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Art Internal Revenue Service

Gray Reed

The Fine Print: IRS Examination of Artwork

Gray Reed on

Many taxpayers have art collections. However, the art collections of some high-net-worth individuals, family offices, and business taxpayers may draw the unwanted eye of the IRS. With the increased focus on auditing...more

Rivkin Radler LLP

Taxing NFTs as an Investment in “Art”

Rivkin Radler LLP on

Segue- Earlier this month, the Treasury released a study in which it examined how transactions in “high-value art” may facilitate the laundering of illicit proceeds.[i] The study also considered efforts that be undertaken by...more

Farrell Fritz, P.C.

The “Art” Of Operating Foundations: A Public-Private Venture

Farrell Fritz, P.C. on

In the Beginning- From the dawn of recorded history, those who have the means have purchased or otherwise financed the work of those whom we call artists – talented individuals capable of producing what we call works of...more

Adler Pollock & Sheehan P.C.

Donate art and secure a tax break

Valuable works of art may be ideal candidates for charitable donation. Generally, it’s advantageous to donate appreciated property to avoid capital gains taxes. Because the top capital gains rate for art and other...more

Proskauer Rose LLP

Wealth Management Update - February 2016

Proskauer Rose LLP on

February Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The February § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

Proskauer Rose LLP

Wealth Management Update - November 2014

Proskauer Rose LLP on

November Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The November Section 7520 rate for use with estate planning techniques such as CRTs, CLTs,...more

Williams Mullen

Fifth Circuit Court Reverses Tax Court Ruling on Fractional Interest Valuation Discounts

Williams Mullen on

On September 15, the U.S. Court of Appeals for the Fifth Circuit reversed a 2013 Tax Court decision that had allowed only a nominal, 10% fractional interest discount for artwork included in a decedent’s estate....more

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