- 3 - FINDINGS OF FACT Some of the facts have been stipulated and are so found. The stipulation of facts and attached exhibits are incorporated herein by this reference. Petitioners, Frederick and Catherine Harrison, were husband and wife and resided in Marlton, New Jersey, at the time they filed their petition in the instant case. On January 16, 1994, Catherine Harrison died, and her estate was substituted as a petitioner. During 1989, petitioner Frederick G. Harrison owned and operated three trucking and solid waste removal businesses in Pennsylvania and New Jersey. The waste removal business in New Jersey was a family owned business that petitioner started over 20 years ago. The waste removal business in Pennsylvania was also a family business run by petitioner and his son. The third business, consisting of trucking and waste disposal, was operated by Penn Foundry, Inc. (Penn). Petitioner owned one-third of Penn. Petitioner's son was also an owner of Penn. The trucking and waste management businesses were considered by Mr. Harrison to be his “working companies”, and they were generally profitable. Mr. Harrison was around 65 years old in 1989. Prior to 1989, Mr. Harrison owned a one-quarter interest in a trash transfer station in Philadelphia, Pennsylvania, known as LaForge, Inc. LaForge was sold in 1988 to a public company for $4.8 million; Mr. Harrison's share of the proceeds was worth approximately $1.2 million and was paid in stock.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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