Assuming you can persuade the Internal Revenue Service that you are in the museum business to make money, not to have fun, you can write off any operating losses against other income.
"It's my mother's engagement ring so I thought it was quite nice because obviously she's not going to be around to share any of the fun and excitement of it all - this was my way of keeping her close to it all, " he said.
If this letter from Thomas Barthold, Chief of Staff of The Joint Committee on Taxation is any indication it is not going to be nearly as much fun, when it comes to rate reduction this time.