HomeMy WebLinkAbout94-01071
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Est.te of E. WILLIJIM I<<)I,I'E, J11.
aua k"o~n;:.s FJIIU,.Wm. I'K)I,Fl~. JR.
PETITION FOR PROBATE and GRANT OF LETTERS
c5?/ - 9t1 -/D?/
~
No.
To:
R.c!st.r or Wills ror the
Do"ased. CounlY or CUMIlERIJ\N\} In th.
So,(al So".JfI,>, No. Ul-28-0755 Commonwealth of PeMsylvanJa
Th. petition or lhe und.rslcned respeclrully re~rC3enlsthal:
Your p.tldoner(s), who b/m 18 y.ars or aGe or older an the exeeUI or
In the Jut will or Ihe above deeedenl. daled IoBv 11.
L'1d codlcil(s) dated . .
F.lni.... /\_ Wolfe. llooointed Executrix died on necerrbcr 4, 1994.
Air-hAm ~ Wnl fp. nl"prnn"~_ h,.,R rPnnnnC'P-d
named
,1992
(nile relevant drclInula.n=. e.l. rcnuncfauon. dnth or csr'CUlor. elc:..)
Decedenl WIS domlcUod ~t dealh In cu.mmLIIND County. PeMsylvanJa, with
b is JUI ramily or principal rc.lidenc. al 325 South 31st Street
Borouah of Calm Hill
lUst .trltt. numbar. T"'"p. or Boro.1
Dec.dent.lhen 58 l'em.ar ace. died Septenber 22, , 19 94
at 325 S. 31st St.. Carm nill. 'P/\ .
Exc.~t as rollows, deced.nt did not marry, was not divorced and did not have a child born or adopted
afler execudon or the will orrer.d ror pro bat.: was notth. victim or a kllllnc and was nev.r adjudicated
Incompc:cnt:
Dec.denl at dealh owned prop.rty wilh .stim~l.d values as (oUows:
(If domlcil.d In Pa.) AU personal prop.rty
(If not domiciled In Pa.) Personal propeny in Pennsl'lvania
(lC not domiciled In Pa.) Personal prop.rlY In County
Value o( real estat. In Pennsylvania
sltuat.d u (ollows:
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WHEREFORE, petltloner(s) respeet(ully r.quest(s) th. probate or: the Jut wiU and eodlcll(s)
presented her.wlth and the gra.nt o( le:tm testarrentarv
(lcslamtn:ary: a:!rnlnluradon C.t.L; ac!mialsuadon d.b.n.c.t.L)
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OATH OF PERSONAL REPRESENTATIVE
COMMONWEALTH OF PENNSYLVANIA } 55
COUNTY OF CllMBERLI\ND
The petidon.r(s) abov..nam.d swear(s) or affirm(s) thatlh.statemenlS In the (orecoing petillon are
tru. and eorr.et to th. best o( th. kno....ledC. and belier o( p.tltioner(s) and that as personal r.presen-
tadv.(s) o( the above decedent petltioner(s) will well an truly administ.r th. .stat. aceordinK to law.
. ~ J.
affirmed and subscribed t ' C--~' '"
19TH cay o( e re C. We ~.
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M lye. tE;l~ 'I.. .' R~risr;; 'if ~
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Sworn 10 or
b.(ore me this
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Estate of
No, 21 - q4 - 1071
E. WILLlJ\M WOLFE, JR. ll/k/n
EARL WIn I'KlLFE, JR.
, Deceased
DECREE OF PROBATE AND GRANT OF LETTERS
AND NOW DECEMBER 22 , 19 94' In consideration of the pedtlon on
the reverse sIde hereof, satls(ac:ory pr~of having been presented before me,
IT IS DECREED that the Innrume;ll(s) dawl Mav 11. 1992
described therein be admlncd to probate and filed of record a.s the hut wlU of
E. william Wolfe, Jr. a/k/n Earl WIn. Wolfe, Jr.
and Lencn Testamentary
ue hereby STL'1ted to Jeffrey C. Wolfe
;
~/1Ml'J~';'.h. .&f>>,!fg.
. MA~~:' ~~ .
Edmund G. Myers (20558)
Johnson, Duffie, Stewart & Weidner
FEES
Probate, Leners, Etc. ..,..,... S 50 . 00
Shalt Cenificates( ).......... S
Rc:1unc:iadon ................ S 5 . 00
X-Pages. S 9.00
JCP . ~.uu
. TOTAL _ S 911.00
FlIed .... !lEe E~Jl.fJU? ..1,9.~4.. .. .. .. " .
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ATTOIlNln' (Sup. Cl. I.D. No.)
301 Market St., P. O. Box 109
r~. PA 17043-0109
..wOIlESS
(717) 761-4540.
PHONE
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Mailed letters and order to attorney on 12-23-94
IIIl1\l'oll\ltlV"""
This is III n~rtif)' IIlill till' infllrllliltitln 1ll'1l' gin'lI i!'o llltlH II)' ftlpj('lt lllllll .111 uriJ..lill.d n."Hit-lIft.. Ill' dl'illh ~llIly fill'd with lilt.' .15
Local Rl'gislr.&r" Till' tlrigilllllll'r1Hiulll' will hc fllr\l.'anblltllhe St,ll(' Vil,ll HI'l"llltl'i ()Ili~t.' for permilllcllt liIing,
WARNING: 1\ Is Illegal to duplicate this copy by photostat or photograph.
Frc lor Ihi~ '"Cl'lilje,lfl', $2.00
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2513630
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----SI:P-9-r1994
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COMMONWEALTH OF PENNSYLVANIA. DEPARTMENT OF HEALTH' VITAL RECORns
CERTIFICATE OF DEATH
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325 South 31st Street
Canp Hill. PlI. 17011
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21 - 94 - 1071
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EGM/Fehruary 18, 1992/14114
'.
3llast 3Oi11 aub Westamtut
OF
E. WILLIAM WOLFE, JR.
I, E. WXLLIAM WOLFE, JR., of the Borough of Camp Hill,
Cumberland County, Pennsylvania, being of sound and disposing mind,
memory and understanding, do hereby make, publish and declare this
as and for my Last Will and Testament, hereby revoking and making
void any and all wills or Codicils at any time heretofore made by
ARTICLE I
me.
I direct the payment of all my legal debts, and the expenses
of my last illness and funeral from my Estate as soon after my
death as conveniently may be done. I direct that all taxes that
may be assessed in consequence of my death, of whatever nature and
whatever jurisdiction imposed, shall be paid from my Residuary
Estate as part of the expense of the administration of my Estate.
ARTICLE XI
I give and bequeath my automobiles, household and personal
effects and other tangible personalty of like nature (not including
cash or securities), together with any oxisting insurance thereon,
unto my wife, ELAINE A. WOLFE, if she survives me by thirty (30)
days. Should my wife, ELAINE A. WOLFE, not be living on the
thirty-first (31st) day after my death, I give and bequeath the
same unto those of my son, EARL W. WOLFE, lXI, my son, RICHARD S.
WOLFE, my son, JEFFREY C. WOLFE, my son, TXMOTHY K. WOLFE and my
.'c",.c.... .,.+..,..'-",.0., ~.,_., _""., >,_.,....,. ,_,... .~_._ "'_ .. _.~ r
EGM/Fchruury 18. 1992114114
stepdaughter, ROSANN COVIELLO, who survive me, to be divided among
them by my Executrix or Successor with due regard for their
personal preferences in as nearly equal shares as practical.
ARTICLE In
Should my wife, ELAINE A. WOLFE, not be living on the thirty-
first Plst) day following my death, I give and bequeath any policy
of insurance which I may own at the time of my death on the life of
my stepson, FRANK COVIELLO, unto my stepson, FRANK COVIELLO.
ARTICLE IV
I give, devise and bequeath all the rest, residue, and
remainder of my Estate, of whatsoever nature and wheresoever
situate unto my wife, ELAINE A. WOLFE, provided she survives me by
thirty (30) days.
ARTICLE V
Should my wife, ELAINE A. WOLFE, not be living on the thirty-
first (31st) day following my death, I give, devise and bequeath
all the rest, residue and remainder of my estate, of whatsoever
nature and wheresoever situ~te, in equal shares unto my son, EARL
W. WOLFE, III, my son, RICHARD S. WOLFE, my son, JEFFREY C. WOLFE,
my son, TIMOTHY K. WOLFE and my stepdaughter, ROSANN COVIELLO,
provided that should any of the persons named in this Article
predecease me, I give, devise and bequeath such person's share unto
his or her issue per stirpes, by representation, and if there be no
then living issue of such deceased person, I give, devise and
EGMlFebruary 18, 1992/14114
bequeath such deceased person's share equally among those persons
named in this Article who survive, or the issue, per stirpes, by
representation, of any who also predecease me.
ARTICLE VI
I name, constitute and appoint my wife, ELAINE A. WOLFE,
Executrix of this my Last Will und Testament. In the event my
wife, ELAINE A. WOLFE, fails to qu:tlify or ceases to so act, I
name, constitute and appoint my son, RICHARD S. WOLFE, alternate
Executor to complete the administration of my Estate. In the event
my son, RICHARD S. WOLFE, fails to qualify or ceases to so act, I
name, constitute and appoint my son, JEFFREY C. WOLFE, alternate
Executor to complete the administrlltion of my Estate. I direct
that no fiduciary appointed herein shall be required to post bond
for the faithful administration of his duties in any jurisdiction.
!tfi
IN WITNESS WHEREOF,
day of 7
I have hereunto set my hand and seal, this
, 1992.
(SEAL)
Signed, sealed, pUblished and declared by the above-named
Testator, as and for his Last Will and Testament, in the presence
of us, who at his request, in his presence and in the pres~nce of
each other, have hereunto subscribed our names as witnessee.
,~~~~
-~~
EGM/February 18, 1992/14114
..
