Biltmore Owners Say IRS Is Stonewalling $95M Gift Row

Law360, Washington (January 11, 2016, 2:03 PM EST) -- The owners of the Biltmore Estate, the largest privately owned house in the U.S., said the IRS has refused to hand over documents behind a $95 million appraisal of their stock gift to their grandchildren, which they claim departed from earlier, lower valuations.

Counsel for William A.V. Cecil Sr. and his wife, Mary Cecil, told the U.S. Tax Court in a brief filed on Jan. 10 that the agency has denied them access to its materials underlying its "fluctuating positions" regarding the gift. Specifically, according to a motion to compel from the elderly couple, the IRS has assumed the 100 percent...

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

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!