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were publicly traded stock valued at $1,335,344; mortgages,
notes, and cash in the amount of $67,632; and life insurance in
the amount of $400,740.
On the date of his death, decedent also owned a 3,489-acre
irregularly shaped parcel of real property known as Cane Mill
Plantation (Cane Mill) located in Dougherty County, Georgia.
Under the terms of decedent's Last Will and Testament (will),
Cane Mill was left in trust for his 4 children.
Cane Mill is composed of property having the following
characteristics:
Land Class Acres
Irrigated cropland 160
Dry cropland 378
Pasture land 22.2
Upland timberland 2,378.3
Bottom timberland 550.8
Total 3,489.3
The highest and best use of Cane Mill for all relevant times
in this case was for the production of merchantable timber and
crops and as a hunting preserve.
Decedent's Irrevocable Insurance Trust (Trust) held an
insurance policy on decedent's life in the face amount of $2
million. After decedent's death, the Trust collected the
insurance proceeds and interest earned thereon for an aggregate
amount of $2,011,562.
Item Seven of decedent's will provides in pertinent part
that "Any and all estate or inheritance taxes shall be paid from
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Last modified: May 25, 2011