Estate of Elkins, Jr. v. Commissioner: Valuating Fractional Interests in Art for Federal Estate Tax Purposes (PDF)
This EIA updates and complements "Valuation of Artwork for Federal Estate Tax Purposes and Disregarding Restrictions on a Decedent's Property Under Section 2703(a)(2)," 2013 Emerging Issues 6974. The first EIA discussed the tax court's decision, which provided that the property value should be determined without regard to restriction on the right to sell or use such property. This EIA explores the appeals court decision reversing the tax court.
Diane L. Mutolo, J.D., LL.M. is a member of the New York Bar, and her LL.M. is in Taxation. She is the update author for the LexisNexis Matthew Bender treatise, How to Save Time & Taxes Preparing Fiduciary Income Tax Returns.
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