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Elkins: A Double-Edged Sword?

Elkins: A Double-Edged Sword?

The ruling may result in a lower charitable tax deduction for contributions of fractional interests in art

In September 2014, the U.S. Court of Appeals for the Fifth Circuit held, in Estate of Elkins v. Commissioner,1 that the estate of a prominent Texas art collector was entitled to substantial valuation discounts for owning fractional interests in artwork. In this landmark decision, the Fifth Circuit rejected the Internal Revenue Service&rsquo

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TAGS: Philanthropy
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