- 20 - defined as "'the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.'" United States v. Cartwright, 411 U.S. 546, 551 (1973) (quoting section 20.2031-1(b), Estate Tax Regs.). The determination of fair market value is a question of fact. Estate of Newhouse v. Commissioner, 94 T.C. 193, 217 (1990); Estate of Gilford v. Commissioner, 88 T.C. 38, 50 (1987). If the relevant property is stock that is not listed on any exchange, and cannot be valued with reference to bid and asked prices or historical sales prices, the value of listed corporations engaged in the same or a similar line of business should be considered. Sec. 2031(b). The value of corporate stock may be limited for Federal estate tax purposes as a result of an enforceable buy-sell agreement or option contract which fixes the price at which the stock may be offered for sale to the remaining shareholders. See, e.g., St. Louis County Bank v. United States, 674 F.2d 1207, 1210 (8th Cir. 1982); May v. McGowan, 194 F.2d 396, 397 (2d Cir. 1952); Lomb v. Sugden, 82 F.2d 166, 167 (2d Cir. 1936); Wilson v. Bowers, 57 F.2d 682, 684 (2d Cir. 1932); Estate of Gloeckner v. Commissioner, T.C. Memo. 1996-148; Estate of Lauder v. Commissioner, T.C. Memo. 1992- 736; Rudolph v. United States, 71 AFTR 2d 93-2169, 93-1 USTC par. 60,130 (S.D. Ind. 1993).Page: Previous 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Next
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