ACKNOWLEDGMENT
COMMONWEALTH OF PENNSYLVANIA
:ss
COUNTY OF CUMBERLAND
We, E. WILLIAM WOLFE, Jr. ,'\<UPII ~. ~lC.HT, J~
and ~L\NO G.. }.A~~ ' the Testator and the witnesses,
respectively, whose names are signed to the attached or foregoing
instrument, being first duly sworn, do hereby declare to the
undersigned authority that the Tostator signed and executed the
instrument as his Last will llnd thllt he had signed willingly and
that he executed it as his free and voluntary act for the purposes
therein expressed, and that each of the witnesses, in the presence
and hearing of the Testator, signed the will as witness and that to
the best of his/her knowledge the Testator was at that time
eighteen years of age or older, of sound mind and under no
constraint or undue influence.
\(&r/?~:Yr4.
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SUbscribed, sworn to and acknowledged before me by E. William
Wolfe, Jr., Testator, and subscribed and sworn to before me by
M.l~ H.Wi?14ItTjJR. and fb.U.\1ND b,. /A.'162S , witnesses, thlS
1/4-.. day of )II.~ 1992. W
~'OT^"IAL SE~L ~ (]G..
GIU~ H. ^LOl5ln. NOTARl PUBLlC
LEMIt!E ~ORO. tll!8ERlMID to.. rA
HI Co;~lSSI0~1 ElPIRtS DEC. 26, 199Z Notary PublIc .
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21 - 94 - 1071
RENUNCIA TION
In Re Estate of
E. WILLIAM 1'KlLFE, JR. a!k/a EARl, WIn. 1'KlLFE. JR.
deceased.
ClJolBmLAm
To the Register of Wills of Counly, Pennsylvania,
The undersigned alternate Executor of
the above decedent, hereby renounce(s) the rlghl to admlnlstcr the estate and respectfully ask(s) Ihat
tellers Test:anEntary
be Issued 10 Jeffrev C. Wolfe
WITNESS
7t:..
hand Ihls l' day o(
. 19 94
Decelrber
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Subscribed and sworn 10 before me
Ihls ~;v:. day of J2~1..vc../
19 94
()( 'ZX~ ~~~ ..-.. ,. _fe
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CERTIFICATION OF NOTICE UNDER RULE 5.6(a)
Recmcr,.j (""',' 01
Ru;r", '" vllar.
'95 rEa
Name of Decedent I E. WILLIJIM WOl,FE, JR. ll/kfn E/lRL WH. WI,FE, JR. J 0 1\9 :45
Date of Deatht September 22, 1994
Cleft" .
,.... - ',uurl
",Uffh.."",JI'u I .0 R'A
v., M
W ill No. 1071 Admin. No.
To the Register:
I certify that notice of beneficial interest required by
Rule 5.6(a) of the Orphans' Court :Ru1es was served on'or mailed to
the fo1lowip~ beneficiaries of the above-captioned estate on
February 9, 1995 :
1110 Rana Villa I\ve.
Camp Hill, PA 17011
Name
Rosann Coviello, Executrix
of the Estate of E111ine A. WOlfe,
Deceased.
Address
Notice has now been given to all persons entitled thereto under
Rule 5.6(a) except
None
Date I 2j~ ('i~"
~..(jJ~
Signature
Name Edmund G. Myers, Esq.
Johnson, Duffie, Stewart & Weidner
Address 301 Market St., P. O. Box 109
Lemoyne, PA 17043-0109
Telephone (717 ) 761-4540
Capacity:
Personal Representative
Counsel for personal
representative
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TO
~egister.ofWills Office
Cumberland County Courthouse
. 1 Courthouse Square,
..Carlisle, PI\ 17,013.-3387...
FROM
JOHNSON, DUFFIE, STEWART & WEIDNER
Attorneys at Law
P.O, Box 109
LEMOYNE, PA 17043
SUDJECTI_.,.Estateof .E.. William..wolfe,.. Jr. .21-94-:-1071
, Date of Death: September 22, 1994
FOLD T
. DATE, June 21,-1995
Enc10sed,for,filing in the above-captioned Estllte are the following:
1. Original Inventory.
..2. .original and copy.of Inheritance Tax Return..
..3.., .Check in the amount of $2,399.55, Inheritance Tax payment...
_<I. ,. .Check .in .the . amount of $25.00, filing charges.
PLEASE REPLY TO
SIGNED
El:lmJnd G. Myers
csh
REPLY m.____.'_.
(- .,-...--.
DATE,
SIGNED
Item' r210 (JUIVIlI!:. PO 80.2944. Hlrllord. Cf 06104.2944
c WlIlOtlMlf (lf11l4J.luc, 1982
THIS COPY ron PEnSON ADDRESSED
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RECEIVED FROM:
6
ACN
ASSESSMENT Il'
CONTROL ~
NUMBER
AMOUNT
MYERS EDMUND G
301 MARKET STREET
POBOX 109
LEMOYNE PA 17043
101
.2,:399.5:1
f()(OHfI'
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ESTATE INFORMATION.
~ fit NUMIER
1iI 21-1994-1071
II NAME Of DECEDENT (LAST)
II DATE Of PAYMENT
EI POSTMAR E
COUNTY
SSN 171-e8-07e5
(fiRST) (Mil
. ,
DATE Of DEATH
REMARKS
fa TOTAL AMOUNT PAID
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REGISTER OF WILLS
RECEIVED BY 9J/(j'
&'
MARY C. LEWIS
REGISTER OF WILLS
.2.:399.33
CW
ROSANN COVIELLO
SEAL
CHECK" 117
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21. If lint 18 I, gr,ol., Ihon lIn. 19, .nl" the diff.renc. on Un. 21. This I. th. TAX DUE.
A. Enter th.lnl.'.11 on ,h. balance due on lint 21A.
B. Enl., ,h.lolo! of lIn. 21 and 21A on lIn. 21B. Thill,th. BALANCE DUE.
Make Cheel. Payable tal R.gl,I., of Will" AliI'n'
> > BE SURE TO ANSWER ALL QUESTIONS ON REVERSE SIDE AND TO RECHECK MATH -(
Und., Plnolli.. of perjury, I d.dor. that I have ..amln.d this r.turn, Including accompanying Ich.dul.. and ,lot, minis, and 10 Ih. b.lt 01 my ~"o..."l.d9' and b.li.f,
ilh Iru., cou.et and compl.lt, 1 dlclor. that 011 r,ol .1101. has b.." r.porlter at Iru. mark.t '101101'. D.c1aration 0' prepar., olh., than the p.~nal"""9r",I}1q!.i:t. It
bOlld n ollln'ormolion 0' which pr.pat., has ony ~nowl.dg.. (,JJ.. 'dL - "7::>-
SIGN JZ foo.~uso~!.'o~' ;CIL'NJ!(f~~ ~..tU 325 S. 31st St. DAft
t ~ Z Camp Bill, PA 17011
r ACCOI.. 301 M.lrket St. 6 P. O. Box 109
Lemoyne, PI\ 17 43-0109
1IIY.1S00 eh 17.941
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INHERITANCE TAX RETURN
RESIDENT DECEDENT
(TO BE FILED IN DUPLICATE
WITH REGISTER OF WILLS)
c:
.OR OATIS O. nlATH AnlR 12/31191 CHICK HIRI
I' A SPOUSAL
POYIRTY CRIDIT IS CLAIMID 0
.ILI NUMUR
21
*
94
1071
NUMBER
COMMONweALTH O. pfNNsn....ANIA
Df'All.lMfNT Of ReveNUe
OIPY, 210001
H,UIUSIUIlO. P... 17121.0&01
DON' NA~ Il,4.~ 'IUwnANO ~1.QQ1( INIlI~I_/
LFE, J1l. r.. LlJIM all< a
YEAR
IS
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DAn O' IUllH
COUNTY CODE
ole DIN 'S COM'UH ADDU S
325 S. 31st Street
Camp Bill, PI\ 17011
COVill C1..MBE2UAND
AMOUNT UC(IVIO ISU INSUU'TlONSI
-0-
o 3. RemaInder R.turn
(for dot.. of d.ath prior 10 12.13.82)
o S. F.d,ral Eliot. TaK R,'urn R.qulred
SOC'Alil IlIlYNU IU
DAn O' DIAT"
9/22/94
171-28-0755
II' ,,.\IC...'i111U.VI....,.U"Ouu. """1 IL.4U,'o.".....O..IOCl\I1HI1I.1l
Wolfe, Elaine A.
~ 1. OrigInal R.lur" 0 2. Suppl.mental R.turn
o .t, L1mit.d Estate 0 .to. Futur. Inl.'.I' Compromise
(10' dolll of death olte, 12.12,821
~ 6. D.ud.nt DI.d T.llol, 0 7. O.c.d.nt Malntaln.d 0 living Trust
(Attach copy of Will) IAllach copy of Trusl)
ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO.
NAMe: ~..~ COMPUTe: MA'UHO ADD.U~
J:.UlIUJ.... G. MyerS, Esq. Johnson, Duffie, Stewart & Weidner
301 IoBrket St., P. O. Box 109
Lemoyne, PA 17043-0109
_ 8. Total Number of Soft Deposit Bo....s
y:' <\
fUe:'HONe: HUMIU
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....
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1. Real E.tote (Schedule AI (I )
2, Slack. ond 80nd. (Schedule 81 ( 2 1
3, Clo.ely Held SlocklPoNnenhlp Inle,..1 (Schedule C) 13 )
4. Martgag" and Nat.s Rec.ivobl. (Schedule 01 ( .. )
S. COlh, Bonk Deposits & Miscellaneous Personal Proptrty IS)
(Schedule EI
6. Jolnlly Owned P,opeNy (Schedule FI (6 )
7, T,o"fe"ISchedule GI(5chedule l) 171
8. Talol Gran Au.1s (tOlollln" 1.7)
9. Funeral EXP'RI", Admlnlstratlv. Cas", MIscellan.ous 19 )
Exp.ns.s (Sch.dul. H}
10. Cebt.. MoNgoge L1obili,I... Lie" (Schedule I) (10)
11. Tolol D.ductlons (Ialollln" 9 & 101
12. N.t Value of Eltol. (lIn. 8 minus lIn. 11)
13. Charitabl. and Gov.rnm.ntal B.quesls (Sch.dule JI
14. N., Value Sub.et to Tax (lin. 12 minus lint 13)
15. Spousal Transf.rs (far dOI.s of d.ath after 6.30.94)
Sot InsUuctlons for Appllcabl. P.rcentag. on R.v.n. 115)
Sid.. (Includ. valu.. from Schedul. K or Schtdult M,)
16. Amount of lint 14 toltobl. at 6% rat. 116)
(Include valutl from Schtdule K or Schtdult M,)
17. Amount of lIn. 14 10ltobl. at 15% '01. (171
(Includ. volu" from Schtdul. K or Schedul. M.)
