4 ms·

There was a bit on NPR a few months ago about someone who inherited some artwork from a parent who died. There was an extremely valuable piece of art which was

There was a bit on NPR a few months ago about someone who inherited some artwork from a parent who died. There was an extremely valuable piece of art which was made from some something like elephant tusk or something that is banned now, but wasn't when the art was created, and so now it is illegal to sell the piece. The IRS wanted to be paid for the value of the piece, but the people who inherited it were trying to argue that since they're not allowed to sell it it has no value. And I don't think they could just afford out of pocket whatever the IRS was claiming was owed.

Fuzzwah 13y ago
I was interested in learning more about this but my googling couldn't turn up anything from NPR. The piece couldn't be sold because it features a stuffed bald eagle (of which sale and even ownership of is prohibited by the 1940 Bald and Golden Eagle Protection Act and the 1918 Migratory Bird Treaty Act). I did dig up these: http://www.nytimes.com/2012/07/22/arts/design/a-catch-22-of-art-and-taxes-starring-a-stuffed-eagle.html http://www.nytimes.com/2012/07/22/arts/design/a-catch-22-of-... http://www.forbes.com/sites/janetnovack/2012/07/22/the-irs-art-advisory-panel-has-its-head-inthe-clouds/ http://www.forbes.com/sites/janetnovack/2012/07/22/the-irs-a... http://dontmesswithtaxes.typepad.com/dont_mess_with_taxes/2012/11/irs-deal-provides-museum-home-for-art-work-no-tax-bill-for-former-owners.html http://dontmesswithtaxes.typepad.com/dont_mess_with_taxes/20... The outcome was that they donated to the MoMa, but weren't allowed to claim a tax deduction for the donation. So yeah... kind of screwed.