Biltmore Owners Battle IRS Over $95M Stock Gift

Law360, Washington (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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Related Sections

Law Firms

Companies

Government Agencies

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!