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I. Decedent and BCC
Decedent was a U.S. citizen domiciled in Georgia when he
died testate on September 21, 1997. Decedent’s will was probated
in Fulton County, Georgia, with Fred B. Aftergut appointed as
executor.
At his death, decedent owned 43,079.9657 (hereinafter
rounded to 43,080) shares of BCC, constituting 83.2 percent of
its outstanding stock. BCC was located in Atlanta, Georgia, and
had been in existence in one form or another since 1946, when
decedent’s father founded Blount Asphalt Co. Decedent became
involved in the business shortly thereafter, and when his father
died, decedent and his brother-in-law, James M. Jennings, became
equal owners.
BCC was in the general business of the construction and
repair of roads, streets, driveways, parking lots, and similar
projects. At decedent’s death, BCC also operated an asphalt
plant. In addition, BCC had certain nonoperating assets,
including an idle asphalt plant and notes receivable. BCC
required approximately $1.5 million in cash and cash equivalents
to operate. Among other things, this allowed it to meet bonding
requirements without the need for personal guaranties. When
decedent died, BCC had at least $2.5 million in cash and cash
equivalents.
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Last modified: May 25, 2011