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Can you say extortion.
"Placing a value on an item that cannot be sold is no easy feat. The venerable auction house Christie’s placed the value of "Canyon" at zero. The IRS initially put it at $15 million, then jumped the figure to $65 million when Sundell and Homem refused to pay, according to The New York Times.
The IRS, which declined to comment on the matter, is not only asking for $29 million in taxes, but also an $11.7 million “gross valuation misstatement” penalty, according to Forbes.
Sundell and Homem, who could not be reached for comment Tuesday, have paid $471 million in federal and state estate taxes related to the collection and have already sold roughly $600 million worth of art to pay those taxes, Lerner told FoxNews.com."
http://www.foxnews.com/us/2012/07/24/irs-art-collection-heirs-hope-to-settle-bizarre-tax-dispute-over-canyon-collage/
"Placing a value on an item that cannot be sold is no easy feat. The venerable auction house Christie’s placed the value of "Canyon" at zero. The IRS initially put it at $15 million, then jumped the figure to $65 million when Sundell and Homem refused to pay, according to The New York Times.
The IRS, which declined to comment on the matter, is not only asking for $29 million in taxes, but also an $11.7 million “gross valuation misstatement” penalty, according to Forbes.
Sundell and Homem, who could not be reached for comment Tuesday, have paid $471 million in federal and state estate taxes related to the collection and have already sold roughly $600 million worth of art to pay those taxes, Lerner told FoxNews.com."
http://www.foxnews.com/us/2012/07/24/irs-art-collection-heirs-hope-to-settle-bizarre-tax-dispute-over-canyon-collage/