- 5 -
shares of Baum stock. On December 12, 1976, Sloan sold 24 shares
of Baum stock to David for $6,768. On January 1, 1977, Sloan
transferred his remaining 5 shares of Baum stock to David.
Thereafter, David owned all 1,184 outstanding shares of Baum stock.
Margaret's Death
Margaret Allen (Margaret) died on November 24, 1970. Sloan
and David were her only heirs. Sloan was the executor of
Margaret's estate.
Margaret's will was probated in the County Court of Douglas
County, Nebraska (county court). Her estate was appraised at
$358,151.17. Sloan inherited $174,463.75, including 2,500 shares
of Standard Oil stock. David inherited $152,059.20.
On January 17, 1972, Sloan, in his capacity as executor, filed
a Form 706, U.S. Estate Tax Return, with the Internal Revenue
Service (IRS) for Margaret's estate. Margaret’s estate was liable
for Federal estate tax of $23,114.58. In addition, Margaret's
estate was subject to a Nebraska State inheritance tax of
$1,420.59, which was paid out of David's share of the estate.
Sloan's Death
On February 27, 1987, Sloan was admitted to Methodist Hospital
in Omaha, Nebraska. David informed the hospital that Sloan was
widowed. Sloan died intestate on March 8, 1987.
On March 9, 1987, David contacted Terry Kuchera, a local
funeral director at Crosby, Kunold, Burket Funeral Chapels (Funeral
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011