Dispute regarding the valuation of copyrights acquired through the purchase of paintings

Dispute regarding the valuation of copyrights acquired through the purchase of paintings

Entertainment
Intellectual Property

The Internal Revenue Service retained CRA in connection with a dispute regarding the valuation of copyrights acquired through the purchase of certain paintings from various artists. The business involved the manufacturing and marketing of collectibles, including philatelic first day and commemorative covers, related publications, albums, medallic art and coins, limited edition prints, and porcelain collectibles. CRA’s work included determining the fair market value of copyright and reproduction rights acquired in connection with the purchase of commissioned artwork for use with the business’ collectible product offerings.