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Gotta Love Creative Accounting … Except When You Get Caught.

September 5, 2018
image-maryboone

Mary Boone

It was revealed today that art dealer Mary Boone pled guilty to falsifying her 2011 tax return to the tune of $1.6M!  In 2011, Boone reported a business loss of over $52K when, in fact, there was a $3.7M profit.  Similar discrepancies appeared in her 2009 and 2010 returns.  It seems that she needed money to renovate her NYC apartment and decided to write off the personal expenses as tax-deductible business expenses. Talk about creative accounting.

Now that the IRS caught her, it will cost Boone big … $3.1M … and her sentencing is scheduled for January 18, 2019 (she faces a maximum of 3 years for each of the two counts she pled guilty to).

In case her name sounds familiar, you might remember that last November she was involved in a lawsuit with Alec Baldwin over a Ross Bleckner painting.  Boone lost that one as well. Like they say, leopards never change their spots.

Source: Dealer Mary Boone pleads guilty to $1.6m in tax fraud | The Art Newspaper

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