- 5 - 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:Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Next
Last modified: May 25, 2011