by Christine | Oct 5, 2015 | Art, Estate Tax |
Owning a fractional interest in a piece of highly valued art has never been a simple matter where estate taxes are concerned. How the IRS values and applies the estate tax for estates that include fractional interests in art may be changing due to a recent Fifth...
by Christine | Nov 17, 2014 | Art, Asset Protection, Assets, Estate Planning, Estates, Inheritance, Living Trust, Probate, Trusts, Wills |
Serious art collectors might roll over in their graves—or never marry—if they knew what feuds their purchases were destined to inspire. On the other hand, lots of friction can be avoided if lovers of art and their families acquaint themselves with a few legal and tax...
by Christine | Jul 16, 2014 | Art, Estate Law, Estate Tax, Tax Law, Valuation |
New rules and enforcement guidelines may render these items not only illegal to export or import, but also unsalable within the United States. Valuing artwork is never an easy task. It gets all the more tricky with antiques composed of protected materials which cannot...
by Christine | Jul 1, 2014 | Art, Charitable Giving, Estate Planning |
The tax law makes clear that the taxpayer has the burden of substantiating the value of the property. To this end, a taxpayer must not only comply with the procedural requirements for valuation, but must also persuade the trier of fact that his claimed...
by Christine | Oct 17, 2013 | Art, Estate Law, IRS, Taxation, Valuation |
Whenever a U.S. taxpayer dies or gives away valuable art—or any time it changes hands other than through a sale—Uncle Sam has an interest in knowing its true value. The art panel protects that interest, by vetting values submitted by taxpayers or executors; in...
by Christine | Sep 9, 2013 | Art, Bequeath, Charitable Giving, Gift Law, IRS, Taxes |
The purpose of the panel meetings is to discuss and make recommendations regarding the acceptability of taxpayers’ appraisals of works-of-art. If the Panel recommends rejection of a taxpayer’s appraisal, it may also recommend a different valuation, the securing of...
