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Chester Co. --- $50,180
Madison Co. --- 10,327
PA Higher Ed --- 50,472
Puerto Rico --- 5,246
Dela. State --- 52,131
Shares Value
Stocks
Atlantic Richfield 100 11,575
Coca Cola 2,400 103,800
GTE 11,200 404,600
General Electric 1,600 157,600
Intercap Qual Muni Inv. 2,000 32,000
Intercap Qual Muni Inc. 1,200 18,150
IBM 426 18,957
Johnson & Johnson 600 21,900
Merck 900 27,563
Meridian Bankcorp 1,000 32,125
3M 200 21,000
Phila. Elec./PECO Energy 500 15,750
Petrolite 3,000 105,000
Xerox 1,800 131,400
Mutual funds
John Hancock 900 15,894
Loans receivable
Phoebe Turner --- 15,000
William Turner --- 100,000
George Turner, Jr. --- 10,000
Decedent’s total 1,410,670
Betsy/Georges’s contribution
Cash (checking account) --- 1,000
Real Property
Vermont property --- 49,000
Betsy/George’s total 50,000
Total assets 1,460,670
In 1994, after George contributed the Vermont property to the
Turner Partnership, Mr. Cheleden advised him that the initial
capitalization of the partnership might present certain investment
company issues pursuant to section 721(b) which could affect the
intended nonrecognition treatment of capital contributions to the
partnership. Accordingly, Mr. Cheleden recommended that the Turner
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Last modified: May 25, 2011