18. Printlpol to. due (Add 10,11, from lints 15, 16 and 17.)
19. Cr.dils Spousal Pon,ty Credil Prior Paym.nll
Dlscounl Intlf..I
15,300.00
89,854.98
9,615.43
15,554.70
(8 ) 105,154.98
(III 25,170.13
(12) 79,984.85
(131 -0-
(14) 79,984.85
.,Q;La 2.399.55
x .06. -O-
x .15 a -0-
(18) 2,399.55
(1ql -0-
(20)
79.984.85
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20. If lIn. 19" gttoter than lIn. 13, .nl., th. differ.net on lIn. 20, This is the OVERPAYMENT.
a O...:T:r.I~'I.U...I_..."............I'I~UIo('..."Jrtr.r:~_'..,"_.A'J'U~I,,'o,I'l
2,399.55
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(211
12tAI
(2181
CAte:
"17..1 '1~
&lmund G. My rs, Esq.
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Act #48 of 1994 provide. for the reduction of the tax rote.lmpo.ed on the net value of tronsfer. to or for
the u.e of the .pou.e. The rat.. a. pre.crlbed by the .tatute will bel
e 3% (.03) will be applicable for estate. of decedent. dying on or after 7/1/94 and b.fore 1/1/96
e 2% (.02) will be applicable for estate. of deeedenll dying on or after 1/1/96 and b.fare 1/1/97
e 1% (.01) will be applicable far e.tat.. of decedents dying on or after 1/1/97 and before 1/1/98
e Spousal transfer. occurring on or after 1/1/98 will be exempt from Inheritance tax.
PLEASE ANSWER THE FOLLOWING QUESTIONS
BY PLACING A CHECK MARK kIlN THE APPROPRIATE BLOCKS.
1. Old d.c.d.nt mok. a transf.r and:
I
o. retain the use or Income of the property transferred, .......................................................
b, r.taln th. right to d.slgnate who shall us. th. property transf.rr.d or Its Ineam., ...............
c. retain a reversionary interesti or .,..,.........,...................,.........,.................,..........,....,....
d. rec.lve the promise for life of elth.r poym.nts, b.neflts or co rei .......................................
2. If death occurr.d on or before Dec.mb.r 12, 1982. did decedent within two years pr.eedlng
death transfer prop.rty without receiving ad.quole conslderatloni If death occurred after
December 12, 1982, did decedent transf.r property within one year of death without r.e.lvlng
adequate consideration' .....................oo....oo.to........,........,..........,...........". ...............,.... ,...
3. Old d.eedent own an 'In trust for' bank account 01 his or her d.athL....................................
YES NO
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES,
YOU MUST &OM~LETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
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COMMONWrAtTH O' 'I'NNSYlVANIA
tNHIIITANCI TAX 'lrVIN
IIIIOINT OICIOINT
SCHEDULE C
CLOSELY HELD STOCK,
PARTNERSIUP AND PROPRIETORSHIP
PIOD'O Print Dr T 0
FILE NUMBER
21-94-1071
ESTATE OF
l<<lLFE, JR., E. WILLIl\M ll/k/lll t<<lLFE, JR., El\RL WH.
ISch,d...l. C..l or C.2 m....1 b. allach.d fa, .ach lIu.ln,.. 'nt.u" of Ih. d.c,d,nt, other Ihan a ptaprl,tonhlp.)
ITEM
NUMBER
VALUE AT
DATE OF DEATH
DESCRIPTION
1.
30 Shares of Common stock of Earl W. Wolfe
and Sons, Inc., a Pennsy1vanill Corporation,
@ $510.00 per share.
$ 15,300.00
S 15,300.00
(If mD,. .poc. I. "..d.eI, in..rt additionol.h..ts ol.om. du.)
,
IfV.li01tJ.I"UI
.
SCHEDULE "C-1"
CLOSELY HELD CORPORATE STOCK
INFORMATION REPORT
COMMONWEAtTH Of PENNSYlVANIA
BUREAU O. IXAMINATION
INHERITANCE TAX RETURN
RESIDENT DECEDENT
P.O. lOX 1327
HARRISIURG PA 1710S
lSTATI O'
WOLFE, JR., E. WILLlJIM n/k/n I'KlLFE, JR., F..I\RL WH.
Pleose T
'Itl NUMBER
e or Print
21-94-1071
1.
Nc",o cl Ccrpo,cHc. FARL W. I'KlLFE Ii SONS,
Stroot Addro.. 353 I.ewisberry Road
Oty New Cumberland Slcto PI\
fodorcll. D. Nu",bor 23-1524391
150m. AI f.d.ral form 11201
Typo cl Bu.l.", l>btels and Restllurant
Pennsvlvania
11/1/57
INC.
5101' of Inc.
Dol, of Inc.
t:,
Zip Ccdo 17070
lOlol Numb., of Shor.hold.rs
au.ln... Rlportlng V,ar Octoher 1st
'c S..ptpmhPr 10th
2.
3.
P,odtJcf
nla
..
5. Eltimat.d Valu. of D.nd.nt', Int.,..t
STOCK
Iml
PAR VALUE
, SHARES OWNED
IY DECEDENT
TorAL , SH""U
OUTSTANDING
UNIT VALUI
TOTAL
CommOIl
x
2,250
510.00
15 300.00
$100.00
30
P"f,N,d
Provld. all ,Ighl. Gnd rtltrlctlons p.rtalnlng 10 tath cion of "ock.
6. Was d.ced.nl .mploy.d by ,h. Corporation' Oy,. GaNo
If Y", Po.ltlon
Annual 5010ry S
nm. D.vot.d to bUIln...
7. Amount and type of company Ind.bt.dn... 10 dlC.d.nl 01 dot. of d.athl 5 -D-
B. Walth.r, 11ft Inluronc. poyobl. to ,h. corporation upon d.oth of d.c.d.nt' OY.I [X)No
N.t Proc..dl PayaH'l S
If y'l. Calh Surund.r Volu.: S
Own., of Policy
9. Did the d.c.d,nt ..11 or tron"" Itou of thll company within on. y.or prior 10 d.Olh If the dot. of d.alh wal an or oft" 12/13/82 or within two y~n If the dot.
of d.ath wal prior to 12/13/82,0 V.. QI No
If Y":
. Of SHARES
TRANSfEREE OR PURCHASER
AMOUNT
nATl
10. Old the corporation hay. an Inl"..t In olh.r corporatlonl or partn.nhlp.' Dy.. [Z]No
If Y'I, r.port the n.Clllory Information on a ..parat. Ih..t. Includlns Sch.dul.. "C.l" or "C.2" for .ach Int"..t.
11. WOI th.re a wrln.n .har.holden' oSrNm.ntln .H.et 01 the tlm. of Ih. d.c.d.nl't dc.olM mV'1 DNa
II yo., c.c'" ccpy clcoroomo.'. See attached Stock Purchase AGreerrent dated Jllnuary 1, 1984.
12. WOI the d.c.d.nt'. ttock told' my.. ONo
If Y". proYld. a copy of Ih. ogr..m.nl of '01., .Ie.
13. Wal the corporalion dillol".d or Iiquidat.d aft., the d.c.d.nt't d.oth' Dr'l 5aNo
If Y'I, provide a breakdown of liquIdation diltrlbuliont, .tc. Anoch 0 ..parat. IhNt.
U. PI.a.. lubmlt the followlns Information wllh thll tch.dul.:
A. A d.tall.d dllcrlption thawlns th. m.thod of computation utlliud In th. valuation of Ih. d.c.d.nl'. Itoa.
B. Compl", copl.t of financial "at.mentl or campl'I' copl'l of Ih. F.deral TOA RtfurnIIF.d.tal Form 1120) for Ih. y.ar of d.oth and A pr.c.dlng y~n.
C. A .tot.m.nt of dlyld.ndt paid .ach y.ar. UII thai' d.c1ared and unpaid.
D. Lb' nom'l of oHic.n, tolorl... bonUl1I and any olher b.n.fih rec.lved from Corporallon.
E. If the Company own.d 1101 '1101,. lubmll 0 Iht thawing Ih. eompl.l. odd,...I.. and .Itlmol.d Fol, Marltt, Valu.". If R.ol Eliot.
App,allolt hove b"n Malftd. pl.a.. anoch copi...
F. Utt p,lndpol ttod:hold.n 01 dot. of d.alh, number of Ihor.. h.ld. and relationship 10 dK.d.nl.
15. ALL OTHER INPORMATION RlLATlVI TO Af.IXING THI TRUE VALUE O. THI nECEDENT'SINTlRIST SHOULD ACCOMPANY THIS SCNEDULE.
.. .
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STOCK PURCHASE AGREEMENT
THIS Stock Purchase Agreement executed this
, day of
~~'I\ll./i~\.( , 1984, by and between Sara Elizabeth Wolfe, Earl W.
Wolfe, Jr., James B. Wolfe and Barbara E. Berkheiser (Shareholders)
and Earl W. Wolfe and Sons, Inc. (Corporation).
WHEREAS the Shareh.:>lders are the owners of all the capital
stock of the Corporation, and
WHEREAS the Shareholders wish to enter into a Stock Purchase
Agreement in order to maintain ownership and control of the business
and provide continuity in management.
NOW, THEREFORE the parties hereto mutually agree as follows:
....
Article 1: Restriction on Lifetime Disposition.
