Stock Repurchase Agreement Not Controlling; Tax Court Applies 40% Marketability Discount

Business Valuation UpdateVol. 4 No. 11
Legal and Court Case Update
November 1998

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5411 Grocery Stores
445110 Supermarkets and Other Grocery Retailers (except Convenience Retailers)
estate and gift taxation
buy-sell agreement, discount for lack of marketability (DLOM)
Brookshire v. Commissioner
T.C. Memo 1998-365, 1998 Tax Ct. Memo LEXIS 370
October 8, 1998
US
Federal Court
United States Tax Court
Charles Wilhoite (for estate)<br>Robert Conklin (for estate)<br>Ron Lint (for IRS)
Swift

Summary

Ann Brookshire owned 219,710 shares of common stock in Brookshire Grocery Co., representing 9.79% of the total shares outstanding, at the time of her death on Nov. 20, 1993.

See Also

Brookshire v. Commissioner

Full Text of Court Cases
October 8, 1998

At issue is the value, as of the date of decedent's death, of 106,826 shares of common stock of a closely held family corporation.