Estate of Mario E. Bosca, Deceased, Marie A. Baker Formerly Marie A. Bosca, Executor - Page 14

                                       - 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

Last modified: May 25, 2011