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liquidity in computing fair market value; however, we did not
attribute the lack of liquidity to the buy-sell agreements. See
id.
In summary, the 1971 and 1973 gift tax cases determined fair
market value of the True Oil and Belle Fourche transferred
interests at the dates of agreement by taking into account the
depressive effect the buy-sell agreements had on value. The
District Court in those cases did not analyze whether the buy-
sell agreements served as substitutes for testamentary
dispositions and therefore was allowed to consider their effect
on value. This issue is not the same as the one in the cases
before us, as we are required to disregard the buy-sell
agreements in determining value at the relevant dates in order to
make our determination of whether the True family buy-sell
agreements were substitutes for testamentary devices. Therefore,
we are not bound by the District Court’s determinations that tax
book value equaled fair market value for the True Oil and Belle
Fourche interests transferred as of the buy-sell agreement dates.
III. Do True Family Buy-Sell Agreements Control Estate Tax
Values?
We now apply the Lauder II test to the True family buy-sell
agreements to determine whether the agreements control Federal
estate tax value. Because most of the buy-sell agreements at
issue in these cases were modeled on the True Oil partnership
agreement or the Belle Fourche stockholders’ restrictive
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