777 Fed.Appx. 870 (9th Cir. 2019), 18-70565, Estate of Kollsman v. Commissioner of Internal Revenue
|Citation:||777 Fed.Appx. 870|
|Party Name:||ESTATE OF Eva Franzen KOLLSMAN, Deceased v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee. Jeffrey Hyland, Executor, Petitioner-Appellant,|
|Attorney:||Michael E. Swartz, Schulte Roth & Zabel LLP, New York, NY, for Petitioner - Appellant Gilbert Steven Rothenberg, Esquire, Deputy Assistant Attorney General, Bruce R. Ellisen, Sherra Wong, DOJ - U.S. Department of Justice, Washington, DC, William J. Wilkins, Chief Counsel, Internal Revenue Service...|
|Judge Panel:||Before: MURGUIA and HURWITZ, Circuit Judges, and ZIPPS, District Judge.|
|Case Date:||June 21, 2019|
|Court:||United States Courts of Appeals, Court of Appeals for the Ninth Circuit|
Argued and Submitted June 5, 2019 Portland, Oregon
Governing the citation to unpublished opinions please refer to federal rules of appellate procedure rule 32.1. See also U.S.Ct. of App. 9th Cir. Rule 36-3.
Michael E. Swartz, Schulte Roth & Zabel LLP, New York, NY, for Petitioner - Appellant
Gilbert Steven Rothenberg, Esquire, Deputy Assistant Attorney General, Bruce R. Ellisen, Sherra Wong, DOJ - U.S. Department of Justice, Washington, DC, William J. Wilkins, Chief Counsel, Internal Revenue Service, Washington, DC, for Respondent - Appellee
Appeal from a Decision of the United States Tax Court. Tax Ct. No. 26077-09.
Before: MURGUIA and HURWITZ, Circuit Judges, and ZIPPS,[*] District Judge.
The Estate of Eva Franzen Kollsman appeals the Tax Courts determination of the fair market value of two Old Master paintings, Village Kermesse with Dance Around the Maypole (Maypole ) and Orpheus Charming the Animals (Orpheus ). As a result of this determination, the Tax Court found there was a deficiency in estate tax due in the amount $585,836. The Estate also seeks a reduction in the interest owed on the deficiency. We have jurisdiction under 26 U.S.C. § 7482(a)(1) and affirm.
"[T]he Tax Courts determination of the value of property is a finding of fact, which we will reverse only for clear error." Sammons v. Commr, 838 F.2d 330, 333 (9th Cir. 1988) (citations omitted). We review issues of law de novo. See Meruelo v. Commr, 691 F.3d 1108, 1114 (9th Cir. 2012) (citation omitted).
1. The Tax Court correctly applied the law. The Tax Court correctly concluded that the relevant value of the paintings was the fair market value on the valuation date, the time of Kollsmans death. See Treas. Reg. 20.2031-1(a), (b). The Tax Court also correctly concluded that "[f]air market value for this purpose is the...
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