9th Circuit Follows Up on Value of Fractional Interest in Major Art Collection

Business Valuation UpdateVol. 15 No. 7
Legal and Court Case Update
July 2009

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5999 Miscellaneous Retail Stores, NEC
453920 Art Dealers
federal taxation
Stone v. U.S. (II)
2009 WL 766497 (C.A. 9 (Cal.))
March 24, 2009
US
Federal Court
9th Circuit
Court of Appeals
Carsten Hoffman (taxpayer)
McKeown, Block, Ikuta

Summary

9th Circuit rejects estate’s appeal of 5% discount for a 50% undivided fractional interest in art collection, based on insufficient appraisal evidence to carry the taxpayer’s burden of proof to show that IRS assessment was wrong.

See Also

Stone v. U.S. (II)

Full Text of Court Cases
March 24, 2009

Ninth Circuit rejects estate’s appeal of 5% discount for a 50% undivided fractional interest in art collection, based on insufficient appraisal evidence to carry the taxpayer’s burden of proof to show that IRS assessment was wrong.