Re:Art's sale value? Zero. The tax bill? $29M
by gamblor956 on Friday July 19, 2019 @12:11PM
(#20479835)
Please use some common sense here. If you couldn't even sell it for a $1, then how are you expecting it to be valued at more than $1?
The IRS valuation of art and other collectibles is based on polling independent third-parties the likely fair-market value of the art/collectible at issue. If the situation proceeds to court, then they develop a formal appraisal (or occasionally hire an independent third-party appraisal, depending on the item being examined).
The IRS valuation of art and other collectibles is based on polling independent third-parties the likely fair-market value of the art/collectible at issue. If the situation proceeds to court, then they develop a formal appraisal (or occasionally hire an independent third-party appraisal, depending on the item being examined).