Franchise Tax Board - Undivided Interest in Artwork

The franchise tax board was tasked with determining the appropriate amount of capital gains taxes due from the sale of a highly valuable piece of art. The tax was primarily based upon the tax basis in the hands of the taxpayer that had sold the art work. Complicating the matter was the fact that the taxpayer along with other family members held a fractional interest in the art work prior to the sale. Stout was able to rely on its experience in valuing fractional interests and its depth of data to determine the fair market value of the interest in the art work.

Related Professionals

All Related Professionals