Law Commons^™

Valuing Fractional Interests In Art For Estate Tax Purposes, Wendy G. Gerzog

All Faculty Scholarship

It is difficult to value fractional interests in art because there is virtually no market in those interests. Nevertheless, the Tax Court in Estate of Elkins valued the decedent’s fractional interests in multiple artworks, which the decedent and his children highly cherished. First, the court addressed the restricted agreements under section 2703 and then the court determined the value of decedent’s interests in the art.

When Sommers Are Winters: Do Blanks Denote Revocability?, Wendy G. Gerzog

All Faculty Scholarship

In Sommers, ruling on both parties’ motions for partial summary judgment, the Tax Court dealt with claims of issue preclusion and collateral estoppel, equitable apportionment, the completion of gifts of limited liability company interests, and retained powers that would cause estate tax inclusion.

Two aspects of Sommers held particular interest for me. The first is that the parties appear to be arguing their opponent’s conventional position. The second is that the court grappled with whether the blanks left in the gift documents were immaterial to gift completion; however, the court did not address whether the decedent’s completed gifts qualified for …

Virtual Uncertainty: Developments In The Law Of Electronic Payments And Financial Services, Sarah Jane Hughes, Stephen T. Middlebrook

Articles by Maurer Faculty

This article surveys developments in the laws relating to virtual currencies and their regulation by the Department of Treasury's Financial Crimes Enforcement Network, and enforcement actions taken by the Departments of Treasury, Homeland Security and Justice against funds held in deposit accounts owned by Dwolla, Mt. Gox, and Mutum Sigillum, LLC, and DOJ's action against Liberty Reserve. It also analyses changes to the CFPB's cross-border remittance transfer regulations, and its first use of its preemption authority to preempt portions of the Maine and Tennessee gift card laws pertaining to expiry, and the first action by the FDIC against a bank …