Federal Register #2026-07587

IRS Reestablishes Art Advisory Panel for Art Valuation in Tax Cases

This notice announces the reestablishment of the Art Advisory Panel by the Internal Revenue Service (IRS) to support art valuation for tax purposes. - Government Buyer: - Department of the Treasury - Internal Revenue Service (IRS) - Purpose and Scope: - Reestablishment of the Art Advisory Panel of the Commissioner of Internal Revenue - Panel assists the IRS in reviewing and evaluating property appraisals for works of art - Supports fair market value determinations for Federal Income, Estate, and Gift taxes - Products/Services Requested: - No products or services are being procured - No OEMs or vendors are mentioned - Unique or Notable Requirements: - Panel meetings will be closed to the public due to confidential tax information - The panel's advisory role is essential for accurate art valuation in tax cases

Description

The Department of the Treasury announces the reestablishment of the Art Advisory Panel of the Commissioner of Internal Revenue for a two-year period starting no sooner than seven days after the publication of this notice. The Panel assists the Internal Revenue Service in reviewing and evaluating property appraisals submitted by taxpayers to support the fair market value claimed on works of art for Federal Income, Estate, or Gift taxes. Due to the sensitive nature of tax return information involved, the Panel meetings will be closed to the public to protect confidentiality. This reestablishment ensures the continuation of the Panel's advisory role in tax-related art valuation matters.

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