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U.S. Code as of:
01/19/04
Section 2703. Certain rights and restrictions disregarded
(a) General rule
For purposes of this subtitle, the value of any property shall be
determined without regard to -
(1) any option, agreement, or other right to acquire or use the
property at a price less than the fair market value of the
property (without regard to such option, agreement, or right), or
(2) any restriction on the right to sell or use such property.
(b) Exceptions
Subsection (a) shall not apply to any option, agreement, right,
or restriction which meets each of the following requirements:
(1) It is a bona fide business arrangement.
(2) It is not a device to transfer such property to members of
the decedent's family for less than full and adequate
consideration in money or money's worth.
(3) Its terms are comparable to similar arrangements entered
into by persons in an arms' length transaction.
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