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Similarly, at the time of his death Garry also owned certain
growing crops and livestock worth $70,893, which were assets of
the family farm. Garry’s estate sold these crops and livestock
during 1979-93, and it used all $70,893 of basis in calculating
the family farm income reported on its fiduciary income tax
returns. Because the family farm did not purchase these assets,
the family farm received $70,893 more cash during 1979-93 than
the amount of income reported on the sale of the assets.
The aggregate net cash needs of the family farm during 1979-
93 therefore did not exceed the $481,577 loss reported on the
income tax returns of Garry's estate, less the $171,500 of
depreciation and $70,893 of basis claimed with respect to
property owned by Garry at the time of his death. Accordingly,
the family farm's aggregate net cash needs for 1979-93 did not
exceed $239,184.
Decedent's Share of Investment Income of Garry's Estate; Value of
Coal Mining Rights
In addition to the family farm, at the time of his death
Garry owned: (1) A one-half interest in certain coal mining
rights to 5,499 acres in Gibson County, Indiana; (2) a stock
portfolio; (3) a $359,534 receivable from Hendricksons
Enterprise, Inc. (HEI);7 and (4) certain other interest-
7 Hendricksons Enterprise, Inc., is an automobile and farm
implement dealership, most of the stock of which was owned by
decedent and the children on the date of decedent's death.
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