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Schedule 2
1994 Transfers by Estate
Fair market value
Fair market of Dave True’s Total purchase
Interest owned value of 100% interest owned price paid by
by Dave True interest per 1994 at death per 1994 Jean True & True
at death(1) estate tax notice(2) estate tax notice sons (book value)
Disputed Companies
True Oil 38.47% $52,097,003 $20,041,717 $5,538,423
Eighty-Eight Oil 38.47% 68,900,000 26,505,830 9,546,285
True Ranches 38.47% 52,725,363 20,283,447 5,777,943
Belle Fourche 68.74% 28,919,991 19,801,518 747,723
Black Hills Trucking 58.16% 10,933,726 6,359,055 951,467
White Stallion 34.235% 1,139,080 389,964 153,434
Subtotal 214,715,163 93,381,531 22,715,275
Undisputed Companies
Rancho Verdad 38.47% 2,175,053 836,743(3) 506,308
True Drilling 38.47% 4,605,776 1,771,842(3) 938,940
Tool Pushers 70.683% 6,500,000 4,594,395(3) 2,173,211
Midland Financial 68.47% 20,000,001 13,694,001(3) 8,761,108
Roughrider Pipeline 68.47% 325,001 222,528(3) 217,396
Smokey Oil 72.394% 2,399,983 1,737,444(3) 1,733,359
True Geothermal Energy 38.47% 662,516(2) 254,870 254,870
True Mining 38.47% 1,024 394 394
True Envir. Rem. LLC 38.47% 1,234,656 474,972 474,972
Black Hills Oil Marketers 68.47% 349 239 239
Bonanza Publishing 68.47% 2,294 1,571 1,571
Clareton Oil 68.47% 334 229 229
Donkey Creek Oil 68.47% 334 229 229
Equitable Oil Purchasers 56.51% 5,764 3,257 3,257
Fire Creek Oil 68.47% 6,282 4,301 4,301
Pumpkin Buttes Oil 68.47% 296 203 203
Sunlight Oil 68.47% 332 227 227
True Geothermal Drilling 68.47% 894 612 612
True Wyoming Beef 68.47% 4,092 2,802 2,802
Wind River Oil 68.47% 340 233 233
True Land & Royalty 68.47% 153,441 105,061 105,061
Subtotal 38,078,762 23,706,153 15,179,522
Grand total 252,793,925 117,087,684 37,894,797
(1) Dave True’s total interest in each company as of his death. Respondent has agreed that any adjustment to the
value of the interest transferred to Jean True qualifies for the marital deduction.
(2) Fair market value of 100% interest amounts for True Geothermal Energy and following were extrapolated from 1994
estate tax notice
(3) Respondent no longer asserts an estate tax deficiency related to this entity.
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