Art Law Report

Appellate Ruling Bolsters Role of Fractional Interests in Estate Planning

Posted by Nicholas O'Donnell on October 1, 2014 at 4:56 AM

The Fifth Circuit Court of Appeals has overturned a Tax Court decision in a ruling that has major implications for estate planning and works of art. While the central basis for the decision in favor of the Estate of James Elkins was the inexplicable failure by the IRS to rebut the taxpayer’s evidence, the decision nonetheless offers guidance for an important estate planning tool: fractional interests. Eileen Kinsella has also analyzed the case at Art Net (I’m quoted) here.

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Topics: estate tax, Estate of James Elkins, fractional interest, Eileen Kinsella, GRIT, Tax Court, 5th Circuit Court of Appeals, Court of Federal Claims, Estate Planning, ArtNet, Grantor Retained Income Trust, Tax, Elkins

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The Art Law Report provides timely updates and commentary on legal issues in the museum and visual arts communities.

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