Estate of Virginia A. Bigelow, Deceased, Franklin T. Bigelow, Jr., Executor - Page 18

                                       - 18 -                                         
          decedent’s trust ($8,492.30 in a Merrill Lynch cash account                 
          offset by an overdraft of $3,075.47 in the checking account); a             
          $169.38 cash payment due from Boston Co; and $2,918.98 in a                 
          savings account.                                                            
              On the estate tax return, Mr. Bigelow reported that                     
          decedent’s limited partnership interest in the partnership was              
          worth $135,079.88.  In computing that value, decedent’s estate:             
          (1) Computed 44 percent of $1,475,000 (the value of the Padaro              
          Lane property); i.e., $649,480.85, (2) subtracted $435,069.75;              
          i.e., the amount of the Great Western Bank loan and the Union               
          Bank line of credit secured by the property, and (3) applied to             
          the remainder a 37-percent discount for lack of marketability.              
              Attached to the estate tax return was a document signed by              
          Mr. Bigelow called “Statement As to Status of Ownership of Units”           
          (the statement of status), in which he certified that the                   
          ownership of the issued and outstanding Spindrift limited                   
          partnership units as of July 18, 1997, was as follows:                      
              Partner                                A Units   B Units                
              Decedent’s trust                          1       6,450                 
              Estate of Mrs. Fitzgerald, deceased       1       2,500                 
              Mrs. Burke                                1       2,700                 
              Mr. Bigelow                               1       1,050                 
              Total                                     4       12,700                
          The statement of status also states that, on the valuation date,            
          decedent’s nine grandchildren owned the income rights associated            
          with 1,800 B units (200 units each) owned by the general partner.           





Page:  Previous  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  24  25  26  27  Next

Last modified: May 25, 2011