If an individual Shareholder during his or her lifetime and a
corporate Shareholder at any time shall desire to dispose of any of
his, her or its stock in the Corporation, he, she or it must first
offer to sell such stock in writing to the Corporation at the price
and on the payment terms specified in this Agreement. The Corpor-
ation shall have the option for a period of thirty (30) days from
the date of the delivery of such written offer.
If the offer has not been accepted upon the expiration of the
thirty (30) day period, the Shareholder must then offer in writing
"
~:r,.*\-:o<1.'. ,.~,'
to sell whatever stock remains unpurchased by the Corporation, in
equal shares, to the other Shareholders at the price and on the
payment terms specified by this Agreement. The other Shareholders
shall have the option for a period of seven (7) days from the date
of delivery of such written offer to accept such offer. If one (1)
Shareholder does not accept the offer in a timely fashion, the other
may purchase all of such stock and shall have one additional seven
(7) day period within which to accept such offer.
Any stock subject to an offer to sell which is not accepted in
a timely fashion by the Corporation or by the Shareholders pursuant
to this Article, may then be sold by the selling Shareholder, free
of the restrictions of this Agreement, for a period of ninety (90)
days, after which time, any unsold portion of such stock shall again
become subject to this Agreement.
Article 2: Option to Purchase on Termination of Employment or
Involuntary Transfer.
Upon the termination of employment by a Shareholder for any
reason other than death, or if the stock of a Shareholder becomes
the subject of bankruptcy or involuntary alianation, other than by
death, the Corporation shall have the option, for a period of thirty
(30) days from the date of such termination of employment, bank-
ruptcy or involuntary alienation to purchase all the stock of
Shareholder in the Corporation at the price and on the payment terms
specified in this Agreement. If the option of the Corporation has
not been exercised in whole or in part upon the expiration of the
2
thirty (30) day period, the Shareholders, other than the one whose
stock is the subject of the option in the Corporation, shall have
the option for a period of seven (7) days to purchase whatever
stock remains unpurchased by the Corporation, in equal shares, at
the price and on the payment terms specified in this Agreement. If
one Shareholder does not exercise his, her, or its option in a
timely fashion, the others holding the option may purchase all of
such stock and shall have one additional seven (7) day period in
which to exercise such option.
All shares transferred pursuant to this Article shall remain
subject to this Agreement. Any stock of a shareholder which is the
subject of an option under this Article and on which the option is
not exercised pursuant to this Articl') in a timely fashion by the
Corporation or by the Shareholders shall remain subject to this
Agreement.
Article 3: Disposition on Death of Shareholder.
Upon the death of a Shareholder, the Corporation shall purchase
and the estate of the deceased Shllreholder shall sell all of the
stock of Shareholder in the Corporation at the price and on the
payment terms specified in this Agreement.
If the Corporation agrees, the other Shareholders may have the
option, for a period of thirty (30) days after the death of the
Shareholder, to purchase some or all of the stock, in equal shares,
at the price and on the payment terms specified by this Agreement.
If one (1) Shareholder does not exercise his, her or its option in a
timely fashion, the others may purchase all of such stock and shall
3
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have an additional thirty (30) day period in which to exercise such
option.
In any event, all of the stock of a decedent Shareholder must
be purchased either by the Corporation or other Shareholders. All
shares transferred pursuant to this Article shall remain subject to
this Agreeme..t.
Article 4: Sale of Shares by Corporation.
Previously unissued shares and treasury shares sold by the
Corporation shall be sold at the price and on the payment terms
specified in this Agreement. The purchaser, if he, she or it is not
at the time of purchase already a Shareholder, shall execute a
Joinder, substantively in the form attached, before stock certif-
icates are delivered to him, her or it by the Corporation.
Article 5: purchllse Price.
Within three (3) months after the end of the preceding fiscal
year of the Corporation, the Shareholders shall determine the
purchase price per shara of stock of the Corporation.
The Shareholders shall first calculate the book value per
share, by adding the capital paid in for all stock to the retained
earnings of the Corporation and dividing the result by the total
number of issued llnd outstanding shares of common stock. They shall
then calculate the earnings value per share, by multiplying the
average of the earnings per share before special items, for the five
(5) preceding fiscal years of the Corporation b~' a price-earnings
ratio which accurately reflects the then current cost of money, the
4
then current risk inherent in the business and any other factors
deemed relevant by a mlljori ty of the Shareholders.
Finally, the
average of the book value per share and the earnings value per share
shall be calculated by adding the two values together and dividing
by two (2).
The end result of these three (3) calculations shall be the
purchase price per share and shall be duly recorded in the minutes
of the meeting. When the Shareholders feel that a higher purchase
price than that derived from application of the formula is
appropriate, it may adopt such a price as the purchase price per
share.
In determining the purchase price, good will shall be expressly
excluded except such good will as may be carried on the books of the
Corporation. Only the unencumbered cash surrender value and not the
anticipated or actually received net proceeds of any life insurance
policy subject to the provisions of Article 9 of this Agreement
shall be reflected in book value.
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The purchase price per share, as determined by the Shareholders
pursuant to this Article, shall be endorsed on the Valuation
Schedule attached. It Shll1l be the price of all dispositions under
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Articles 1 through 4 and the value of all transfers, sales or
exchanges under Article 7 from the end of the fiscal year prior to
the determination until changed pursuant to this Article.
Until the appropriate 1984 Shareholders meeting is held, the
purchllse price per share under this Stock Purchase Agreement shall
be $420.00 per share.
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If in any fiscal year the Shareholders fails to determine a
purchase price per share, then the purchase price per share
determined for the immediately preceding fiscal year shall govern,
unless more than eighteen (18) months have elapsed since the date of
the last meeting of the Shareholders at which the purchase price per
share was determined.
If more than eighteen (lB) months have
elapsed, the purchase price per share shall be as mutually agreed by
the Shareholder or Personal Representative of the estate of the
deceased Shareholder disposing of shares and the other Shareholders
Article 6: Payment Terms.
All stock dispositions of stock pursuant to the Agreement,
except as provided in Article 7, shall have the following payment
terms. At least twenty-five (25%) percent of the purchase price
shall be paid in cash, and, at the option of Corporation or
purchasing
Shareholder,
the
remainder may
be evidenced by
Promissory Note of the Corporation or the purchasing Shareholder
payable in equal payments, at least every twelve (12) months, over a
term of 240 months at an i.nterest rate, to be negotiated by buyer
and seller, which is at least the equivalent of lln interest rate
determined from a discount rate of 110 percent of the applicable
federal rate under Section 1274(d) of the Internal Revenue Code of
1954 (or the corresponding provision of any future United States
Internal Revenue Law.
Such Note may be prepaid without premium or
penalty. In the event the installments of such Note are not paid
when due, the remaining amount of principal llnd interest to the date
~ of default shall be accelerated, and the obligee shall have llll the
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remedies available to it at law or in equity to enforce and protect
his, her or its rights under this Agreement or the Promissory Note.
Article 7: Exceptions to Purchase Price and Payment Terms
Provisions.
A Shareholder, the estate of a deceased Shareholder or the
Corporation with the approval of the Shareholders, after a finding
by the Shareholders that such a transaction is necessary to maintain
ownership and control of the business or provide continuity in
management, may transfer, sell or exchange stock, by will or
otherwise, to or with directors, or employees of the Corporation or
the Corporation at a price less and on payment terms different from
those specified in Articles 5 and 6 in satisfaction of all or part
of any rights and obligations of the Shareholders or the Corporation
under Articles 1 through 4 to the extent of any shares transferred,
sold or exchanged pursuant to this Article.
All shares transferred pursuant to this Article shall remain
subject to this Agreement. The purchaser or transferee, if he or
she, or it is not already a Shareholder, shall execute a Joinder
substantially. in the form attached before stock certificates are
delivered to him by the Corporation.
A decision of the Shareholders under this Article shall be
final and binding on the Shareholders, their Personal
Representatives, assigns, successors and the Corporation, its
successors and assigns. If a proposed transfer, sale or exchange is
to a person or entity other than a director, employee or the
Corporation, or if . a proposed transfer, sale or exchange is not
7
sale or exchange is not approved by the Shareholders, this Agreement
shall apply without regard to or reference to this Article.
Article B: Transfer Procedure.
All stock to be sold or otherwise transferred pursuant to this
Agreement shall be promptly delivered to the Corporation where it::
shall be held as treasury stock if the Corporation is the purchaser,
or held as treasury stock for later transfer to the purchaser upon
payment of the purchase price in full. All stock delivered to the
Corporlltion shall be duly assigned by the selling or otherwise
transferring Shareholder in blank, with all necessary tax stamps
duly affixed, and shall be accompanied by any and all other
documents necessary to transfer such stock to the Corporation, to
other Shareholders or to other purchasers.
No stock transfers shall be completed unless and until an
affidu7it, stating that all requirements of the Agreement have been
met with regard to the transfer, signed by the transferor and
transferee, has been received by the Corporation.
Article 9: Endorsement of Stock Certificate.
Immediately after execution of this Agreement, Shareholders
shall deliver to the Corporation all of their stock certificates for
stock in the Corporation for endorsement, unless previously
endorsed, as follows:
B
Any sale as~ignment, transfer, pledge or other disposition of
the shares of stock represented by this certificate is
restricted by, and subject to, the terms and provisions of a
Stock Purchase Agreement, da ted effective January 1,1!l8 4 . 1\
copy of said Agreement is on file with the Secretllry of the
Corporation. By acceptance of this certificate the holder
hereof agrees to be bound by lit the terms of said Agreement.
After endorsement the certificate shall be returned to the
Shareholders. During the term of this I\greement a legend as above
Shllll be endorsed on each certificate for stock issued by the
Corporation to any Shareholder whose stock is subject to this
Agreement. In accordance with the legend, a copy of this Agreement
shall be filed with the Secretary of the Corporation.
Article 10: Insurance.
The Corporation is the llpplicant, owner and beneficiary of an
insurance policy on the life of Sara Elizabeth Wolfe in the amount
of $100,000. During the lifetime of each of said Shareholder and
the continuance in force of this Agreement, the Corporation will
maintain such insurance in full force and effect and will not,
without the prior written consent of all SharehOlders, cancel any
policy relating thereto or take or omit to take any action which
might give rise to the termination or cancellation thereof.
