Estate of Edna Pearce Lockett Deceased, David F. Lanier, Personal Representative - Page 7

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          liabilities in the amount of $3,402,530, and State estate tax               
          liabilities in the amount of $888,356.  At the time of decedent's           
          death, the petitioner and Trust had only approximately $10,000 of           
          liquid assets and approximately $68,000 in the form of a tax                
          claim for a refund for the 1988 and 1989 tax years, available to            
          meet the above liabilities.  Consequently, Messrs. Lanier and               
          Pearce decided it was necessary to sell the land and cattle held            
          by the Trust in order to pay the debts of the estate, including             
          the death tax liabilities, as well the mortgage debt on the                 
          cattle operation.  In a meeting following decedent's funeral, the           
          beneficiaries of the Trust expressed their agreement with the               
          trustees’ decision to sell.                                                 
               F. Elgin Bayless (Mr. Bayless), a real estate appraiser, was           
          hired to appraise the personal and real property included in                
          petitioner's Federal estate tax return.  Messrs. Lanier and                 
          Pearce refrained from marketing the estate property while they              
          awaited the appraisal report for pricing guidance.  On                      
          December 10, 1991, Mr. Bayless delivered his appraisal report.              
          The report indicated that the Fishbranch parcel was landlocked              
          and that the estate had no legal access to the property.  Since             
          the 1960's, decedent had used the roads along the Kissimmee                 
          canal, which were owned by the South Florida Water Management               
          District (Water District), to travel back and forth between                 
          Fishbranch and Basinger.  Decedent had never obtained a permit to           





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