The Illegal Eagle and a Badly Grasping IRS

Great piece today in The Wall Street Journal by Features Editor (and my boss) Eric Gibson on the battle with the IRS over the value of a piece of artwork. HerGibsone is one of the key passages:

But don’t look for “logic” in any government dictionary. In the summer of 2011,
the IRS sent the family an unsigned report appraising “Canyon” at $15 million.
When they rejected the valuation, the government upped the ante: The appraisal
was increased to $65 million, which yielded a $29.2 million tax bill. And the
IRS levied a special “undervaluation penalty” of 40%, applied in cases where a
party has made what the IRS deems a “gross understatement” of a property’s
value. That added $11.2 million to the tab. Plus interest.

Only in the fantasy bazaar of the U.S. government’s imagination can an item that
is worthless carry a multimillion-dollar price tag.

Here is the link to the full story:

About Mark Yost
Mark Yost is the author of the Rick Crane Noir series, published by Stay Thirsty Press. Rick Crane is the classic, anti-hero private eye in the spirit of Sam Spade and Jim Rockford. He works in the unmistakably noirish underworld of Upstate New York, running errands and fixing problems for Jimmy Ricchiati Sr., one of Upstate New York's most notorious crime bosses. But readers quickly learn that deep down, Rick Crane is one of the good guys. "Cooper's Daughter," the first book in the widely acclaimed series, is a fast-moving tale in which a heartbroken father comes to Rick and asks him to find out what really happened to his daughter, who was murdered and the details buried in the Unsolved Crimes File of the local police department. The second book in the series is "Jimmy's Nephew," which begins with the death of Joey "Boom Boom" Bonadeo, an up-and-coming boxer and the nephew of Rick's underworld boss. What starts out as a routine investigation turns into a case that will test Rick's faith -- in the Catholic Church and his fellow man. Book No. 3 in the series, "Mary's Fate" is due out in August 2015. Mark Yost also writes for The Wall Street Journal Arts in Review page, as well as the Book Review section. He is a member of the Mystery Writers of America -- Midwest Chapter, International Thriller Writers, and a number of other author groups. He is also a member of the Amazon Author's Program. Mark lives in the Loyola neighborhood of Chicago, but he and his son, George, call the Bensonhurst section of Brooklyn "home."

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