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f-
on July 19, 2019
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Art's sale value? Zero. The tax bill? $29M
You can refuse to accept an inheritance. It goes to whoever is next in line. If everybody refuses, the state gets to keep it.
anticensor
on July 19, 2019
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You only get to refuse inheritance in full in most jurisdictions. You do not get to pick and choose to refuse.
kijin
on July 19, 2019
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Hence GP's counterfactual, "if this piece were the only thing you inherited and you were broke".
jacobush
on July 19, 2019
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Sad though to refuse a 500k USD house with a negative 29 million USD bird in it.
crystaln
on July 20, 2019
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Ok, fine - let's say you're going to inherit $100k and the art.
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