Estate of Elkins v. C.I.R., 140 T.C. No. 5 (2013)

Estate of Elkins v. C.I.R., 140 T.C. No. 5 (2013) 140 T.C. 86, Tax Ct. Rep. (CCH) 59,471, Tax Ct. Rep. Dec. (RIA) 140.5 55 56 57 Graves, Nancy Meadmore, Clement Noland, Kenneth Omon (Series E) 1976 (Wax crayon on paper, 35- x 47-1/4-) Untitled, 1992 (Bronze, Height: 8-1/2") Hand Painted Bookcover, 1977 (Acrylic on canvas, 3,000 3,000 2,000 11" x 12") 58 Hamilton, Juan Abstract Form # 52, 1975 1,75 0 (Height: 14-1/2") 59 Love, Jim Monday Morning: What 1,200 to do ... What to do, 1992 (Welded Steel, 8- x 60 Love, Jim Looking for Santa Claus 1,200 (welded steel, 9—3/3" x 8") 61 Stella, Frank Pastel Stack, 1970 (28" x 900 41") 62 Fuller, Sue String Composition # 213, 750 1963 (Nylon & Saran thread with Plexiglas, 36" x 36") 63 N/A Sepik River Carved 250 Polychrome Wood Mask, 20th Century (Height: 64"; Width: 22") 64 N/A Sepik River Carved and 100 Polychrome—Painted Wood Shield, 20th Century (Height: 69-1/2"; Width: 14") Total 24,580,650 *138 APPENDIX B Nash Artist Title/year Option 1 Option 2 Concluded Fair market category discount discount discount value of interest I Johns, J. Figure 4, 1967 71.72% 70.31% 70.31% $1.735.188 I Pollock. J. Untitled, Number 51.69% 59.68% 51.69% 1,449.210 21. 1949 I Moore, H. Two-Piece 51.69% 66.89% 51 .69% 966.140 Reclining Figure No. 3, 1961 WestlawNex! © 2014 Thomson Reuters. No claim to original U.S. Government Works. EFTA01194324 Estate of Elkins v. C.I.R., 140 T.C. No. 5 (2013) 140 T.C. 86, Tax Ct. Rep. (CCH) 59,471. Tax Ct. Rep. Dec. (RIA) 140.5 Francis, S. Green Gold, 1956 65.78% 68.95% 65.78% 624.926 I Motherwell, R. Elegy to Spanish 65.78% 84.64% 65.78% 374.956 Republic # 134, 1976 II Twombly, C. Untitled. 1971 71.08% 84.64% 71.08% 316.948 II Hockney. D. Pool on Sprayed 71.08% 100.00% 71.08% 190.169 Blue Paper ... 1978 III Bravo, C. Blue and Brown 79.74% 100.00% 79.74% 140.640 Package. 1971 III Bravo, C. Wrapped Canvas, 79.74% 100.00% 79.74% 140.64 0 1973 II Kelly. E. Yellow Panel. 71.08% 67.43% 67.43% 190.350 1985 II Moore. H. Standing Figure 71.08% 75.70% 71.08% 126.779 (Internal Form) II Cezanne. P. Pot de geraniums, ca. 1885 71.08% 79.90% 71.08% 116.214 II Soulages. P. 8 June 61.1961 71.08% 80.00% 71.08% 116.214 II Magritte, R. La lecon des tenebres. 1964 71.08% 91.19% 71.08% 95,084 II Picasso. P. Baigneuse debout. 1925 71.08% 96.83% 71.08% 86.7 70 II Albers, J. Study for Homage to a Square in 71.08% 98.98% 71.08% 84,519 White Light, 1968 II Johns, J. Three Flags, 1977 71.08% 98.98% 71.08% 84,519 11 Hofmann. H. Adagio. 1962 71.08% 100.00% 71.08% 79.2371 II Louis. M. Delta Epsilon, 71.08% 100.00% 71.08% 79,237 1960 II Ernst. M. The Elements .... 71.08% 100.00% 71.08% 73,954 1962 II Moore. H. Family Group, 71.08% 100.00% 71.08% 73,954 1944 II De Kooning. Woman in a 71.08% 100.00% 71.08% 63,390 W. Garden, 1968 II Louis. M. Achenar, 1962 71.08% 100.00% 71.08% 46,486 WestlawNex! © 2014 Thomson Reuters. No claim to original U.S. Government Works. EFTA01194325 Estate of Elkins v. C.I.R., 140 T.C. No. 5 (2013) 140 T.C. 86, Tax Ct. Rep. (CCH) 59,471. Tax Ct. Rep. Dec. (RIA) 140.5 II Moore, H. Working Model for Thin Reclining 71.08% 100.00% 71.08% 42,260 Figure, 1978 II Frankenthaler. Fathom. 1983 71.08% 100.00% 71.08% 38,034 H. III Bravo, C. Silver and Gold, 79.74% 100.00% 79.74% 44.41 3 1972 III Rickey. G. Untitled (Open 79.74% 100.00% 79.74% 44,413 Rectangles), ca.1985 III Botero, F. Parrot. 1981 79.74% 100.00% 79.74% 29,608 III Kline. F. The Hill. 1959 79.74% 100.00% 79.74% 29,608 III Hofmann. H. Untitled (M-418), 79.74% 100.00% 79.74% 22,206 1964 III Olitski. J. Carnegie Hall. ca.1962-64 79.74% 100.00% 79.74% 22,206 III Hockney. D. Nichols Canyon 79.74% 100.00% 79.74% 20,726 Road. Hollywood Boulevard, 1979 III Heizer. M. Untitled. ca.1985 79.74% 100.00% 79.74% 14,804 III Di Suvero. M. Untitled. ca.1968 79.74% 100.00% 79.74% 13.3 24 III Bertoia, H. Sunburst, 1972 79.74% 100.00% 79.74% 11,843 III Frankenthaler, Untitled. ca.1975 79.74% 100.00% 79.74% 8.883 H. III Bertoia, H. Untitled (Sounding 79.74% 100.00% 79.74% 7.402 Sculpture), 1968 III Motherwell, R. In green with Two 79.74% 1 00 .00% 79.74% 7.402 Scarlet Spots. 