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buyback would be at the lower end of the formula price, book
value, or price offered by a third party. There is no basis to
suggest that there was a market available wherein a potential
buyer would purchase Huber shares at a price higher than the E&Y
value.
VI. Conclusion
Not only have petitioners prevailed on all of the factors
listed in Morissey v. Commissioner, 243 F.3d 1145 (9th Cir.
2001), but several other facts already discussed make their case
stronger than that of the taxpayers in Morissey. We conclude
that the sales of Huber stock established in the record are
arm’s-length sales that demonstrate the best reference for the
valuation of Huber shares on petitioners’ gift tax returns.
To reflect the foregoing,
Decisions will be entered for
petitioners in docket Nos. 2728-03,
3054-03, 3553-03, and 1212-04.
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