Buy-sell agreement ignored in valuing decedent's stock
Article Abstract:
The Tax Court in Bommer Revocable Trust agreed with the IRS that valuation of shares in the family-owned business would not be determined by a restrictive buy-sell agreement but by the fair market value standard. The facts showed that the decedent executed the restrictive agreement primarily as a will substitute and not for a bona fide business purpose. The agreement which was executed before the effective date of IRC section 2703 probably would not have met that standard either.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Gifts made by attorney-in-fact excluded from estate: Estate of Neff, TCM 1997-186
Article Abstract:
The Tax Court ruled gifts made by an attorney-in-fact to a decedent's relatives shortly before her death were regarded as completed gifts even though the attorney was not authorized to make gifts. Lawmakers are interested in preventing unscrupulous attorneys from taking advantage of incompetent or elderly people, but the court found reason to believe the decedent intended her estate should benefit the relatives in this way.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Discount available when property was held partly outright and partly in QTIP trust. Securities law restrictions that lapsed at death were ignored in valuing stock
- Abstracts: Diverse in many ways; clients include basketball players, rap stars and buttoned-down bankers. Wayne's world champs; they're the profession's Marlins - new Miami players who came in first
- Abstracts: For legal matters, he's 'everyeady.' (James M. Neville, vice president and general counsel of Ralston Purina Co.)
- Abstracts: Set sail for higher returns; foreign investments offer chance to diversify and reap greater dividends. Uncertainty has its own rewards; emerging markets may be the wave of the future for adventurous investors
- Abstracts: What powers over a credit shelter trust can the spouse possess? Transferring a general partnership interest to a living trust