- 4 -
b. Rejection of IPO Approach.....................48
3. Mr. Frazier’s Restricted Stock Analysis.......50
4. Dr. Bajaj’s Private Placement Analysis........52
a. Comparison of Registered
and Unregistered Private Placements..........52
b. Refinement of Registered/
Unregistered Discount Differential............53
c. Further Adjustments...........................56
d. Application to MIL............................56
5. Determination of the Marketability Discount...56
a. Discussion....................................56
b. Conclusion....................................59
E. Conclusion.......................................59
VI. Charitable Contribution Deduction for
Transfer to CFT.....................................60
A. Introduction.....................................60
B. The Assignment Agreement.........................61
C. Conclusion.......................................64
VII. Effect of Children’s Agreement To Pay Estate
Tax Liability.......................................65
A. Introduction.....................................65
B. Discussion.......................................69
C. Conclusion.......................................73
VIII. Conclusion...........................................73
Judge Swift’s Concurring Opinion............................74
Judge Chiechi’s Concurring in Part, Dissenting
in Part Opinion...........................................86
Judge Foley’s Concurring in Part, Dissenting
in Part Opinion...........................................94
Judge Laro’s Dissenting Opinion............................109
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Last modified: May 25, 2011