Biltmore Owners Battle IRS Over $95M Stock Gift

By Brian Mahoney (July 7, 2014, 6:39 PM EDT) -- The owners of the Biltmore Estate, the largest privately owned house in the U.S., are embroiled in a dispute with the Internal Revenue Service after the U.S. government said they undervalued a $95 million stock gift to their grandchildren.

In individual tax petitions filed Thursday in U.S. Tax Court, William A.V. Cecil Sr. and his wife, Mary Cecil, claim the IRS erred in asserting a deficiency of $13 million on each of their tax returns in 2010. 

The Cecils dispute the entire amount and claim they actually deserve a refund because they overpaid federal gift taxes for that year, according to...

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