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Third, we believe that the Revised Agreement was misleading
with regard to the date of execution. The 1981 Revised Agreement
was titled "Buy-Sell Agreement" and stated at the outset that it was
"made and entered into as of the 2nd day of January, 1975", which
was the date of the original Buy-Sell Agreement. Nothing in the
Revised Agreement states that it was a revision of a prior
agreement. Ronald signed the agreement as the custodian for each of
his three children, although by 1981 he was no longer the custodian
of two of them. The agreement contains the signatures of Ronald's
children, Cameron M., Ronald II, and Kelly Long with the respective
dates April 26, 1978, August 15, 1979, and April 6, 1982. These
dates are the dates of their respective 18th birthdays. Ronald
wrote these dates on the Revised Agreement, despite the fact that
two of the dates precede the creation of the document. Ronald
signed the Revised Agreement as secretary of CamVic, despite the
fact that his position in 1981 was corporate president, and decedent
signed as president of CamVic even though he was corporate secretary
in 1981. Decedent and his attorneys knew how to execute amendments
by providing the correct date and identifying the document as a
revision. Indeed, the record indicates that they did just that when
they amended the CWB Trust on several different occasions.26
26When respondent began the audit of the estate tax return,
Ronald failed to disclose that the agreement had been revised in
1981. At trial, Ronald testified that he "just didn't remember
it at all."
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