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total of 180 living units, all of which are one- or two-bedroom
apartments), a clubhouse, a swimming pool, and tennis courts.
Flint is the largest city in Genesee County, and it is the site
of General Motors (GM) and other large employers. The population
and economy of Flint were growing on the applicable valuation
date, and it had one of the strongest retail markets in Michigan.
Approximately 32 months after the decedent transferred the
apartment complexes to the Trust, he transferred to the Trust his
complete stock interests in family corporations named Auker
Investments, Inc.; Grand Pointe, Inc.; K.A.A., Inc.; and The
Aukers, Community Developers, Ltd.; and his complete ownership
interest in a family general partnership named Eldon L. Auker
Enterprises. When the decedent died, the Trust owned equity
interests in these entities as follows: (1) A 100-percent
interest in Auker Investments, Inc., (2) a 5-percent interest in
Grand Pointe, Inc., (3) a 25-percent interest in K.A.A., Inc.,
(4) a 26-percent interest in The Aukers, Community Developers,
Ltd., and (5) a 35.08-percent interest in Eldon L. Auker
Enterprises. Also at that time, Auker Investments, Inc., owned a
25.57-percent equity interest in Eldon L. Auker Enterprises; The
Aukers, Community Developers, Ltd., owned a 20.27-percent equity
interest in Eldon L. Auker Enterprises and a 20.74-percent equity
interest in a family general partnership named Auker Enterprises;
and Eldon L. Auker Enterprises and Auker Enterprises each owned a
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Last modified: May 25, 2011