The Corporation shall have the right to tllke out insurance or
addi tional insurance on the life of any Shareholder, whenever, in
the opinion of the Corporation, insurance or additional insurance
9
appears desirable. During the lifetime of each Shareholder and the
continuance in force of this Agreement, the Corporation shall pay
premiums on all insurance policies carried by it pursuant to this
Agreement as they may become due and furnish proof, if requested, of
such payment to all Shareholders within twenty (20) days after the
due date of each premium.
If any premium is not paid within twenty (20) days after its
due date, any Shareholder may PllY or cause the premium to be paid,
and shall be entitled to reimbursement from the Corporation. The
Corporation shall apply any dividends declared on any such policies
to the payment of premiums or to the acquisition of additional
insurance on the life of the Shareholder insured under the policy
which generated the dividend.
. Except to the extent specifically forbidden by this Article,
the Corporation may exercise any and all incidents of ownership in
all policies purchased pursuant to this I\greement, including but not
limited to the right to borrow against the cash surrender value.
Corporation shall use the net proceeds of policies on the life
of Shareholders to make cash payments, pursuant to Article 6, for
purchases of stock by the Corporation as provided for under this
Agreement.
Article 11: Effective Date.
The effective date of this Stock Purchase Agreement shall be
January 1, 1984.
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Article 12: Termination.
This Agreement shall terminate upon the occurrence of any of
the following events:
A. Bankruptcy, receivership or. dissolution of the
Corporation.
B. ~he voluntary written agreement of all of the living
Shareholders.
Upon termination of this Agreement, the Secretary of the
Corporation shall, upon tender of the certificates of stock, delete
the legend endorsed thereon pursuant to Article 9.
Article 13: Miscellaneous.
The terms of this Agreement shall be binding upon and inure to
the benefit of, and shall be enforceable by any Shareholder and the
Personal Representative of any deceased Shareholder, his or her
heirs and assigns, any purchaser from a Shareholder or the
Corporation and the Corporati.on. This Agreement shall be governed
and construed in accordance with the laws of the State of Pennsyl-
vania. In case any term of this Agreement shall be held invalid,
illegal or unenforceable in whole or in part, neither the validity
of the remaining part of such term, nor the validity of any other
term of this Agreement shall in any way be affected thereby.
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Article 14: Corporate Action.
If the Corporation is unable to make any purchase required of
it hereunder because of the provisions of the applicable statutes or
of its charter or by-laws, the Corporation agrees to use its best
efforts to permit it to make such purchases, and the Shareholders
who are parties to this Agreement agree that they will also take
such action as may be necessary for the Corporation to make such
purchases.
IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed on the day and year first above written, by
signing below or by executing a Joinder attached hereto affection
from the date thereof.
ATTEST:
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s'~etary ~
A1A-,j/ reJ/;tlldlv tllt~
Sara Elizabe h Wolfe
rf~$I.#jW-,
~~:'ee,l>-\~-"-
1lf~!1t,haJ~ ~;J.A~w;)
Bar lira E. B rk e ser
EARL W. WOLFE AND SONS
By ...<,.t,t..t. f:.'flt~,J<iL:tI:/2Ilt-,-Uj, /
President " t~
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, VALUATION SCHEDULE
DATE
PURCHASE PRICE
PER SHARE SECRETARY'S SIGNATURE
$420.0.0 ~6.L\)~
01/01/84
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SCI\FJXJLE "C-1" - CONTINlJID
ESTATE OF: WOLFE, JR., E. WILLJJ\M ll/k/a I'KlLFE, JR., EARL WH.
21-94-1071
14. Information:
A. Method of Computation:
Pursuant to the Stock Purchase I\greerrent dated January 1, 1984, at
Decedent' B death the Corporation waB required to redeem decedent' B
BhareB. Brown, Schultz, Snyder, Mutze1 and P1eBic vlllued the BhareB at
$499.22 per share in a valuation dated December 20, 1993, which waB
requeBted on behalf of the Corporation in connection with a planned
redemption of shareB owned by Sara E. Hildebrand and Barbara BerkheiBer.
On behalf of Sara E. Hildebrand and Barbara Berkheiser, Greenawalt &
Canpany, P.C. reviewed the vll1uation, and pursuant to arms-length
negotiation, the Corporlltion llgreed to redeem their shares at a value per
share of $510.00. ThiB negotiation aB to value per share preceded
decedent'B death on September 22, 1994.
B. Federal Tax Returns - Form 1120 attached for fiscal yellrB:
October 1, 1992 - September 30, 1993
October 1, 1991 - September 30, 1992
October 1, 1990 - September 30, 1991
October 1, 1989 - September 30, 1990
C. Statement of Dividends: No dividends have been paid.
D. OfficerB, Balaries and bonuBeB:
Chairrmn of the Board:
President/Treasurer:
Secretary:
Sara Hildebrllnd - salary $55,000.00 per year.
JwreB B. Wolfe - salary $48,000.00 per year.
Barbarll E. Berkheiser - salary $4,800.00 per year.
E. Real Estllte: IDeated in Fairview TaimBhip, York County, Pennsylvania.
See copy of Deed llttached.
F. Principal BtockholderB at date of death, Bhares & relationBhip:
Sara E. Hildebrand
JaIreB B. Wolfe
Barbara E. Berkheiser
Farl W. Wolfe & Sons, Inc.
JaIreB B. Wolfe/Barbara E.
Barkheiser, TruBtees under
the Sara E. Hildebrand TruBt
Far1 William Wolfe, Jr.
/obther
Brother
Sister
Treasury
1014 Shares
421 Shares
280 Shares
417 Shares
88 Shares
30 Shares
Trust
Decedent
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EARL W. WOU:E & SONS, INC.
VALUATION
SEfTEMBER 30, 1993
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Mr. James B, Wolfe
Earl W. Wolfe & Sons, Inc.
New Cumberland, PennsylvanIa
We have been requested to estimate the value of Earl W. Wolfe & Sons, Inc, common
stock as of September 30, 1993 using Information available as of that date.
We have prepared this estimate of value on the presumption that value Is equlvalsnt
to "fair market value" and that "fair market value" Is that price at which a willing buyer
will buy and a willing seller will sell an Item of property. In an arms-length transaction,
with neither one being undsr any compulsion to buy or sell, and with both having
reasonable knowledge of all relevant facts,
The securities being valued are not publicly-traded securIties with an established
market; therefore fair market value cannot be readily ascertained by reference to any
such market. Actual fair market value can be dstermlned only by bona fide
negotiations between knowledgeable buyers and sellers. Therefore, we do not
represent that our estimate of the common stock value will be the amount ultimately
so determIned In actual bargaIning or litigation.
We reviewed ths fundamental valuation factors applicable ~o this particular study. The
factors ccnsldered Include:
. the nature of the business and the history of the enterprIse
. historical earnIngs
. the value of the underlying tangIble assets
. the existence of goodwill or other IntangIble assets
. the earning capacIty of the Company
. the size of the Interest to be valued
. the economic outlook In general, and the anticipated Impact of economic
changes on the Industry
Also reviewed wsre financIal statements of Earl W. Wolle & Sons, Inc. for 1991 through
1993 revIewed by Brown Schultz Snyder Mutzel & Pleslc and financial statements for
1989 and 1990 reviewed by other Certified Public Accountants. A review Is
substantIally less In scope than an audit In accordance with generally accepted
auditing standards, the objective of which Is to express an opinion on the financial
statements taken as a whole. Accordingly, we do not express an opInion on this
accompanying historical financial Information,
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SCHULTZ
SNYDER
MUTZEL
PLESIC
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The balance or this report and attached schedules will analyze the valuation findIngs as determIned by
our selection or appropriate valuation techniques. The final paragraphs Include our summary or findings
and opInion or the ralr markel value as or September 30, 1993.
STATEMENT OF PROCEDURAL POLICIES
All financlallnrormatlon has been taken rrom the Company's financial statements.
All related racts, comments and statistical Inrormatlon sel rorth In the report have bf'en obtaIned rrom
sources believed to be knowledgeable, reliable and accurate,
All claims to property have been assumed valid and no Investigation or legal ree title to real or personal
property has been conducted, LIens and encumbrances whIch may be against the property have been
given no consideration except as may be specifically set rorth In this report.
Our conclusions are based on the assumption that there shall be a continuation of the present
management policies over whatever period Is reasonable and necessary to ma!nlaln the character and
IntegrIty or the Company.
The ralr market value determined In this report Is only valid for the date speclfled.
The ree paid ror the formulations and reporting of the conclusions set forth herein Is not contingent upon
the values or other opinions presented In this report. .No shareholder, employee or agent of Brown
Schultz Snyder Mullel & PIe sic has any direct or Indirect Interest In the Company.
this report and any or all of the Information contained herein may not be disseminated or disclosed In
any manner, either directly or Indirectly, to any party whatsoever wIthout the prior written consent of Brown
Schultz Snyder Mutzel & Pleslc.
INTRODUCTION
Objective
The purpose of this report Is to present a detailed narrative explanation of the methods, procedures and
calculations used to arrive at an opinion or the fair market value of Earl W. Wolfe & Sons, Inc, common
stock for purposes of a corporate buyout or the majority shareholder. this report should not be used for
any other purpose,
DefinltJon or fair market value
Fair markel value Is defined as the amount at which a property would change hands between a willing
buyer and a willing seller, each haVing a reasonable knowledge of all the pertinent facts, neither being
under compulsion to buy or sell with equity to both.
Our appraisal of the Company as or September 30, 1993, Is In accordance with the above definItion. this
appraisal was also performed In a manner consistent with the guidelines set forth In U.S. Internal Revenue
Ruling 59-60, (1959-1C.B.237).
