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decedent's owning 100 percent of the stock of TA&T Finance.4
Although Mr. Young and decedent were not related, Mr. Young had
previously worked for decedent. In calculating the price for Mr.
Young's 50-percent stock interest in TA&T Finance, the parties to
the Young transaction added to the book value of that company a
premium of 23 percent of the trade notes receivable that were
held by TA&T Finance at the time of that transaction.
In the B&W El Paso transaction, an unidentified individual
who was not related to decedent purchased during 1989 decedent's
100-percent stock interest in B&W El Paso. In calculating the
price for decedent's 100-percent stock interest in B&W El Paso,
the parties to the B&W El Paso transaction added to the book
value of that company a premium of 15 percent of the trade notes
receivable that were held by B&W El Paso at the time of that
transaction.
In the FNFS transaction, FNFS purchased during 1991 dece-
dent's respective 100-percent stock interests in B&W Brownsville,
B&W Harlingen, B&W Mission, B&W Austin, and B&W Finance. At the
time of that transaction, FNFS was a holding company owned
equally by David Harwood (Mr. Harwood) and Wayne McKinney, who
were not related. Mr. Harwood, who was not related to decedent,
negotiated on behalf of FNFS in the FNFS transaction. In calcu-
4 Sometime after decedent's death, B&W Longview merged into TA&T
Finance, and, around May 1992, Ms. Hirt became president of that
corporation.
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Last modified: May 25, 2011