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Wednesday, 04 February 2015 11:19

Barbara Allbritton Sues the IRS Over $40 Million Art Tax

The art collection in question includes works by Winslow Homer. The art collection in question includes works by Winslow Homer. Wikipedia

The IRS taxed a Texas tycoon $40.6 million on the false belief he had taken ownership of a treasure trove of art including works by Picasso, Monet and van Gogh, his widow claims in court. Barbara B. Allbritton sued the United States for herself and the estate of her husband, self-made millionaire Joe L. Allbritton, on Jan. 30 in Federal Court.

Joe Allbritton died in 2012 at 87, ending a life fit for the big screen. After a stint in the Navy during World War II, and graduating from Baylor College of Law, Allbritton took out a $5,000 loan to buy land outside Houston. He made a nice profit selling the land, which was used to build a freeway from Houston to Galveston, and founded San Jacinto Savings and Loan.

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