Big Tax Bill for Heir

A painting by Jean-Michel Basquiat fetched a record $110.5 million when it was sold at auction; now, the tax man cometh. Lise Wilks, the heir to her late parents’ estate, sold one of the paintings in their estate by Jean-Michel Basquiat for more than $110 million which likely means that she will owe $37 million in capital gains. …

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