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I'm still confused of why this is considered IRD if it was up for sale at the spouse's date of death (decedent was a non-artist)? If no sale or contract had taken place before death, then why is it an IRD item?The difference in the O'Keefe estate is the decedent was the artist. I fully understand for valuation purposes of valuing the decedent's art inventory at fair market value and then taking a blockage discount.Why wouldn't the same thing occur in a community property state, where the artist's spouse dies? Why wouldn't you value the inventory of existing art at FMV and take a blockage discount?Thanks for your help.
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