Estate of Joseph R. Cloutier, Joseph A. Cloutier, Fiduciary - Page 3

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          the Estate.  We refer to the Estate’s fiduciary (Joseph A.                  
          Cloutier) as the Fiduciary.                                                 
                                     Background                                       
               The stipulations and attached exhibits are incorporated                
          herein by this reference.  The Decedent died on December 11,                
          1989, while a resident of Indiana.  The Fiduciary, a resident of            
          Indiana when he petitioned the Court, filed a Form 706, United              
          States Estate (and Generation-Skipping Transfer) Tax Return, on             
          behalf of the Decedent's estate.  Form 706 reflects the                     
          Fiduciary’s election of an alternate valuation date under section           
          2032.  The alternate valuation date is June 11, 1990.                       
               Corporation for General Trade (CGT) is a corporation whose             
          stock is not listed on an exchange.  CGT’s stock was entirely               
          owned by the Decedent when he died.  CGT’s principal asset at the           
          time of the Decedent’s death was 100 percent of the stock of                
          Thirty-Three, Inc. (Thirty-Three).  Thirty-Three owned and                  
          operated the NBC television affiliate in Fort Wayne, Indiana.2              
          Other assets of CGT at the time of the Decedent’s death included            
          rental real estate and a motor home.                                        
               On the Form 706, the Decedent’s CGT stock was valued at                
          $13,969,000 on the date of his death, and $12,582,000 on the                
          alternate valuation date.  These values were based on two                   


          2 After the Decedent died, but before the alternate                         
          valuation date, Thirty-Three was merged into CGT, so that only              
          CGT existed on the alternate valuation date.                                




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