Estate of H.A. True, Jr. - Page 4




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                         d. Failure To Seek Significant Professional                  
                         Advice in Selecting Formula Price ... 109                    
                         e. Failure To Obtain or Rely on Appraisals                   
                         in Selecting Formula Price ....... 112                       
                         f. Exclusion of Significant Assets From                      
                         Formula Price ............. 114                              
                         g. No Periodic Review of Formula Price ... 115               
                         h. Business Arrangements With True Children                  
                         Fulfilled Dave True’s Testamentary                           
                         Intent ................. 118                                 
                    2. Adequacy of Consideration Test ....... 120                     
                         a. Petitioners’ Brodrick v. Gore/Golsen                      
                         Argument ............... 121                                 
                         b. Petitioners’ Assertion That Respondent                    
                         Impermissibly Applied Section 2703                           
                         Retroactively ............. 124                              
                         c. Did Tax Book Value Pricing Formula                        
                             Represent Adequate and Full                              
                             Consideration? ............ 128                          
                    3. True Family Buy-Sell Agreements Were                           
                         Substitutes for Testamentary Dispositions 140                
                    E. Conclusion:  True Family Buy-Sell Agreements                   
                         Do Not Determine Estate Tax Values ..... 141                 
               IV.  Do True Family Buy-Sell Agreements Control                        
                    Gift Tax Values? ................ 144                             
                    A. Framework for Analyzing Gift Tax Valuation                     
                    Issues ................... 145                                    
                    B. Buy-Sell Agreements Do Not Determine Value                     
                    for Gift Tax Purposes ............ 146                            
                    C. Application of Gift Tax Rules to Lifetime                      
                    Transfers by Dave and Jean True ....... 149                       
                    1. True Family Buy-Sell Agreements Do Not                         
                         Control Gift Tax Values ......... 149                        
                    2. Lifetime Transfers by Dave and Jean True                       
                         Were Not in Ordinary Course of Business . 151                
               V.  Impact of NonControlling Buy-Sell Agreements                       
                    on Estate and Gift Tax Valuations ....... 153                     
          Issue 2. If True Family Buy-Sell Agreements Do Not                          
                    Control Values, What Are Estate and Gift Tax                      
                    Values of Subject Interests? ........... 155                      
          FINDINGS OF FACT ...................... 155                                 
               I.  True Oil ..................... 156                                 






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Last modified: May 25, 2011