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Advance Leasing financed its purchases of cars with loans it
obtained from other entities established by Bob Hughes and
decedent. At the end of 1994, 1995, and 1996, Advance Leasing
owed $755,640, $861,069, and $964,257, respectively, to Bob
Hughes and the other entities.
When Bob Hughes died, decedent became the sole beneficial
owner of the stock of Advance Leasing, all of which was held by
GRH Trust. Decedent was never involved in the business of
Advance Leasing.
The Estate of Bob Hughes reported on the Federal estate tax
return that was filed on July 9, 1997, that the stock of Advance
Leasing had a fair market value of zero as of April 10, 1996, and
that its liabilities exceeded assets. McBride signed that return
as executor for the Estate of Bob Hughes.
2. Advance Leasing’s Financial Statements for 1994-99
Advance Leasing had the following amounts of gross sales,
cost of goods sold, operating income, expenses, and net loss for
1994-99:
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Last modified: May 25, 2011