Tax Law Update May 2013

Tax Law Update May 2013

• Tax Court applies nominal discount to fractional interests in art—In Estate of James A. Elkins, Jr., 140 T.C. No. 5 (March 11, 2013), the Tax Court addressed the valuation of fractional interests in 64 pieces of artwork owned by the decedent, James A. Elkins, Jr. The decedent and his wife originally owned the artwork together, 50 percent each, under the community property laws of Texas. By the time of his death, James&r

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