Lauren Bacall's Manhattan home that she bought for just $48,000 goes on the market for $26m - stuffed with priceless art and the memories of a Hollywood legend

[flowers]

http://www.dailymail.co.uk/tvshowbiz/article-2824154/Lauren-Bacall-s-Manhattan-home-bought-just-48-000-goes-market-26m-stuffed-priceless-art-memories-Hollywood-legend.html

Hollywood legend Lauren Bacall’s Manhattan apartment is going on the market for $26 million, it was confirmed today.

The actress died at age 89 in August and left behind a magnificent, sprawling home in the famous Dakota building.

Rebecca Edwardson of Warburg Realty has the exclusive listing and the apartment will go up for sale later this month, the firm confirmed to MailOnline today.

[ABX]

I bet NYC is chomping at the bit for the capital gains tax on that.

[flowers]

I bet NYC is chomping at the bit for the capital gains tax on that.

Hadn't thought of that, but I bet you are right.

[ABX]

Hadn't thought of that, but I bet you are right.

It could be ugly. She only left behind $100K in liquid assets, so they'll have to sell the apartment and possessions quickly before the tax bill hits.
http://www.legacyplanningcenter.com/hollywood-legend-lauren-bacall-leaves-large-estate-and-two-potentially-large-headaches-for-heirs/

This is the same thing causing the demise of family farms. A family may have owned a 150 acre farm in Kansas for over a hundred years and run a very humble operation. They may be producing just enough to make ends meet, and that's about it. They have very little cash on hand. Then grandpa dies and the find that the farm was all in his name, not structured properly under the new tax structure. The family suddenly has a million dollar inheritance tax bill due because the government says all that land is worth $3 Million in today's value, but grandpa may have only left them a few hundred dollars in the bank and 50 year old farming equipment that isn't worth much. They are forced to sell the family farm just to pay the tax bill.