- 334 -
Appendix
Schedule 1
1993 Transfers by Dave True
Fair market value
Fair market of True sons’ Total purchase
Interest value of 100% 24.84% aggregate price paid by
transferred interest per 1993 interests per 1993 True sons
to True sons(1) gift tax notice(2) gift tax notice (book value)
Disputed Companies
True Oil 24.84% $56,120,008 $13,940,210 $5,226,006
Eighty-Eight Oil 24.84% 53,333,341 13,248,002 2,556,378
True Ranches 24.84% 49,090,137 12,193,990 3,265,647
Subtotal 158,543,486 39,382,202 11,048,031
Undisputed Companies
Rancho Verdad 24.84% 2,175,048 540,282(3) 327,012
True Drilling 24.84% 4,605,773 1,144,074(3) 848,208
True Geothermal Energy 24.84% 1,226,039 304,548 304,548
True Mining 24.84% 1,027 255 255
True Envir. Rem. LLC 24.84% 1,111,256 276,036 276,036
Subtotal 9,119,143 2,265,195 1,756,059
Grand total 167,662,629 41,647,397 12,804,090
(1) Aggregate interests in each company transferred by Dave True to Hank, Diemer, and David L. True.
Interests sold to Jean True were not included in the 1993 gift tax notice.
(2) The 1993 gift tax notice did not separately state the values of the transferred interests. The values shown above
are based on the Revenue Agent’s Reports and the 1994 estate tax notice.
(3) Respondent no longer asserts a gift tax deficiency related to this entity.
Page: Previous 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 NextLast modified: May 25, 2011