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INTRODUCTION (CONTINUED)
Description of the Company
Earl W. Wolts & Sons, Inc, Is the owner and operator o( two motel properties. The one proparty Is a 62
room motel with a restaurant, bar and lounge, and Is franchised as a Days Inn. The second property Is
a 58 room motel and Is an Independent lodging facility known as the Keystone Inn. The Compsny Is
located In New Cumberland, Pennsylvania,
ECONOMIC AND INDUSTRY OUTLOOK
Economic ouUook (Mellon Bank's Economic and Financial Briefing)
The Briefing for September 1993 states that economIc activity Is projected to pick up to a 2 1/2% to 3%
paCe In the second half of this year and Into 1994, butths pattern will continue to be erratic and uneVen.
That refiects the tug-of-war among the positive and restraining forces shaping the economy, Key forces
behind the pickup Include the combination of steady job gains, lower flnanclng costs, Improved corporate
cash flow and lower energy costs. However, new depressing factors, mainly higher taxes, some spending
cuts and health care sector downsizing, will limit the Improvement. Overall, the pluses outweigh the
minuses and the economic growth should be sustained Into 1994.
Industry economic ouUook
The Industry has suffered In recent years due to the Increased room supply caused by overbuilding In the
late 19BO's and decreased room demand resulting from the economic recession. However, with the
Increased growth In business capital spending and consumer discretionary spending powsr, Industry
experts expect a corresponding Improvement In the hotel/motel Industry.
FINANCIAL STATEMENT ANALYSIS
i
Balance sheet
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As of September 30, 1993, the total assets of the Company amounted to $1,181,326. Current assets
make up 11.2% of total assets. Cash, accounts receivable and prepaid expenses have accounted for
10.6% of total assets. The remainder of current assets Is Inventory. The current ratio Is 1.6 to 1 and
working capital totals approximately $43,B50. This ratio Is slightly above average based on ths most.
recent Industry statistics available from Robert Morris Assoclatss.
Property and equipment, net of accumulated depreciation, totaled $1,048,925 at Septsmber 30, 1993, Net
fixed assets account for BB.B% of total assets. Property and equipment are stated at cost. Depreciation
Is computed on straight-line and accelerated methods based on the assets' useful lives.
Current liabilities consist mainly of accounts payable and accrued expenses, which amounted to $52,673
or 59.6% of total current liabilities at September 30, 1993.
The Company's liabilities to equity ratio Is .30 to 1 and the Company has $161,419 of long-term dabt at
September 30, 1993.
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FINANCIAL STATEMENT ANALYSIS /CONTINUEDI
Balance sheet (cootlnued)
Stockholders' equity amounted to $910,131 at September 30, 1993 or $475.76 per share based on 1,913
shares Issued and outstanding.
Overall, the Company's balance sheet Is healthy.
Income statement
Revenue from motel room sales Increased In 1993 by approximately 11 % over the prior year. However,
upon reviewing the average dally room rate for the two motels, the Days Inn experienced a decrease of
approximately 4.4% and the Keystone Inn experienced an Increase of approximately 28%, The change
In the average dally room rate combined with an Increase In the occupancy rate has generated the
Increase In gross revenue. The Days Inn decrease corresponds with the Industry trend towards price
discounting In order to Increase occupancy, The Keystone Inn Increase Is ths result of consumer
preference for budget lodging facilities. The Company has also faced Increased competition In Its market
area with the opsnlng of two nsw motels In 1991.
Operating expenses have remained rslatlvely constant over the last five years. Management has reacted
quite effectively In controlling operating expenditures In recent years caused by economic conditions.
Computation of adjusted net Income
Earnings are considered the primary factor In a number of valuation techniques; thersfore, the elements
that comprise earnings were reviewed for material factors that could distort Income. Accordingly,
adjustments were made to add certain compensation and related payroll taxes and employee benefits
back to earnings. These expenses have been paid to certain employee/shareholders of the Company and
will be sllmlnated when the Company purchases the outstanding stock owned by such Individuals,
Additionally, the earnings have been adjusted to eliminate Interest expense and Income taxes. Here and
after, these adjusted amounts are referred to as net Income before Interest and Income taxes or adjusted
net Income.
VALUATION APPROACHES
Several approaches for valuing closely held companies are available. The conventional spproaches
typically Include some form of earning power appraisal, asset appraisal or a combination of the two. After
a review of several approaches, It Is our opinion that the most appropriate approaches to consider for
appraising Earl W. Wolfe & Sons, Inc. common stock's fair market value are the capitalized earnings and
capitalized cash flow approaches.
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Cap/laIlzed earnings approach
Under this method, two variables must be determined to obtain the Indicated value, 1) normallzsd net
Income and 2) the appropriate capitalization rate. For this particular valuallon, we chose to calculate the
normalized net Income using an adjusted net Income before Interest and taxes, We used the adjusted
net Income of $147,364 for the year ended September 30, 1993 as our starting point. We determined this
amount to be Indica live of future adjusted net Income based on the fact that the average adjusted net
Income of the Company for the period 1989-1993 was approximately $164,000, However,the adjusted
net Income has been declining each year since 1990 due to Increasing compellllon and economic
condlllons.
Ths capltallzallon rate Is determined using an Investment method which builds the rate using a
comblnallon of debt and equity. The required returns of the lender and the Investor are combined on a
loan to value rallo. An Investor's required rate of return Is determined using a market approach to obtain
the rate of return a normal market participant would require to assume the stated risk/reward relallonshlp.
The market approach ullllzes a build-up method which compares the Investment being offered to other
opportunllles available. Under the build-up method, the required rate of return Is calculated as the sum
of 1) the risk-free rate of return, 2) the level of business risk and 3) the financial and Company spsclfic
risk.
The following data Is utilized to make the calculallon:
1) Rlsk-fres rata of return:
The rate utilized Is that reported for seven- to ten-year U,S. Treasury Notes as published by the
Federal Reserve Bank,
2) Level of business risk:
this Is based upon the difference between tha rate of return on small company stocks and the
Intermediate term government bond rates as detailed In Ibbotson Associates Stocks Bonds Bills
and Infiatlon 1993 Yearbook. This yearbook Is stallstlcal history of market results from 1926
through the present.
3) Financial risk and company-speclllc risk:
this Is a subjecllve percentage which Is added based upon the appraiser's knowledge of the
company being valued. There Is obviously more risk assoclsted with a closely-held company than
with a major publicly-traded company. Therefore, the capitalization rate must be adjusted to take
Into conslderallon this addlllonal risk.
A lender's required rate of return Is determined by the underwrlllng guidelines In the commercial market.
Lenders are requiring lower loan to value ratios, particularly In real estate lending actlvltlss. We believe
a lender would provide financing on 65% of the value over a 15 year period at an estimated Interest rate
of 9.50%, which Is 3.5% above the current prime rate.
Slle Schedule 1 for the computallon of the required rate of return.
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VALUATION APPROACHES (CONTINUEDl
Cap/tallzed earnings approach (continued)
The Indicated value under the capitalized earnings approach can be determined using the following
formula:
IV os tiS
RR
where
IV .. Indicated value
NE .. Normalized earnings
RR .. Required rate of return
The value of Earl W. Wolfe & Sons, Inc. as Indicated by the capitalized earnings approach shown In
Schedule 2 Is $1,092,000,
Ordinarily, dividends paid In recent years are considered In valuallon procedures; however, U.S, Internal
Revenue Ruling 59.60 Indicates:
Section 4.02(e)
"Where an actual or. effective controlling Interest In a corporallon Is to be valued, the
dividend fector Is not a material element, since the payment of such dividends Is
dlscrellonary with the controlling stockholders.. .
.,,,dlvldends are less reliable criteria of fair market value than other applicable factors.".
Accordingly, n has been determined that the other factors considered ars a more reliable crnerla of the
Company's value.
Capitalized cash flow approach
This method attempts to esllmate enterprise value by conslderallon of the Company's ability to pay
dividends. The cash flow Is converted to a value at a rate which would meet the requirements of a
potential Investor. Cash flow for this purpose Is determined aher allowance for capital expenditures for
the replacement of furniture, fixtures and equipment. The replacement ellowance Is estimated at 3% 01
gross revenue. The capitalization rate reflects an Investment rate of return.
The value of Earl W. Wolfe & Sons, Inc. as Indicated by the capitalized cash flow approach shown In
Schedule 31s $1,144,000.
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VALUATION SUMMARY
Based upon the two different approaches, we have arrived at the followIng Indications of value for Earl
W. Wolfe & Sons, Inc.
Indicated value
Capitalized earnIngs approach
Capitalized cash fiow approach
$ 1,092,000
1,144,000
We believe a subjectIve weighting (rather than a mathematical weighting) Is more appropriate for
estimating the value of the common stock of Earl W. Wolfe & Sons, Inc, We believe the greatest weight
should be accorded the capltallzod cash flow approach.
MARKETABILITY DISCOUNT
The concept of marketability Involves the liquidity of an Interest. In other words, marketability Is how
quickly and assuredly an Investment can be converted to cash at the owner's discretion. Generally, an
Investment has greater value If It Is readily marketable than If It Is not, because Investors prefer liquIdity
over the lack of It. An Interest In a closely-held business IB not as liquid as compared to a majority of
alternative Investments. We have utilized a 15% discount for la..;k of marketability.
CONCLUSION
Based upon the Information obtained, the procedures followed and the assumptions made as set forth
above, In our opinIon, a reasonable estimate of the market value of Earl W. Wolfe & Sons, Inc. Is $955,000
or $499.22 per share.
However, because the validity of the assumptions made could be ultimately dBtermlned only as a result
of litigation, If a controversy were Involved, and because actual fair market value can only be determined
by bona fide bargaining between well Informed buyers and sellers, we do not represent that the amount
set forth above will be the :lmount ultimately so determIned.
~~~~v-~
December 20, 1993
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EARL W. WOLFE & SONS, INC.
COMPUTATlON OF REQUIRED RATE OF RETURN
SCHEDULE 1
Investor rate 01 retum:
Treasury rate, 7.10 year bonds
Small company stocks rats 01 retum, net 01 Intermediate-term
govemment bond rate
Financial and company specific risk premium
Lender rate 01 retum:
Prime lending rate
Percentage rate above prime
Required rate 01 retum:
Total value
Reoulred rate
Debt
Equity
65%
~
~
x
x
9,5%
20,9 %
6.5 %
12.4
2.0
20.9 %
6.0 %.
