In Estate of Kollsman v. Commissioner, No. 18-70565 (June 21, 2019), the Ninth Circuit affirmed a Tax Court decision to redetermine for estate tax purposes the fair market value of a decedent’s “Old Master” paintings.
See full opinion by clicking Kollsman v. Commissioner, No. 18-70565 (June 21, 2019).
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal..
This ruling has significant due diligence implications for legal advisors and wealth managers who, according to a recent Appraisal Foundation press release: “now have a greater fiduciary duty to their clients to fully understand appraiser qualification criteria and appraisal standards when vetting personal property appraisal experts.”
Please see: https://www.prnewswire.com/news-releases/the-appraisal-foundation-applauds-circuit-court-ruling-affirming-the-primacy-of-personal-property-appraisal-profession-300892359.html
An in-depth analysis of the original Tax Court ruling may be found here: https://procedurallytaxing.com/the-perils-of-a-discredited-appraisal-critical-insights-on-kollsman-v-commissioner/
Cindy Charleston-Rosenberg, ISA CAPP
Past President: International Society of Appraisers
Trustee: The Appraisal Foundation
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