- 6 -
Fiscal
Year Operating Other Total Shareholder
Ended Income Income Income Distributions
1988 $15,680,903 $2,050,232 $17,731,135 $17,778,483
1989 18,150,034 1,329,796 19,479,830 19,458,148
1990 21,623,537 2,323,068 23,946,605 24,032,651
1991 23,796,119 542,321 24,338,440 24,126,041
1992 23,258,506 4,327,367 27,585,873 28,188,889
Petitioners' Gifts
On July 31, 1992, Walter Gross made a gift of 124.5 shares
of common stock in G&J to each of his three children (together,
the Walter Gross gifts). Each of the Walter Gross gifts
represented 0.63 percent of the issued and outstanding shares of
G&J. Walter and Barbara Gross (the Grosses) each reported one-
half of the amount they determined to be the value of the Walter
Gross gifts on a timely filed Form 709, United States Gift (and
Generation Skipping Transfer) Tax Return (Form 709). In
determining (and reporting) the value of the Walter Gross gifts,
the Grosses relied on an appraisal report prepared by Business
Valuations, Inc. (the Business Valuations report and Business
Valuations, respectively), dated July 22, 1992, valuing shares of
G&J's common stock as of May 31, 1992, at $5,680 a share. Since
the Grosses used a value of $5,680 a share, the total reported
value of the Walter Gross gifts was $2,121,480.
On July 31, 1992, Patricia Linnemann made a gift of 187.5
shares of common stock in G&J to each of her two children (the
Patricia Linnemann gifts). Each of the Patricia Linnemann gifts
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