Estate of Marvin M. Schwan - Page 15




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          judgment on the alternative ground that “if the Redemption                  
          Agreement diminished the value of the stock, it equally                     
          diminished the value of the gross estate.”  Petitioners maintain            
          that the Redemption Agreement took effect no later than the                 
          moment of decedent’s death and thus imposed any value-lessening             
          constraints on the stock as it existed in the gross estate, prior           
          to any distribution to beneficiaries.  This argument is                     
          essentially the converse of the first point on which respondent             
          moves for partial summary judgment.  Because we grant                       
          respondent’s motion on such point for the reasons discussed                 
          immediately below, we hold that petitioners are not entitled to             
          summary judgment on their postulated alternative basis.                     
               We therefore will deny petitioners’ motion in its entirety.            
               II.  Respondent’s Cross-Motion for Partial Summary Judgment            
                    A.  Unitary, Unrestricted Gross Estate Valuation                  
               Respondent asks this Court to find as a matter of law that,            
          for gross estate purposes, “decedent’s voting and non-voting                
          stock interest in the Schwan Corporation which was held in a                
          revocable trust (“1992 Trust”) at the time of his death should be           
          valued as a unitary holding, unrestricted by the terms of the               
          1992 Trust, the terms of the redemption agreement he executed               
          prior to his Death (“Pre-Death Redemption Agreement”) or the                
          terms of the Schwan Corporation by-laws”.  As indicated above,              
          petitioners advance the contrary view that the Redemption                   






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