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
Eileen Kinsella at ArtNet news reported today that the Gurlitt Taskforce has recommended the restitution of the Max Liebermann painting Riders on the Beach (Reiter am Strand) to David Toren, a New York man who left Germany at age 14 in 1939. His great uncle David Friedmann lived in Breslau, the capital of Silesia (now part of Poland, known as Wrocław). The Nazis catalogued and seized Friedmann’s art collection in 1939-40, and the Liebermann painting appears on those records. It was later found among those 1,280 objects seized from Gurlitt a little over two years ago when he aroused suspicion returning from Switzerland with a large amount of cash.
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Topics: Breslau, Eileen Kinsella, Wrocław, Gurlitt Task Force, Max Liebermann, Silesia, Nazi-looted art, Gurlitt Collection, Entartete Kunst, Reiter am Strand, August Matteis, Restitution, David Toren, 28 U.S.C. § 1605(a)(2), World War II, Switzerland, degenerate art, Poland, Altmann v. Republic of Austria, Kunstmuseum Bern, www.lostart.de, Berner Zeitung, Riders on the Beach, David Friedmann, ArtNet news
I took part in a panel discussion at the Sotheby’s Institute on May 27, 2014 entitled “Art Fairs: An Irresistible Force In The Art World?”
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Topics: Eileen Kinsella, Entertainment Arts & Sports Law Section, Kristina Nazarevskaia, Richard, Elizabeth Dee, Events, Edward Winkleman, Art Fairs, Indpendent, New York State Bar Association, Judith B. Prowda, galleryIntell, John Haber, Nicholas M. O'Donnell, ArtNet
I took part in last week’s panel discussion at the Sotheby’s Institute entitled “Art Fairs: An Irresistible Force In The Art World?” Moderated by Judith Prowda, the panel was comprised of Edward Winkleman, Elizabeth Dee, Richard Lehun, and me. We reviewed the financial, practical, ethical, and legal effects that the expansion of art fairs has had on the trade.
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Topics: Eileen Kinsella, Sotheby’s Institute of Art, Entertainment Arts & Sports Law Section, Kristina Nazarevskaia, Richard Lehun, Elizabeth Dee, Sullivan & Worcester LLP, Stropheus Art Law, Events, Edward Winkleman, Art Fairs, Indpendent, New York State Bar Association, Judith B. Prowda, galleryIntell, Nicholas M. O'Donnell, ArtNet
