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and Testament of my late husband, BERNARD
WEINBERG, and direct that all assets governed
thereby be distributed to my Trustees under my
Trust executed November 2, 1984, as amended,
whereunder I am now Trustee. In the event that
such Trust, for any reason, is not in existence
at the time of my death, I exercise my power of
appointment in favor of my Executors.
The financial statements of Hill House for the years
1990 through 1992 report the following:
1990 1991 1992
Rental income $1,928,127 $2,003,912 $2,057,151
Total income 1,996,306 2,082,707 2,137,058
Net income 754,465 893,678 843,275
Cash 722,128 836,450 801,078
Mortgage payable 810,211 635,012 48,544
Distributions 650,000 600,000 800,000
On the estate tax return filed on behalf of the
decedent’s estate, the executors of the estate reported
$1,075,000 as the value of the 25.235-percent interest in
Hill House over which the decedent held a general power of
appointment. The estate now claims that the fair market
value is $971,838. In the notice of deficiency, respondent
determined that the fair market value of the subject
interest in Hill House was $2,422,500. Respondent now
claims that the fair market value is $1,770,103.
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Last modified: May 25, 2011