Heirs of a wealthy New York art dealer were left a $65 million sculpture that might just be more trouble than its worth.
Illeana Sonnabend, who died in 2007, left an art collection worth an
estimated $1 billion. But one item in particular, Robert Rauschenberg's
“Canyon,” is an heir's nightmare, a lawyer's dream and an IRS conundrum.
The bequest comes with a $29 million tax bill, but since the piece
includes a stuffed eagle, it can't be sold.
Lawyers for Sonnabend's children and beneficiaries, Nina Sundell and
Antonio Homem, are hoping federal tax collectors change their valuation
of the item, since they're stuck with the piece - and the taxes on it.
But for now, the IRS isn't budging, and the case may be decided by a
jury.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
2 comments:
Hey, IRS, you can't sell it, you can't tax it. DUH. If it's an eagle, let them donate it to a museum and give them the 65 million tax deduction..... ohh, NOW I see the problem here!
Maybe revenge on the part of the deceased?
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