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$3,250; and 1976 for $4,000. Larger versions have also been
sold: 32-inch in 1980 for $47,000, and 44-inch in 1975 for
$42,500.
On his 1994 Federal income tax return petitioner claimed a
casualty loss in the amount of $25,000 based on the theft of the
bronze. The value is based on a letter petitioner received from
Rudolf G. Wunderlich of Chicago who operates a gallery that
specializes in Fraser's works. The letter reads, in part, as
follows:
Fraser's bronzes were much copied as he had forgotten to put
the copyright on one, so they were more or less in public
domain from the time when they were first cast in 1918.
There were knock-offs even in the early days of these and it
is difficult to tell, in fact it is impossible to tell from
your photograph, what this actually was. An eighteen inch
Fraser of this type, if it is an original, probably has a
value of around $25,000 or so. If it is one of the later
ones, produced by The Syracuse University, then the value
would be about half that.
I cannot tell from this whether it is an original cast or
not * * *.
Petitioner never had the bronze appraised and does not know
whether the bronze was included in his grandfather's estate tax
return. There is no evidence that any appraisal of the bronze
was made in 1972.
Respondent disallowed the deduction in its entirety.
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Last modified: May 25, 2011