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On the date of his death, and at all times since
incorporation, decedent owned 100 percent of the stock of Keeton
Corrections, Inc. (Keeton Corrections), a subchapter C
corporation, and 100 percent of the stock of Non-Secure Programs,
Inc. (NSP), an S corporation. Decedent materially participated
in the operation of both companies. Both companies operate
corrections facilities. Keeton Corrections, a Kentucky
corporation authorized to do business in Florida, was
incorporated in 1985 and has operated continuously since that
time. Keeton Corrections initially contracted with the United
States, the Commonwealth of Kentucky, and the State of Florida to
provide corrections facilities and services as part of the
Federal and State penal systems. NSP, a Florida corporation, was
incorporated on March 22, 1995. NSP is not a subsidiary of
Keeton Corrections. After the incorporation of NSP, Keeton
Corrections and the State of Florida assigned the Florida State
contracts to NSP. Keeton Corrections continued to operate
corrections facilities under Federal contract in Florida and
various other States. Upon his death, decedent passed his
interests in both Keeton Corrections and NSP to his daughter,
Kimberly Spence. Ms. Spence continues to operate these
companies.
The estate timely filed a Form 706, United States Estate
(and Generation Skipping Transfer) Tax Return, on October 24,
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Last modified: May 25, 2011