This memo from Thomas Turrin, CPA, of Raich Ende Malter & Co., LLP, addresses Jeffrey Epstein regarding the tax implications of contributing encumbered works of art to a partnership between Leon and four grantor trusts. It discusses the potential tax effects, the tax status of the partnership during Leon's lifetime, and the changes upon Leon's death, including the step-up in basis for Leon's interest in the partnership.
documents/EFTA00617864.pdf
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