Petitioners’ Basis in Inherited Art Collection Is the Value Determined for Federal Estate Tax Purposes

Business Valuation Update BVLaw
Legal and Court Case Update
May 12, 2004

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8412 Museums and Art Galleries
712110 Museums
estate and gift taxation
Janis v. Commissioner
2004 Tax Ct. Memo LEXIS 116
US
Federal Court
United States Tax Court
Andrew J. Wilson, Brian D. Caplan, Lydia A. Branche, Michael Schlesinger, Shawna A. Early, Vicki G. Cheikes
Cohen

Summary

The U.S. Tax Court determined the petitioners’ basis in an art collection inherited from their father.

See Also

Janis v. Commissioner

Full Text of Court Cases
May 12, 2004

In this tax case the issue was the value of an art gallery.