Summary
The issue for decision in these consolidated cases is the value of the gifts that the decedent made to his two sons, by means of a 1990 transaction in which he and his wife exchanged voting common stock in his closely held corporation for nonvoting common stock, with the result that his two sons ended up owning all of the voting stock of the corporation.
See Also
Estate of Bosca v. Commissioner
Business Valuation and Taxes: Procedure, Law and Perspective ...