IN RE ESTATE OF KENNEDY

No. 37256.

173 Ohio St. 379 (1962)

IN RE ESTATE OF KENNEDY: KENNEDY ET AL., EXRS., APPELLEES, v. BOWERS, TAX COMMR., APPELLANT.

Supreme Court of Ohio.

Decided May 16, 1962.


Attorney(s) appearing for the Case

Mr. Robert J. Riley, Mr. Arch W. Riley and Mr. Edmund L. Matz, for appellees.

Mr. Mark McElroy, attorney general, and Mr. Joseph L. White, for appellant.


MATTHIAS, J.

The primary question raised by this appeal is whether a restrictive buy-and-sell agreement between a close corporation and its shareholders operates to limit the value of the stock for succession tax purposes to the amount at which the corporation has a right to repurchase the stock in the event of the designated occurrences set forth in the agreement.

In other words, can parties, by contracts among themselves, set the value of property owned...

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