The children of New York art dealer Ileana Sonnabend, have run afoul of the Internal Revenue Service (IRS) due to a piece of art they’ve inherited. The objetd’art is “Canyon,” a masterwork of
Canyon (1959) (Photo credit: Wikipedia)
20th-century art created by Robert Rauschenberg, and inherited by Mrs. Sonnabend’s children when she died in 2007.
“Canyon,” is a sculptural combine, which includes a stuffed bald eagle. The bald eagle is a bird of prey under federal protection, and the heirs would be committing a felony if they ever tried to sell the artwork. And thus the conundrum.
Due to the potential felony charges if sold, art appraisers have valued the the piece at $0.00. The IRS however, never wanting a serious crisis to go to waste, has appraised “Canyon” at $65 million and is demanding that Mrs. Sonnabend’s children pay $29.2 million in taxes.
Lawyers looking at the case are baffled at the IRS’s valuation given that it is illegal to sell the artwork. The family is challenging the judgment in tax court and their lawyers are negotiating with the I.R.S. in the hope of finding a resolution.
Doncha just love that. It only gets better.
Um, no.
I don’t know how much worst it will get before people will WAKE UP and STOP THE INSANITY!
If they sold it on the Chinese black market, that is how much it is guesstimated to bring. WTF is the IRS smoking?
That’s what the death tax is, too. Selling the farm/home to pay the taxes on inheriting the farm/home.
Worth 0.00 according to art dealers. Unsaleable, yet 29 million due in taxes. And these are the people you are up against every April 15th.
But in this case, they clearly just need to bribe the right official with the artwork to be free of it. At least, that is how it works in 3rd world countries.
I.R.S. = Idiot’s Robbing you Service.
And THIS is a prime reason we need to get rid of income (and inheritance taxes)!
The IRS is insane!
Read the declaration of independence. The founding fathers gave us the answers. We just gotta stop being too weak to use them.
That would be the day that I gave them a dime!!! Put me in jail!
If you donate it then would it not be no longer your problem? Give it to an IRS agent with the stipulation that he cannot dispose of it in any way and cannot move it from where it is. Let him pay the tax. Also stipulate in the gift that if the value ever drops he must return it. I don’t know if that would stand up in court, but it is an intriguing idea.
The US government fucking sucks. And with that crackhead prick Obama things are only gonna get worse. I say all the producers move to another country and leave all the consumers here to fend for themselves.
Ernest, I agree with you, but I know that it will never happen. We have a greedy government!
Not me!
I’ve been saying this even before it passed. Scares the bejeebers out of me!
This is wrong on so many levels.If their not allowed to seel it under penalty of law then it’s worthless as far as money is concerned.The IRS has needed to be reigned in for decades and now would be a great time to start controlling them
HELL no! Impeach her this taxation on something you can’t sell is niuts!
Well got to keep that “nest egg” so the Oharma’s can continue their “around the world” family vacations!!!!!!
They should agree to the IRS value then donate it to a not for profit and get the tax credit of $20+ million
Wow I didn’t know the IRS also know all about art and it’s value! Smh
White House Budget Director Predicts $1.2 Trillion Deficit For 2012 Same Week Obama Campaign Ad Promises To “Pay Down The Debt”… http://weaselzippers.us/2012/07/28/white-house-budget-director-predicts-1-2-trillion-deficit-for-2012-same-week-obama-campaign-ad-promises-to-pay-down-the-debt/
If the artwork including protected species was created prior to the species being protected by law (I.e. rhino horn), it is not illegal to possess or sell. Check this fact with antiques dealers.
Thank you BUSH (Medicare part D, Two Wars, and Bush Tax Cuts – Cost per year about 1 Trillion)!!! But keep saying it is Obama’s Fault. Way to keep up with the facts!
David, after nearly a full term, soaring unemployment, 3billion deeper in debt every day, and you still support Obama? This is delusional!
What I find delusional is that someone would think a surplus from the Clinton years is President Obama’s fault…???
This is just another example of our IRS gone amuck. They are so afraid someone will make a penny that they don’t get to share in they must tax what they perceive not what is real.
They should just give it to the IRS and tell the IRS that they want the difference in the amount the IRS says it is worth and the taxes due on that amount as change.
hahahahahaha! That is the funniest thing I heard all day. OMG! Not that I would buy it, but who has the right to value a piece of art that has never sold, will never sell, and when did the IRS become Art Deal/Appraisers? Bahaahhahaha! That is just too funny!
The only person who should have my health records is me!!!
It’s not so funny to the Sonnabend family.
Abolish the FED and IRS!!!
So, donate it to a museum and claim the charitable contribution!
this isn’t true
If you don’t like this, you won’t like what is coming from the IRS’s bosses (the globalist banksters) next. NO ONE will have any wealth except them. Arm, train, defend the constitution and make a stand to arrest and punish all the globalist. The punishment for treason is DEATH.
7/30/2012
I really would like to leave a comment, however “IF” I put in print what I am thinking about regarding this “ass whole” of a commie called BARRY the president, someone from Hittlers 4th would no doubt come looking for me. I wish we had a site where we could be 100% certain of anonymity.