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Corp., which decedent's estate was obligated to repay. First
Union did not object to paying Beth W. Corp.'s claim against
decedent's estate for the amount of transfers that decedent had
not repaid.
3. Interest Paid by Decedent to Beth W. Corp. and
Dividends and Salary Paid by Beth W. Corp. to Decedent
The following chart shows the amounts of interest paid by
decedent to Beth W. Corp. and dividends and salary that Beth W.
Corp. paid to decedent:
Interest Dividends Salary
Decedent Beth W. Corp. Beth W. Corp.
Paid To Paid To Paid To
Year Beth W. Corp. Decedent Decedent
1985 $148,905 $200,000 $30,000
1986 165,169 230,000 30,000
1987 183,786 270,062 40,000
1988 145,124 165,738 40,000
1989 78,471 136,090 15,000
Decedent paid income taxes on the dividends and salary she
received from Beth W. Corp. Decedent paid some of the interest
and principal to Beth W. Corp. by journal entries. Decedent used
some of the dividends to pay interest and principal. Decedent
could have repaid Beth W. Corp. by liquidating Beth W. Corp.'s
assets.
C. Trusts Created by Decedent
Decedent created a revocable trust and irrevocable trusts #1
and #2 in December 1986. She created irrevocable trust #3 on
March 19, 1987. The trustees were Pollett, Jeffrey H. Beck
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