cash from gallery accounts from 2009 to 2011, listing them as business payments to a printing company or failing to report them at all.

Manhattan U.S. Attorney Geoffrey S. Berman said in a statement that her personal tax returns "were more a work of impressionism than realism.”

"Seemingly in order from afar, the picture Boone painted of her profits, losses, and expenses was, upon closer inspection, a palette of lies and misrepresentations mixed together to avoid paying over US$3 million in taxes,” he added.-AP

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