Estate of Elkins v. Comm'r
United States Tax Court
D owned undivided fractional interests in 64 works of contemporary art. 1. Held: In valuing certain of those fractional interests, pursuant to I.R.C. sec. 2703(a)(2) we disregard D's agreement by which he waived his right to institute a partition action with respect to some of the works of art and thereby relinquished an important use of his fractional interests in those works. 2. Held, further, the total fair market value of D's interests in the art determined.
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D owned undivided fractional interests in 64 works of contemporary art. 1. Held: In valuing certain of those fractional interests, pursuant to I.R.C. sec. 2703(a)(2) we disregard D's agreement by which he waived his right to institute a partition action with respect to some of the works of art and thereby relinquished an important use of his fractional interests in those works. 2. Held, further, the total fair market value of D's interests in the art determined. SeeI.R.C. sec. 2031.
1Opinion of the Court
ESTATE OF JAMES A. ELKINS, JR., DECEASED, MARGARET ELISE JOSEPH AND LESLIE KEITH SASSER, INDEPENDENT EXECUTORS, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Estate of Elkins v. Comm'r
Docket No. 16597-10.
United States Tax Court
140 T.C. 86; 2013 U.S. Tax Ct. LEXIS 6; 140 T.C. No. 5;
March 11, 2013, Filed
Decision will be entered under Rule 155.
D owned undivided fractional interests in 64 works of contemporary art.
1. Held: In valuing certain of those fractional interests, pursuant to I.R.C. sec. 2703(a)(2) we disregard D's agreement by which he waived his right to institute a…
2Cases cited28 opinions
- Helvering v. National Grocery Co.Supreme Court of the United States · 1938
- United States v. CartwrightSupreme Court of the United States · 1973
- Buffalo Tool & Die Mfg. Co. v. CommissionerUnited States Tax Court · 1980
- Seymour Silverman v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1976
- Parker v. CommissionerUnited States Tax Court · 1986
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