But Mr Justice Morgan accepted the executors' plea and ruled that no tax was therefore payable on the sale.
The executors argued the painting was merely a "plant" used to boost visitors and should be exempt from a tax levy.
They claim to be considering retaining a well-respected law firm, Baker Hostetler, who advised them of potential criminal misconduct by the executors.
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First his mother, Katherine, and then his father, Joe, filed challenges against the executors of his Estate, John Branca and John McClain.
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Apparently it had not occurred to the executors when they originally filed.
It will progressively grow as he gets older, eventually at least 20% of the fortune being managed by the executors his father's estate.
He says that the sale reflects the advice of the executors of the will of his great-grandfather, the last German crown prince, Wilhelm (1852-1951).
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The executors had argued that the painting was a major attraction that drew in the public and that without it the stately home would have been unviable.
Even though, the executors knew at the time of filing exactly how much had gone to charity, they were still required to use standard mortality tables to value its interest.
The children -- ages 7, 11 and 12 -- also will share 40 percent of the estate's assets, and the remaining 20 percent will benefit charities designated by the executors of the will, the source said.
It could choose the proposal Howard reported that would give executors the option of following either 2009 or 2010 law.
To remain in the estate tax regime, executors file the form they always filed for taxable estates: Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return.
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Notice 2011-66 explains how these executors can opt out of the estate tax, and Revenue Procedure 2011-41 explains the special tax rules that apply to assets when executors opt out of the estate tax.
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Beckloff expressed concern, however, about delaying the appointment of executors for too long, since they must deal with any creditors to the estate that come forward.
There's also a question on when the will's executors should take over control of the late entertainer's assets, which Judge Mitchell Beckloff temporarily placed under Katherine Jackson's control.
The three-city exhibition of Jackson memorabilia could be derailed, as relations between Jackson's mother, the men Jackson named as executors of his will and the promoter of his planned comeback concerts have been challenging.
With the fate of the estate tax uncertain at best, executors still have time to work out the bases for 2010 estates.
More than money, items of sentimental value tend to cause the most trouble for executors.
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The IRS informs that executors will be given a reasonable time to prepare and file Form 8939.
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It was my father, and other men in our family, who were the tacticians, and executors of any negotiation.
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The IRS released detailed guidance for executors of 2010 estates just six weeks before some of the forms were due.
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Lawyers for Branca and McClain suggested Beckloff appoint them as executors of the will, but Beckloff instead extended their appointment as special administrators of Jackson's estate for another 60 days while he considers Katherine Jackson's objections.
The guidance published by the IRS on August 5, 2011 also answers questions that executors and practitioners have about the GST tax in 2010.
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Katherine Jackson has also challenged the two men named as executors of her son's will.
By delaying the release of a final version of Form 8939, the IRS is keeping some executors of 2010 estates in suspense.
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At a leverage ratio of 71:1, Grant writes, the New York Fed should be the first to be lining up executors and filing an end-of-life plan.
Although it is written for the reader who is planning an estate, with information on wills, trusts, taxes and the matter of choosing an executor, the book is also helpful for executors trying to make sense of it all.
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The words that the IRS used are interesting because they echo those used by the AICPA in its August 8, 2011 letter to the IRS. The AICPA asked the IRS to extend the filing and payment deadlines that executors of 2010 estates must comply with.
On September 13, 2011, the IRS released Notice 2011-76, which gives executors of estates of 2010 decedents more time to make an informed decision about whether to stay in the default estate tax regime for 2010 or opt out of the estate tax entirely.
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"Any doubts about the validity of Michael's will and his selection of executors were thoroughly and completely debunked two years ago when a challenge was rejected by the Los Angeles County Superior Court, the California Court of Appeals and, finally, the California Supreme Court, " Bates said.
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