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Schedule 3
1994 Transfers by Jean True
Fair market value
Fair market of aggregate Total purchase
Interest value of 100% interests transferred price paid by
transferred interest per 1994 by Jean True per True sons
by Jean True gift tax notice 1994 gift tax notice (book value)
Disputed Companies
True Oil 17.23% $52,097,000 $8,976,312 $2,528,315
Eighty-Eight Oil 17.23% 68,900,000 11,871,469 4,400,744
True Ranches 17.23% 52,725,360 9,084,581 2,712,212
Belle Fourche 17.23% 28,920,000 4,982,916 183,593
Black Hills Trucking 37.93%(1) 10,933,730 4,147,164 590,511
Subtotal 213,576,090 39,062,442 10,415,375
Undisputed Companies
Rancho Verdad 17.23% 2,175,051 374,761(2) 226,759
Tool Pushers 4.54% 6,500,000 295,100(2) 137,872
Midland Financial 17.23% 20,000,000 3,446,000(2) 2,226,338
Roughrider Pipeline 17.23% 320,417 55,208(2) 55,208
True Mining 17.23% 1,023 176 176
True Envir. Rem. LLC 17.23% 1,194,929 205,886 205,886
Black Hills Oil Marketers 17.23% 347 60 60
Bonanza Publishing 17.23% 2,292 395 395
Clareton Oil 17.23% 334 58 58
Equitable Oil Purchasers 40.00% 5,761 2,304 2,304
Fire Creek Oil 17.23% 6,924 1,193 1,193
Pumpkin Buttes Oil 17.23% 295 51 51
Sunlight Oil 17.23% 330 57 57
True Geothermal Drilling 17.23% 642 111 111
True Wyoming Beef 17.23% 3,700 638 638
Wind River Oil 17.23% 340 59 59
True Land & Royalty 17.23% 153,441 26,438 26,438
Subtotal 30,365,826 4,408,495 2,883,603
Grand total 243,941,916 43,470,937 13,298,978
(1) Jean True’s percentage interest should be 37.63%.
(2) Respondent no longer asserts a gift tax deficiency related to this entity.
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