Estate of Helen Bolton Jameson, Deceased, Northern Trust Bank of Texas N.A., Independent Executor - Page 4

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          marketable securities.  As stipulated, the fair market value and            
          tax basis of Johnco's assets as of September 22, 1991, were as              
          follows:                                                                    
               Asset          Fair market value   Tax basis                           
               Cash                $25,000        $25,000                             
               Investments         492,000        492,000                             
               Building and                                                           
               equipment           196,000        196,000                             
               Timber Property     6,000,000      217,850                             
               Harris County                                                          
               Real Estate    240,000             110,740                             
               Other             19,000           19,000                              
               Subtotal       6,972,000      1,060,590                                
               Liabilities         (14,000)                                           
               Net Asset Value       6,958,000                                        
               The Timber Property was well managed and highly productive.            
          Of the 5,405 acres, 5,097 acres were wooded with mature timber,             
          primarily 27- to 33-year-old slash pine, but also bottomland                
          hardwoods and loblolly pine.  An additional 108 acres of pine               
          were premerchantable and ranged in age from 2 to 7 years in 1991.           
          The remaining acres consisted of lakes and ponds, improvement               
          sites, a road right-of-way, and a nontimberland area.  Based on             
          soil type and quality, and its site index,1 the Timber Property             
          was considered to be extremely productive.                                  
               Because of the Timber Property's productivity, desirable               
          location, and contiguous nature, decedent's Johnco stock would be           




               1 Site index as defined by the U.S. Department of                      
          Agriculture is a designation of the quality of a forest site                
          based on the height of the dominant stand at a designated age.              
          Site index is essentially a measure of the productive capacity of           
          a timberland site.                                                          

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