32
income tax returns from 1983 to 1986 and 1991 (partial year). He
paid tax thereon as follows:
Capital Gains Tax Allocable to
Income From Capital Gains
Year Forgiveness of Debt Income
1983 $185,185 $37,037
1984 332,000 66,400
1985 329,728 65,946
1986 1,078,537 215,707
1991 330,285 94,275
Total 2,255,735 479,365
H. Paul Brown's Will
On October 26, 1990, Paul Brown executed his will. He left
any interest he had in the Brown family partnership and any of
his shares of the Bengals stock to Mike and Peter Brown. He left
to Peter any interest he had in a promissory note from Mike and
to Mike any interest he had in a promissory note from Peter. He
provided that, if either son died before him, these specific
bequests would transfer to his sons' estates.
I. NFL Approval of the Transfer of Bengals Stock From Sawyer to
Brown Family Members
Before October 20, 1992, Mike, Nancy, Peter, and Katherine
Brown asked the NFL to approve the transfer of 329 shares of
Bengals stock from Sawyer pursuant to the 1983 stock option
agreement. The NFL's executive committee and the members of the
NFL approved the transfer. By letter dated February 23, 1993,
Paul Tagliabue, Commissioner of the NFL, told the Browns and
Sawyer that the NFL had approved the transfer.
Page: Previous 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 NextLast modified: May 25, 2011