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The most valuable asset in decedent's gross estate was Beth
W. Corp. stock. Decedent owned 7,457 of the 9,040 shares through
the revocable living trust when she died. The other shares were
owned by two of the irrevocable trusts.
B. Beth W. Corp.'s Transfers to or on Behalf of Decedent
1. Beth W. Corp.
Beth W. Corp. was a personal holding company. Decedent
owned 82.49 percent of the stock of Beth W. Corp. when she died.
Beth W. Corp. has been a C corporation and used the accrual
method of accounting since its inception. Decedent, as Beth W.
Corp.'s president, made most of the business decisions on a day-
to-day basis, and dealt with attorneys, bankers, and accountants.
Pollett was an officer of Beth W. Corp. from 1982 to the
time of trial.
Beth W. Corp. reported the following on its corporate income
tax return for fiscal year ending July 31, 1989:
Assets
Cash & marketable securities $80,664
Accounts receivable-trade 0
Inventories 0
Other current assets 56,277
Total current assets 136,941
Loans to shareholders 1,878,187
Mortgages & R.E. loans 2,265,000
Marketable securities 645,187
Buildings & other depreciable assets 0
Land (55.91 acres) 0
Other assets 119,048
Total Assets 5,044,363
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Last modified: May 25, 2011