TaxProf Blog

Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Friday, May 31, 2013

Gerzog: Valuing Fractional Interests in Art for Estate Tax Purposes

Tax Analysts Wendy C. Gerzog (Baltimore), Valuing Fractional Interests in Art for Estate Tax Purposes, 139 Tax Notes 1073 (May 27, 2013):

It is difficult to value fractional interests in art because there is virtually no market in those interests. Nevertheless, the Tax Court in Estate of Elkins [140 T.C. No. 5 (2013)] valued the decedent’s fractional interests in multiple artworks, which the decedent and his children highly cherished. First, the court addressed the restricted agreements under § 2703 and then the court determined the value of decedent’s interests in the art.

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Fractional interests? More like a fiction created through creative estate planning to minimize the estate tax that was too clever by half.
The gymnastics that this couple went through in the estate planning for the artworks would make Nadia Commaneci proud.

Posted by: Justin the Lawyer | May 31, 2013 7:23:39 AM