1967 III Held. A. North by 79.74% 100.00% 79.74% 6,2 18 Northwest, 1973 III Hofmann. H. Untitled. 1949 79.74% 100.00% 79.74% 5.922 III Dine. J. Tie. 1961 79.74% 100.00% 79.74% 5.181 III Bertoia, H. Untitled 79.74% 100.00% 79.74% 4.441 III Frankenthaler, Canal Street VIII, 79.74% 100.00% 79.74% 3.701 H. 1987 III Craig—Martin. M. Safety Pin, ca.1990 79.74% 100.00% 79.74% 3.257 WestlawNex! © 2014 Thomson Reuters. No claim to original U.S. Government Works. EFTA01194326 Estate of Elkins v. C.I.R., 140 T.C. No. 5 (2013) 140 T.C. 86, Tax Ct. Rep. (CCH) 59,471. Tax Ct. Rep. Dec. (RIA) 140.5 Ill Hofmann. H. Untitled (N-677— 79.74% 100.00% 79.74% 2.961 2), 1956 III Hofmann. H. Fluse # 12 (M- 79.74% 100.00% 79.74% 2.961 1351),1962 III Nagare, M. Destination, 1996 79.74% 100.00% 79.74% 2.665 III Motherwell, R. Je t'aime avec noir, 1978 79.74% 100.00% 79.74% 2.221 III Graves. N. Four Times Four, 79.74% 100.00% 79.74% 1,184 1977 III Hofmann. H. Untitled. 1954 79.74% 100.00% 79.74% 888 II Frankenthaler, Thanksgiving Day. 79.74% 100.00% 79.74% 592 H. 1980 III Frankenthaler, H. Thanksgiving Day. ca.1980 79.74% 100.00% 79.74% 592 III N/A Japanese Painted and Silvered 79.74% 100.00% 79.74% 592 Paper Four— Panel Screen, 3d Quarter. 19th Century III Frankenthaler, Hand Painted 79.74% 100.00% 79.74% 518 H. Book Cover # 11. 1970 III Graves. N. Omon (Series E). 79.74% 100.00% 79.74% 444 1976 III Meadmore, C. Untitled. 1992 79.74% 100.00% 79.74% 444 III Noland. K. Hand Painted 79.74% 100.00% 79.74% 296 Bookcover, 1977 III Hamilton, J. Abstract Form # 79.74% 100.00% 79.74% 259 52. 1975 III Love, J. Monday Morning: 79.74% 100.00% 79.74% 178 What to do ... What to do, 1992 III Love, J. Looking for Santa 79.74% 100.00% 79.74% 178 Claus III Stella, F. Pastel Stack, 79.74% 100.00% 79.74% 133 1970 Ill Fuller, S. String 79.74% 100.00% 79.74% 111 Composition # 213, 1963 WestlawNext © 2014 Thomson Reuters. No claim to original U.S. Government Works. EFTA01194327 Estate of Elkins v. C.I.R., 140 T.C. No. 5 (2013) 140 T.C. 86, Tax Ct. Rep. (CCH) 59,471, Tax Ct. Rep. Dec. (RIA) 140.5 III N/A Sepik River 79.74% 100.00% 79.74% 37 Carved Polychrome Wood Mask. 20th Century III N/A Sepik River 79.74% 100.00% 79.74% 15 Carved and Polychrome— Painted Wood Shield. 20th Century *139 APPENDIX C VALUES OF DECEDENT'S INTERESTS IN THE 64 WORKS OF ART FOR FEDERAL ESTATE TAX PURPOSES Item Artist Title/year Decedent's pro rata share of stipulated fair market value' 1 Pollock. Jackson Untitled. Number 21. 1949 $3.000.000 2 Moore, Henry Two—Piece Reclining 2.000.000 Figure No. 3, 1961 3 Picasso, Pablo Baigneuse debout, 1925 300.000 4 Johns, Jasper Figure 4, 1967 5.844.400 5 Francis. Sam Green Gold, 1956 1.826.375 6 Motherwell, Robert Elegy to Spanish Republic 1.095.825 # 134, 1976 7 Twombly, Cy Untitled, 1971 1.095.825 8 Hockney. David Pool on Sprayed Blue 657.495 Paper ... 1978 9 Kelly, Ellsworth Yellow Panel. 1985 584.440 10 Moore, Henry Standing Figure (Internal 438.330 Form) 11 Cezanne, Paul Pot de geraniums, ca. 1885 401.803 12 Soulages, Pierre 8 June 61, 1961 401.803 13 Magritte. Rene La lecon des tenebres, 328.748 1964 14 Albers, Joseph Study for Homage to a 292,220 Square in White Light, 1968 Fair market value of decedent's interest after application of 10% discount $2.700.00 0 1.800,000 270,000 5.259.960 1.643.738 986.243 986.243 591.746 525.996 394.497 361.623 361.623 295.873 262.998 WestlawNex! © 2014 Thomson Reuters. No claim to original U.S. Government Works. EFTA01194328