• MindYourOwnBody

    If the IRS valued the thing at $65 mil., why couldn’t they have donated it at that value??

    • Stream2001

      yes, just make sure they donate it to a museum funded and run by the US govt. Smithsonian? It makes sense that if the IRS has placed that value, they could then donate it for that value?
      Guess that wouldn’t work as well for the drug scenario though…

  • Dhinds

    Ths IRS also once seized a whorehouse in Nevada and ran it until they found a buyer.

  • Corinne

    As an appraiser working on an estate in California containing American Indian items not legal to sell (cultural patrimony), I was urged to stipulate FMV as of date of death. I could not fathom soliciting black market pricing from those involved in selling or buying contraband, especially in light of the character of the heirs, who had no interest in participating in illegal markets.

    Hopefully someone with influence and/or deep pockets will expose this illogical position on the part of the IRS.

  • Ccallan

    My sister pled not-guilty to an embezzlement charge. She past away before her case was brought to trial. The IRS taxed her estate based on what they believed she embezzled. They received her estate in it’s entirety.

  • Jim

    Have the estate donate the art piece to a museum or other 501c3 and take a deduction for the $65 million based on the IRS appraisal. That ought to cover some ofthe other estate assets.