Estate of Helen Bolton Jameson, Deceased, Northern Trust Bank of Texas N.A., Independent Executor - Page 11

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               For purposes of Schedule B of the Estate's Form 706, the               
          liquidation value of Johnco was reported as follows:                        
                                                            Built-in                  
               Asset          Fair market value   Tax basis capital gains             
                                                                                     
               Cash                $25,000        $25,000   -0-                       
               Investments         492,000        492,000   -0-                       
               Building and                                                           
               equipment           196,000        196,000   -0-                       
               Timber Property     5,239,000      329,000   $4,910,000                
               and Harris Cnty.                                                       
               Real Estate                                                            
               Other             19,000          19,000       -0-                     
               Subtotal       5,971,000      1,061,000     4,910,000                  
               Liabilities   (14,000)       ---       ---                             
               Net asset value       5,957,000    ---       ---                       
               Capital gains    (1,414,000)    --- ---                                
               Selling costs      (350,000)    ---       ---                          
               Liquidation value     4,193,000              ---            ---        

               C.   Unified Credit Bequest                                            
               In December 1993, acting in its capacity as successor                  
          independent administrator of John's Estate, Northern Trust funded           
          the unified credit bequest in John’s will.  After taking into               
          account all taxable gifts made to him by John during his lifetime           
          and all other amounts passing to him which were includable in               
          John's taxable estate, Northern Trust concluded that Andrew was             
          entitled to receive a bequest of property equal in value to                 
          $111,617.49 as his share of the unified credit bequest, including           
          a life insurance policy on Andrew’s life valued at $5,366.  Thus,           
          Northern Trust computed that $106,251 worth of Johnco stock was             
          required to fund the balance of Andrew’s share of the bequest               
          (after taking into account the life insurance interest).  Using             


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Last modified: May 25, 2011