3.5
9.5 %
~
d
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=
6.18 %
7.32
,
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=
13,60 %
,...
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-..-
EARL W. WOLFE & SONS, INC.
CAPITAUZED EARNINGS APPROACH
SCHEDULE 2
Book net Income, Fleplember 30, 1993 $ 23,344
Adjustments:
Income taxes 5,221
Interest expense 14,999
Employee/shereholder's selary 89,800
Payroll taxes 4,300
Employee benellts 9.700
Normalized earnings ~ 147,384
Formula:
Indicated value ..
147.384
13,60%
Indicated value
Indicated value (rounded)
~ 1.091.685
~ 1.092.000
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EARL W. WOLFE & SONS, INO.
CAPITAUZED CASH FLOW APPROACH
SCHEDULE 3
Nonnallzed eamlngs
Depreclallon
CapHal reserve allowance
Cash now
$ 147,364
98,Mll
( 34.2051
, 211.717
Fonnula:
Indicated value ..
211.717
18,SO,*,
Indicated value
Indicated value (rounded)
$ 1.144,416
~ 1.144,000
10
.
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.:::: -.. '_.:,.,....... 'eo,,,
(~iji_~l:DI~rJ'hl' I
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\)0 th day of
ill the Jttlr 0/ ollr Lora
IoIny
I,
one thOllJalla lIim bllllllred alia fifty-two,
i/ilrhuIH~1l r.IIARLll~ O. ~RI:;SIII~r,R nlld PAlSY A. ORISSI1I(JE!l, hla wifa,
of l'olrvla" Townohlp, YOl'k County, !'olllloylvonIQ, portloo of tho flrot ,
port, ~RAIlTOH:J,--------------------..- ------- .. ----....-.-. -..- .-.
--.-----.-----. .-.---.----.-.-.-------.-.-.--------.---.-----.-----
- - AND - -
llAIlL N. 'NOLFr. nC tho 110rroullh of lIaw r.u",~"l'lond, Ooun~y of Oumbnrllln", .
~~~:~~'~~~~ ~~ -~: - ~~I~~~~~~~ ~~ ~ ~-~~~ ~'~~~~- ~~~~ y -: ::: ::: ::::: ::::: :::::::- i
0' Ihc 'CCOIII/ pllrl: lEJitnrlll3rtl" 77101 II.. .a/d parti.o 0' Ihc nnll'arl. 'or and /11
cond,l.ml/oll 0'"'''''111 0' Savan 'rhounnllel TWo lIun,lrad lllr,hte.n (~721B.OO)
Dollor.-------------------------------.------------.------------------
lalrr", monry of 'lie Unltrd Statr. fit Anrrrlrn, 1('('11 andlwlll (I,,1ft by 'lie .uld porty o( 'Ilr
.tCOlld 110,., to IIle .ald parties of 'lit nr.t pari. at and ',crol'c 'lie tllltflllnD and dtllt'tru or
"'tiC prr,rnllC, II1e ,'('crIJ,t II'II('rro( III ""rrfIU nrknflU'lrdorrl, IInve Dralllrd, bnr"nlnr(/, .old,
nllrlltd. ('"'clIm.,,, ,.,.Iell_n/, ("IIIt'r,ml nllll rUIlnrtlwl, 01111 I,,, Ih,.." ,ur."nl. do IImll/,
lIorgn/ll, ,rll, nihil, t"r,.vn, I't/ra.,., COll'XU alUl connrm '''''0 tilt .nld {JollY or tilt uroml
part, hie h"lrs alld m"lon..
AJ.L th.t certnln t,'act cr nRt'col nC InlYl oltuotod In
,
I.
f'a1rvlow TORnoh Ip,
I
York County, Ponn.ylvonl., mora portlculnrly boundoJ nnd do.crlbod U I
I
1l1lOIIlNINO at n pin ot tho NOl'thRnntorn cornor oC londe or A. Poolor
,
i
Callow., to 'Nltl
ond nt odJolnlng 11no of land. or tho 'rurnplko Com.,holon: thenco
North Thlrty-olo:ht (3B') d.lIr... thlrty-olx minute. (30') N.ot for Q
dl.tonoo of on. hundrod (100') foot along land. of tho 'rurnplke
r.ommlodon to. point; thonco 1I0rth thlrty-novon (370) d.graa. thrao
(:\,) minuteR Woat for 0 dl.tonoo of nlnoty-nlno nnd .oventy-ona
hun.lro<ltho (09.71') f.et olano: l.n~. or tho 'rurnplke Comml..lon to
o pIn; thonco Ilorth olovon (11" dagra.. throe (3') mlnuta. W.ot ror
o dl..tnnco of flvo hundrad. .ixty-nlno nnd ono-holf (509.G ,) "re.t
olon,n; 10n"n or tho Tllrnl111,o Comm, as 1 I")n t? n I1Jn; thonce Ilorth Savant,V"
.ovo.. (7"') dOllro.. fifty-nln. (5") mInute. gaot for 0 dl.tnn.o of
nln. hundro<l fifty-nino (OGO') f.ot nlOIll\ land. or tho Turnplka
Oo,".lonlon to 0 pin; thone. S.uth .I.;ht (0") d.6rao. ;Vaot for Q
diatRnee of olx hundrad olxtoan.oo threo-tonth. (01G.3') ra.t alolll\
l.ndo of Thompoon S. lobrtln to point; th.ne. South ..vonty-olo:ht (70')
~
r
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._,. -
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de~rees two (2') minutes West for a distanoe of fifty-seven and sixty-
,
three hundredths (57.63) feet to B pOint at lan1s of A. Pooler; thenoe'
North sll:ty-sevsn (670) degrees one (11) minute West for a di,stanoe of;
ons hundred thIrty and forty-three hundredths (130.43') feet along
lands of A. Pooler to a pin; thenoe South fifty-two (520) degrees
fourteen (141) minutes West for a distanoe of fivB hun:ired sixty-two
and thirty-six hundredths (562.361) feet along lands of A. Pooler to
a pin, the po~nt and plaoe of BEGIMIING.
BEINtJ a PART of the same premises whir.h WILLIAM E. HOBAUGH by
his deed datBd May 17, 1921, and recorde:i in the RBcorder of Deeds
Office in and for York County, Penllsylvl'nia, in DB9':1 '?ook 21-V,
Page 488, granted and conveyed unto CHARLES O. GRISSINGER.
TOOEl'HER with a rip:ht of wa," in oommon wIth the sald partles of
the firBt part, their hell's nnd assll!nsllltl'xlu$ other means of Inl!resl3
am BP;ress IB construoted, for all' purposes, wIth or without vehloles
and animals, over and along a prlvate lane, fifteen
f&et Wide,
"
conneotln\!; State Hlp;hway RoutB #24 wIth the premises hereIn oonveyed.
.
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Fo"" 1120
-,
U.S. Corporation Income Tax Return ('tV) y;;;;~-ol~
..,..",..,............,......,..... ~c::.t::....l,.,"","'''.~Cl!p.:..~R.,'' ~~ '=:..- Jt99~~
~ Instructlono oro up ora to, Soo p.go 110' paoorwort RoducUon Acl NoUeo.
D.pa't""nloll,..l""~',
'"ler'\lI"n,I'I"1 S.rtICt
A Chick" It u..
11IConlo..a....,1fttllrt'l B IRS
latuc" hllll U11 label.
l2""nn.1 tlll.,I'l! co. Other-
(anUIl ae", P'H wi.., :... Jib d
(",.rlon,I,.MUCO'" pl.... 1"'53 LoW s erry Roa
,....,'"'"."......:0' prtnt l-lew Cumberland, PA 17070
A.a....c. t.'.'-'!. or type.
..:,,.I,rlolctiOll,'
E Check &Doliooblo bo...: (1)1 Ilnl1Jr.: rolUrn 1211 I Flnlll loturn (311 I Chi""" In .dd'....
1. aroll focelpll or SalOl 1 , 134 , 545 b l.u "hllll' Ind .Ua....nt.. C BaJ" 10
2 Cost of goods BOld (SChedulo A. line 8) . , .. . .,........,..... . . . . . . . . . . .. 2
3 GroBS pront. Subtllct lino 2 from fino 1c . . . . . . . . . . . , , . . . . . . . . . . . , . . . .. 3
I
n 4 OMdonds (Schedule C, lIna10) . . ., ... .. .. ..."....,.. . . . . . . . . . . 4
aSlnlerest...... ........ ..., ... ............ ....... 5
o I Groarents... . . . . . . . . . . .. ... . " ....,....... . . , , . . , . I
': 7 Gronroyal'tles. . . . . . . . . . . .. ... . " ......,..... . , . . . . .. .. 7
1 Caphlll gllln nollncomo (onach Schodulo 0 (FO""112O)). .,...... ". . . . . . , , .. , 1
, Not ,IlIn or 0.") from Fo",,4707. pan II, line 20 (an.ch Form 4707) , . . . . . . . .. ...."...,. ,
10 Other Income (100 Instructions - anech schedule). .............................. 10
11 Tolallncomo. Add IIno. 3 throuoh 10. . , . . . . . . . . . , . . . . . , . . . . . . . . . . . . . . . . . ... 11
12 CO""enSlllon of officors (Schodulo E,lIne 4) . . . . . . . . . . . . . . . . . . , .. ............ 12
: 13l1SallI1..andwogos 301,067 bLossJobscredh oSalanco....... 13e
.
