De Kooning Estate Battles $92M Tax Bill Over His Artwork

Law360, Washington (March 6, 2017, 8:52 PM EST) -- Lisa de Kooning’s estate has taken the IRS to court over a $92 million tax bill covering the estate’s interest in a vast collection of artwork from her father Willem de Kooning, the famous Dutch-American abstract expressionist whose "Interchange" is said to be the most expensive painting ever sold, according to court filings made public on Monday.

The estate filed a petition in U.S. Tax Court on Feb. 28 after the IRS increased the value of the taxable estate by $231 million. The sky-high tax hike is largely based on the IRS’ determination that it should not apply “blockage discounts” to...

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