- 14 - stock immediately after the recapitalization on May 25, 1990, was $9,415, if the share was part of a block of stock amounting to either 50 or 25 percent of the outstanding stock of the corporation. The Decedent's Death The decedent died on September 5, 1990. At the time of his death, he held 695 shares of class B nonvoting common stock in HBC. The fair market value of each share of class B nonvoting common stock at that time was $8,843 per share. Thus, the value of the decedent's stock in HBC at the time of his death was $6,145,885 ($8,843 x 695). On October 1, 1990, the shareholders of HBC elected Ms. Marie Baker, Mr. Christopher Bosca, and Mr. Anthony Bosca as directors. On the same day, the board of directors elected Mr. Christopher Bosca president, Mr. Anthony Bosca vice president and treasurer, and Ms. Marie Baker secretary. The Decedent's Gift and Estate Tax Returns Ms. Marie Baker, acting in her capacity as executrix of the decedent's estate, filed Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, for the 1990 calendar year. A supplement to Schedule A, Computation of Taxable Gifts, attached to the return states as follows:Page: Previous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Next
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