litigation

Fifth Circuit Decision Affirms Importance of Documenting Valuation Discounts

In the recent decision Estate of James A. Elkins, Jr. v. Comm’r, the Fifth Circuit Court of Appeals ruled that artwork owned by an estate was entitled to a significant 45% valuation discount, resulting in an over $14 million estate tax refund.  At the time of his death, James Elkins, the decedent, owned a 50% or 73% interest in 63 … Continue reading »