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Elkins: A Double-Edged Sword?

Elkins: A Double-Edged Sword?

The ruling may result in a lower charitable tax deduction for contributions of fractional interests in art
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In September 2014, the U.S. Court of Appeals for the Fifth Circuit held, in Estate of Elkins v. Commissioner,1 that the estate of a prominent Texas art collector was entitled to substantial valuation discounts for owning fractional interests in artwork. In this landmark decision, the Fifth Circuit rejected the Internal Revenue Service&rsquo

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TAGS: Philanthropy
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