- 109 -
value. See id. at 42 n.10. We disagreed and noted that the buy-
sell provisions had been adhered to following the deaths of Bruno
and Bertha Bischoff, Frank Brunckhorst, and “more importantly,
following the death of decedent’s son, Herbert.” Id. Thus, the
comment concerned whether the buy-sell agreement was enforceable
during life and at death, see supra p. 91, or whether decedent
had the ability to alter its terms at any time, see Bommer
Revocable Trust v. Commissioner, supra (explaining and
distinguishing Bischoff based on Bommer decedent’s unilateral
ability to amend buy-sell agreement). We did not say that an
agreement would be respected for estate tax purposes in all
circumstances as long as the parties adhered to its terms. See
id.
d. Failure To Seek Significant
Professional Advice in Selecting
Formula Price
Dave True consulted Mr. Harris, the family’s accountant and
longtime financial adviser, about using a tax book value purchase
price formula under the buy-sell agreements. Dave True’s
expressed purposes for using book value were (1) to avoid the
need for appraisals and (2) to provide an easily determinable
price in order to prevent future conflicts within the family.
When consulted, Mr. Harris indicated that he did not object to
using a book value purchase price in the case of True Oil;
however, in general, he believed that book value would not be
representative of fair market value in the case of a stand-alone,
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