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IRS Validates Price Protection Agreements for S Corporation ESOPs (PDF)
Morgan Lewis 
[Guidance Overview] July 23, 2008
3 pages. Excerpt: In Private Letter Ruling 200827008, the IRS validated a form of price protection commonly used in multistage ESOP transactions. In the letter, the IRS concluded that a floor price protection agreement -- which guaranteed a minimum repurchase price for some, but not all, of the shares held by the ESOP -- did not create a second class of stock, and thus did not adversely affect the company's S corporation status.
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