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Supreme Court Holding In Connelly Requires that Redemption Agreements be Reconsidered

On June 6, 2024, the U.S. Supreme Court issued a unanimous opinion in a closely held business valuation case that will have significant impact on many family and closely held businesses.  (Connelly v. United States, U.S., No. 23-146, Opinion 6/6/24.)  The case addressed the valuation of stock in a closely held business and held that the obligation of an entity to buy a deceased equity owner’s shares does not reduce the value of the insurance proceeds received by the entity to fund the buyout.  The Supreme Court’s ruling resolves the conflict between the Connelly case and Estate of Blount v. Commissioner, which had reached the opposite conclusion. 

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