Criminal Charges for Astor Son?
Bloomberg reports that Brooke Astor's son Anthony Marshall faces possible criminal charges over the income tax reporting of the sale of a $10 million painting by Childe Hassam in 2002:
"Marshall told his mother's tax preparer the painting, purchased by Astor in March 1970 for $172,000, was bought for $5 million, according to Alan Pollack, a lawyer for Samuel Cohen & Company, which prepared the returns. The higher purchase price would significantly reduce the capital gains tax on the $10 million sale by Marshall. Samuel Cohen & Company has received a subpoena from [Manhattan District Attorney Robert] Morgenthau's office, Pollack said."
Earlier news reports said the cost basis for the painting on the 2002 tax return was close to $7.5 million. See earlier post here.
A guardianship proceeding brought this summer against Marshall by his son was settled in October. See here.
"Marshall told his mother's tax preparer the painting, purchased by Astor in March 1970 for $172,000, was bought for $5 million, according to Alan Pollack, a lawyer for Samuel Cohen & Company, which prepared the returns. The higher purchase price would significantly reduce the capital gains tax on the $10 million sale by Marshall. Samuel Cohen & Company has received a subpoena from [Manhattan District Attorney Robert] Morgenthau's office, Pollack said."
Earlier news reports said the cost basis for the painting on the 2002 tax return was close to $7.5 million. See earlier post here.
A guardianship proceeding brought this summer against Marshall by his son was settled in October. See here.
posted by Donn Zaretsky at 9:31 AM
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