Estate of Ona E. Hendrickson - Page 14




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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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