Elkins’ Abstract Post  Impressions

Elkins’ Abstract Post Impressions

Can works of art be transferred by using them to fund grantor retained income trusts?

On March 11, 2013, the U.S. Tax Court issued its highly anticipated opinion in Estate of Elkins v. Commissioner,1 in which the court concluded, among other things, that there was no bar, as a matter of law, to claiming a pro rata discount on a decedent’s undivided fractional interests in 64 works of art. 

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