The Fifth Circuit Court of Appeals has overturned a Tax Court decision in a ruling that has major implications for estate planning and works of art. While the central basis for the decision in favor of the Estate of James Elkins was the inexplicable failure by the IRS to rebut the taxpayer’s evidence, the decision… Continue Reading
Category Archives: Tax
Subscribe to Tax RSS Feed“Canyon” Update—Rauschenberg’s Bald Eagle Collage Goes to MoMA, Tax Dispute Resolved
Posted in TaxAs posted at the Art Law Report two weeks ago, a settlement of the IRS dispute over Robert Rauschenberg’s work “Canyon”—which incorporates a stuffed bald eagle, thus implicating criminal statutes prohibiting any sale or transfer of the national bird—has been announced publicly. According to public reports, the heirs of Ileana Sonnabend, who inherited the work… Continue Reading
Possible Settlement of IRS Dispute Over Rauschenberg’s “Canyon”
Posted in Events, TaxAt Friday’s outstanding Art Law Day presented by the Appraisers Association of America, among the highlights were talks by Ralph Lerner and Judith Bresler, co-authors of the indispensable Art Law (just published in its fourth edition). As part of a panel on Philanthropy and the Law, Lerner gave a notable update on one of the… Continue Reading
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