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Post by jujurocs on Jul 26, 2012 16:43:47 GMT -8
The heirs of art dealer Ileana Sonnabend have inherited “Canyon,” a pop-art masterpiece by Robert Rauschenberg that's been valued at $65 million by IRS assessors. Only one catch: The artwork features a stuffed bald eagle, making it illegal to sell the work under federal eagle protection rules. That's left Sonnabend's heirs on the hook for a $29 million tax bill, but with no way to sell the artwork in question. complete article here: www.nytimes.com/2012/07/22/arts/design/a-catch-22-of-art-and-taxes-starring-a-stuffed-eagle.html?_r=1
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Post by ksn on Jul 27, 2012 4:05:12 GMT -8
Wow, that's nuts.
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Post by zippy on Jul 27, 2012 8:16:49 GMT -8
Very interesting read. The laws here in the UK seem a lot more straightforward than the US. Unless we have lawyers on here who will tell me otherwise.
Please update us as this continues .
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Post by sleepboy on Nov 28, 2012 10:29:36 GMT -8
theartlawblog.blogspot.com/2012/11/the-eagle-has-now-landed.htmlPatricia Cohen reports that there's been a (very sensible) settlement in the Rauschenberg bald eagle case: "the I.R.S. dropped the [$41 million] tax assessment; in exchange, the family was required to donate [the work] to a museum where it would be publicly exhibited and claim no tax deduction."
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