The IRS released publication 5392, The Art Advisory Panel of the Commissioner of Internal Revenue, summarizing the closed meeting activities of the Art Advisory Panel during fiscal year 2020. The Panel provides valuation recommendations on artwork involved in estate, gift, and income tax returns. Due to the Covid-19 pandemic, the Fine Arts Panel met only once in 2020 and the Decorative Arts Panel did not meet. The Panel reviewed 43 items, with an aggregate taxpayer valuation of $57.672 million. The Panel accepted the valuation of 12 items and adjusted the value of 31 items, resulting in total net adjustments of $12.373 million (21.45 percent increase).
Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.