- 6 -
Assets Tax Basis Fair Market Value
Cash $2,413,839 $2,413,839
Tax-exempt bonds 4,549,146 4,549,146
Interest and dividends
receivable 37,800 37,800
ICC authority 1-0- 2-0-
Alex Brown and Sons
Account
Cash 1,482 1,482
Money funds 18,926 18,926
Tax-exempt bonds 300,000 300,000
Total 7,321,193 7,321,193
Liabilities
Federal and State income
tax payable (76,142)
Total 7,245,051
1The ICC authority had no book value or tax basis.
2Due to Federal deregulation of the trucking industry in the 1980's,
Colonial’s ICC operating authority became worthless.
The only expenses incurred by Colonial in 1993, other than
Federal and State income taxes and the State intangible tax, were
professional fees of $900 and office supplies of $8,733.
From 1985 to December 31, 1993, Mr. Honbarrier owned 100
percent of Colonial’s issued and outstanding shares. From 1988
through 1993, Mr. Honbarrier was the sole director of Colonial.
On December 31, 1993, Mr. Honbarrier’s Colonial stock (245
shares) had a tax basis of $291,506.
Central
Central was incorporated under the laws of North Carolina in
1951. From 1951 through 1997, Central was a trucking company
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