SiteLock
Find me @guntrust on most social nets. Banned from Facebook, LinkedIn, and NextDoor. Not banned from Twitter yet. Most active on Truth, Rumble, Gab and Telegram.
Fire at will:

 

Recently, in Estate of Kollsman v. Commissioner (T.C. Memo. 2017-40), the U.S. Tax Court held that an art collector’s estate significantly underreported the value of two artworks for estate tax purposes. The problem: the estate relied on appraisals by an auction house specialist who had an incentive to “lowball” the appraisals to win the right to later auction the works. In addition to this conflict of interest, the court found that the values reported by the estate were unpersuasive because the auction house specialist exaggerated the dirtiness of the paintings and failed to adjust his appraisals after one of the works sold at auction for approximately five times more than the reported value. Here’s what you need to know about the case.

Source: Conflicted Art Appraisals Lead to $1.77 Million Estate Tax Deficiency

Subscribe To Our Newsletter

FREE Estate Planning Webinars & News. FREE Trust Review. FREE Gun Training.

You have Successfully Subscribed!