- 4 - totaling $22,630. On that date, B&W Longview had total liabili- ties of $253,166 and equity of $2,168,839 consisting of $100,000 of capital stock, $9,412 of paid-in capital, and $2,059,427 of retained earnings. The book value of B&W Longview on the valua- tion date was $2,168,839. Prior to the valuation date, decedent participated in the following transactions involving corporations in which he had an interest and which had portfolios of business loans that were similar to B&W Longview's trade notes receivable:3 (1) The purchase during 1987 (Young transaction) by decedent from Tommy Young (Mr. Young) of Mr. Young's 50-percent stock interest in TA&T Finance Corporation (TA&T Finance); (2) the purchase during 1989 (B&W El Paso transaction) by an unidentified individual from decedent of decedent's 100-percent stock interest in B&W El Paso (B&W El Paso); and (3) the purchases during 1991 (FNFS transac- tion) by FNFS, Inc. (FNFS), from decedent of decedent's respec- tive 100-percent stock interests in five corporations. (We shall sometimes refer collectively to the foregoing transactions as the precedent transactions.) In the Young transaction, decedent, who owned 50 percent of the stock of TA&T Finance, purchased during 1987 Mr. Young's 50- percent stock interest in that corporation, thereby resulting in 3 Hereinafter, we shall also refer to the respective portfolios of loans held by the corporations involved in the transactions in question as trade notes receivable.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