The Tax Reform Act of 1976 limited the use of Section 303 by estates of shareholders of closely held corporations. The author examines the redemption provisions of section 303 and the changes made by the new Act in light of the policy considerations supporting redemptions. He concludes that further relief is needed for estates which include a closely held business.
The Demise of Section 303 Under the Tax Reform Act of 1976: A Policy Analysis,
32 U. Miami L. Rev.
Available at: http://repository.law.miami.edu/umlr/vol32/iss2/3