Estate of George C. Blount, Deceased, Fred B. Aftergut, Executor - Page 28

                                       - 28 -                                         
          death.”  136 Cong. Rec. S15683 (daily ed. Oct. 18, 1990).15                 
          Thus, regardless of whether section 2703 applies to a buy-sell              
          agreement, the agreement must meet the requirements of the pre-             
          section-2703 law to control value for Federal estate tax                    
               The parties raise numerous issues regarding the efficacy of            
          the buy-sell agreement at issue here.  First, they dispute the              
          terms of the agreement, arguing over the validity and interplay             
          of the 1981 and 1996 Agreements.  Second, the parties dispute               
          whether the buy-sell agreement satisfies the requirements of pre-           
          section-2703 law, including the requirement that it be binding              
          during life.  Third, the parties dispute whether section 2703               
          applies to the agreement and, if so, whether the agreement                  
          satisfies the requirements of section 2703(b), thus saving the              
          agreement from being disregarded under section 2703(a).  We                 
          address each issue below.                                                   
               A.   Terms of the Buy-Sell Agreement                                   
               As a threshold matter, we must first determine the terms of            
          the buy-sell agreement at issue.  Respondent argues that either             

               15 Sec. 2703 originated in the Senate version of the Omnibus           
          Budget Reconciliation Act of 1990 (OBRA).  H. Conf. Rept. 101-              
          964, at 1133 (1990), 1991-2 C.B. 560, 604.  The committee report            
          with respect to the Senate legislation was printed in the                   
          Congressional Record, without separate publication, because of              
          time constraints.  136 Cong. Rec. S15629-04 (daily ed. Oct. 18,             

Page:  Previous  18  19  20  21  22  23  24  25  26  27  28  29  30  31  32  33  34  35  36  37  Next

Last modified: May 25, 2011