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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
purposes.
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,
1990).
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