- 7 -
At her death, on June 25, 1989, decedent owned 109,450 share
of class B nonvoting common stock of the Company (class B stock),
valued at $4,777,493, and 720 shares of class E voting common
stock of the Company (class E stock), valued at $769,680. On the
date of decedent’s death, the Company had 10,000 outstanding
shares of voting common stock, divided as follows: 2,600 shares
of class C (all owned by R. Ellsworth McKee), 2,600 shares of
class D (all owned by Jack C. McKee), and 4,800 shares of class E
stock (720 shares owned by decedent). There were also 8,168,394
shares of class B stock outstanding.
Both of decedent's executors were officers of the Company.
R. Ellsworth McKee was the president and chief executive officer
of the Company, and Jack C. McKee served as executive vice
president of the Company.
Decedent’s surviving spouse timely filed a disclaimer of all
interest in items totaling $1,955,577 in value that otherwise
would have passed to him under decedent's will. Decedent's
estate was allowed a marital deduction for the distribution of
the nondisclaimed items totaling $440,388 to decedent's surviving
spouse. All of the disclaimed assets (except a reversionary
interest in a trust reported on Schedule F-1 of the estate's
Federal return) were sold and the proceeds were used to help pay
decedent’s estate's Federal estate tax and State death taxes on
March 26, 1990.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011