Estate of Georgina T. Gimbel, Deceased, Janet G. Rogers, JoAnne M. Gimbel, and Thomas W. Gimbel, Co-Executors and Co-Trustees - Page 2

                                        - 2 -                                         
               Unless otherwise indicated, all section references are to              
          the Internal Revenue Code in effect on the date of decedent’s               
               The only issue for decision is the fair market value of                
          3,601,267 restricted shares of the common stock of Reliance Steel           
          and Aluminum Company, a publicly traded New York Stock Exchange             
          company (Reliance).                                                         

                                  FINDINGS OF FACT                                    
               Some of the facts have been stipulated and are so found.               

               Decedent was predeceased by her husband, William Gimbel                
          (William), who died on December 9, 1998.  Decedent died on                  
          June 5, 2000 (the valuation date), while residing in California.            
               From the time of her death, decedent’s three children,                 
          Thomas W. Gimbel (Thomas), Janet G. Rogers, and Joanne M. Gimbel,           
          have served as coexecutors and cotrustees of decedent’s estate,             
          and each has resided in California.                                         
               Reliance was founded in 1939 by William’s uncle, Thomas                
          Neilan (Mr. Neilan).  In 1947, Reliance hired William as an                 
          employee.  In the late 1950s, Mr. Neilan died, and upon his death           
          William received from Mr. Neilan’s estate a 4-percent common                
          stock interest in Reliance, and William became Reliance’s chief             
          executive officer.                                                          

Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011