- 2 - A. Fleming (decedent) at the date of his death. FINDINGS OF FACT Some of the facts have been stipulated and are so found. Decedent died testate on November 22, 1991 (the valuation date). Cathy J. Hirt (Ms. Hirt), the independent successor executrix of decedent's estate (the estate), resided in Tyler, Texas, at the time the petition was filed. At the time of his death, decedent owned, inter alia, a 50- percent community property interest (decedent's 50-percent stock interest) in the 100,000 shares of the common stock of B&W Financial Corporation of Longview, Inc. (B&W Longview), that were outstanding at that time, and his spouse, Jeanette T. Fleming, owned the remaining 50-percent community property interest in that stock. Decedent's spouse died in December 1992. On the valuation date, B&W Longview, which had three offices in Tyler, Longview, and San Antonio, Texas, was engaged, inter alia, in the business of making small loans that were regulated by the Office of Consumer Credit in Texas. (The parties refer to those loans as trade notes receivable, and we shall do the same.) Pursuant to Texas law and/or regulations, on the valuation date, the amount of a loan reflected by a trade note receivable could not exceed $380.1 Although B&W Longview's trade notes receivable did not bear interest, under Texas law and/or regulations, B&W 1 All dollar amounts are rounded.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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