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one by her son William. On May 31, 1997, decedent gave each of
her six sons a 1-percent limited partnership interest in Deputy
FLP.
On July 18, 1997, decedent transferred 5 of her 192.5 shares
of Godfrey Conveyor Co., Inc. (Godfrey), to her grandson, Matthew
Deputy. The 5 shares represented 0.53 percent of the issued and
outstanding shares of Godfrey. On July 20, 1997, decedent
transferred her remaining 187.5 of the issued and outstanding
shares of Godfrey to Deputy FLP.
As of the date of decedent’s death, September 15, 1997,
there were 938 shares of Godfrey stock outstanding, which were
held as follows: 553.5 shares (59.01-percent interest) by the
Sherrill S. Deputy Trust; 187.5 shares (19.99-percent interest)
by Deputy FLP; 117 shares (12.47-percent interest) by Robert J.
Deputy; and the remaining 80 shares, 5 each (.53-percent
interest), by 16 other Deputy family members (16 x 5 = 80).
Decedent’s six sons are the beneficiaries of the Sherrill S.
Deputy Trust, and all six must consent to the sale of any Godfrey
shares by the trust.
Godfrey was founded in Indiana during 1919 and engaged in
the manufacture of coal-handling machinery and related products.
Decedent’s husband acquired a majority of Godfrey’s shares
during 1953, at a time when Godfrey’s financial condition was
poor. He converted Godfrey to a manufacturer of recreational
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