Article About Valuing Fractional Interest In Art For Tax Purposes

Wendy C. Gerzog

, (Professor of Law, University of Baltimore School of Law) recently published an article entitled, Valuing Fractional Interests in Art for Estate Tax Purposes, (May 30, 2013). Tax Notes, Vol.139, No.9, 2013. Provided below is the abstract from SSRN: 

It is difficult to value fractional interests in art because there is virtually no market in those interests. Nevertheless, the Tax Court in Estate of Elkins valued the decedent’s fractional interests in multiple artworks, which the decedent and his children highly cherished. First, the court addressed the restricted agreements under section 2703 and then the court determined the value of decedent’s interests in the art.