I 14 Repa1rs. . , . . . . . . . ., ,... .... . . . . . . . . . . . . . . . . . . . . . . . .. , 14
i 15 aid debts. . . . .. ... ,........ . . . . . . . , . . . , . . . . . . . . . . . , , . . . .. 15
D ~ 1. Rents . . , . . . .. ... ,...... . . . . . . . , . , . . . . . . . . , . . , , . . . .. 18
. f 17 Tax" . . . . . . .. ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 17
do l' Inloresl. . . . . . .. ...........,. . . . . . . . . . . . . . . . . . . . . . . . . . . ., 1.
u'
o I 11 Chllltable conlJ1buUon. (oo.lnatructlono for 19" IImllaUon) . . . . . . . . . ; . . '.' . . . . . . . . . .. 11
tiT 20 Oeproclallon(lnochForm4~62) ................."...., .120 I 101 393,UW~~~
21 Loss doproclltlon clolmod on Schodulo A and olsowhoro on lelUm. . . . . . . .1 21. I 21b
0'1
n. 22 Depletion.... . . . . . .. ..... . ,... ... ......... .... . ... .... ... ... 22
.: 23 Advertising. . . . . . . , . . . , . , . . . . , . . . , . . . . . . . . . . . . . . . . . . . . . . .. 23
o 24 Penskln, proM-sharing, etc., plan.. . . . . . . . . . . . . . . . . , . . . . .. ............ 24
n 25 EnlJloyee benefl1 programs . . . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 25
.
3 211 Olhor doduc1lons (onooh sehodulo) . . . . . . . . . . . . . . . . . . . . . .. ............:Ie
= 27 Total deduction.. Add Ilnos 12 through 28 . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . .... 'r1
! 21 Taxsblo Income boloro not oporoUng 10.. doductlon .nd BpoeloJ doduc1!ons. Sub~aC1 II,\" 27 from IIno 11. . .. 21
: 29 Lon: a NoloporoUng 10.. doduc1!on (BOO Inslnlc1!ons). . . . . . . . . . . . . . I 29a I 0 :mmi~~i
b Soocllll doductlons (Schodulo C, line 20) . . . . . . . . . . . , . . . . I 29b I 0 2to
30 Toublolneomo - SubU.ctllno 21le from IIno 28. ... . . . . , , . . . . , . . . . , . . . . . . . . .. 30
T
. 31 Tolallax (Schedule J. line 10). . . . . , . . . . , . , , . . , , , . , . , , . . , . . . . . . . . . . . . . .. 3t
liJ I" "n" ''''''I''T''''m'''''''I''~",'':m'Ii''''''Ii'''r'' "'''''rl'''I''I' , ,
x 32 P,y""III': lUll ow-tlp.ym.nl cr.dll.d ta un 321 ,I /:lill:;':I:IIII] 1;1:11:11;I:lll:II,ljliljllll'I:lllilll);111 '1:11", I 111111' lillilll III :11'llli
. b 1992 8sllmalod lax paymonl', , , . . . 32b II 'I,ll I II, 'II" II "III "I',ltl,I'I'I,:,III"1 1 1IIIi I II 1..1/,11 'I' Ii II'
I' " , ", 'I 1..,1,..1 I 1" ,I"!' , ,I, I~' I II,'
n 0 Loss tlnulllnd.ppll.dlaronFor",4.tIll.. 32c d BII ~ 32d 1i;1,'!'I,1
d fin
. Tu deposllod with Form 7004. , . . . . . . . . . , . . . , . . , . . . . . ,. 32. , ,,1,11
P f Crodl1 from 'cgulaled Invostmenl campanlot (anach Form 2439~ ' . . . . . .. 321 1:I!il'JI!
a 9 Crodn for Fodorlll lox on tuol. (onlch FO""4136). Soe In.tnJClion. . . . . . .. 32n 32h
y
m 33 EslImalod lax penol1y (BOOlnBtnJcUons). Chock If Form 2220 lsonochod. ".............. U 33
~ 34 Tax due. If tino 32h II smaller than the 10lal of IInes:31 and 33, onlor amounl owed. . . . . . . . . . . . . .. 34
t 35 OVorpaymlnlll IIno 32h Is largol Ihan tho tOllll ollln.. 31 .nd 33, enlor amounl ovorpoJd . . . . . . . . . ., 35
· 35 Entor amoun1 of Ilne:35 YOU want: Credl1ed 101993 GsUm.led tax .. Refunded ~ 31
~arl W. Wolfe & sons,
Inc.
B r,.,plor.rldlnl"iUI,onnll.wt
23-1524391
C D'I'I"u.rpaltl~~
11/01/57
D Total...."
(... 8pldflc In.tr\lctJln.)
1. 181. 327
1.134.545
84.518
1.050 027
:'
5.612
1 055 639
134.304
301.067
14.741
1.199
91. 310
15.000
805
101.393
14.487
356.297
1.030.603
25.036
25 036
3 115
3.115
Please
Sign
Here
~
Slanaturo of otfi:6r
Preparer'.
slanslUre
Und.r PUSIt.1I of p.tlllry.1 d.cllr. Ih" I htv. .umlned thl' r.lllrn, inclvlhngaccomp.nying teh.dll'" a"d .ul.",.nu. and 10 'he b..t 0' my ba_l.dg. and
b.hf.lll.ltll'. cOffec1. Ind campl.I', Otelll"'o" of pr.p.rlt (oth.r th.n UIl)lyll)l. blud on allln'a,,,,atian 01 wwhlch pltpar.t hit any 'na_l.dg..
~ ";:;' ~', 1,\ ~J
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Dale
10010 Chod< If oelf- _I Prepar.... oocllll oocurf1y no.
I I emolo ed nl 188-38-1175
~~~~n.~c::h~A~~_~~Y.9~~_~~~~~A.~.?!~~A~
P. O. Box 1865 E.I.No. ~
Marr"fsburq';-PA- ............. ............ ....... ZIP code ~
~l1Uo
Pard
Prepare"'.
Uoo Only
"","'.nlll'l'
larYOllfl,I' ~
lIu-'lI'lplo)'.d) r
Ind.da"u
o,n Fa, Pap.rwark R.dllCl,on Ar;t Nolin ... in.lt,
25-1644159
17105
CopyrlghtlC) In2 form 10ll..1t anlt t.nllt ....e. 5alt_ar. 'nCo
"arm t'2O tin
.
Form 1120 '992
Schedule A' Cosl 01 Goods Sold 500 In'b1Jcdon..
1 Invonlory II boglnnlng 01 YOII. . . . .
2 Purch.....,.........."...
3 Coil olllbor. . . , . . . . . . . , . . . .
. Addidonll I..Uon 2s:JA eo.t. (.n.ch ochodulo), ,
S Olhor COI" (In.ch ochodulo) . . . .
. Total. Add IInol , through 8. . . . . . , . . . . .
7 Invlntory It end 01 ye... . . . . . . . . . . . . .
. COlt 01 goodl .old. Subttlct line 7 ~om line'. Enlor here end on plgo " IIno 2. , , .
. e Chock 011 method. used 10' vllulng clollng Inventory:
Q) ~ Coil (11) [R] Lower 01 coil or mar1<et.. dotCl1bod In Regullllona eoctlon 1.47'-.
QIQ Wrll.down ol'lUbnormor goodl .. d.lICt1bod In Regul.donlllOC\lon 1.47'-2(c)
Qv) Olh.r (Spoclfy melhod uI.d end .nlch expl.n.don.) ~ -.......................... ........-.-...........0....
b Chock" Ihe LIFO Invenlory method w.. edopted Ihll lox y." lor Iny goodl QI chock.d, eJlaCh Form 970) . . . . . . . . , . , , . ~
o IlIhe UFO Inv.nlory melhod w.. u..d for thll 'ox y..., enlor p.rcenllg. (or lITlOunll) 01 ~
dosfng Inventory corf1)uted und8l' UFO. . . . . , . . . . . , . . . . . . . . . . . , . . . . . . . . . . , , , .. sa
d Do Ihe /Ulol olaecdon 2s:JA (lor property produced or .cqulrod lor 'Ollie) apply to tho corporadon? . , . . . . . . . . . , . Ves X No
e W.. th.r. eny chIng. In d.larrrlnlng qu.nUU.I, COil, or volu.donl bolWoon op.nlng and cloalng Inv.nlory? II "Yeti',
.nach ex lenatlon. . . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ,
Earl W. Wolfe & sons, Inc.
IDI 23-1524391
p
2
...."".,... .
(a) 01"'4,,,d.
ISchedulecl Dividends end SpecIal Deducllons(Soo Inl1rucdona.)
1 OMdonds trom ress.'h.n-~~.owned domestic corporaUons thai are
aubloct to the 70% d.ductlon (olhor th.n d.bt-ftnlnced Ilock). . , . . . . . . . . .
2 OMd.ndl ~om 2O%-or-more-own.d domelde corpo'ldonllh.t II. lubjoct
to Ihe BO% d.ducdon (other th.n d.bt-ftn.nced Itock). . . . . . , . . . . . . . . .
3 DMdends on dobt-nnaneod atock 01 domesUc and foreign corporatlons (lIc,lon 24IAI
. OMd.ndl on cOrllln p,.lofled Ilack 011....-lh.n-2O""-ownod public udlld.. . . . .
S OMd.ndl on corllln prelorred .Iock 01 2Q%-or-moro-owned public udllUes. . . . .
. OMd.ndl I,om 1...-lh.n-2O""-own.d fo,olgn corpor.donl .nd conaln FSC. Ih.1
1I00ubloct 10 tho 70"" d.ductlon. . , . . . . , . . . . . . , . . . . . . . . . . . .
7 OMdendl Irom 2O%-or-more-owned foreign corpor.llons .nd cllf1a1n Fsea Ihlt
1I00ublocllO IhoeO% d.ducllon. . . . . . . . . . . . . . . . . . . . . . . . . , . 80
. DI~d.nd. flam ""holly awn.d 10r.lg" .ublldla,'u .ubi,el to Ihl 100% d.duCtlon(..cllon Z4SCbl) , . 100
9 Total. Add IIn.. , through e. Soo Insb1JC\lons lor lItrI1.don. . . . . . . . . . . . . . !litli!lll!titl1iH:i1ii1:~;!,W!Hiliil!lIilliill!Ii!Mlli!ltlllllllli/lIIWil
10 OMd.ndl ~om domes1le corporollonl received by . amall bo.lness InvellmOnt
CO"1'"ny oper.Ung und.r Ihe Small Bu.ln....lnvellmOnt Act 01 '9~ . . . . . . . .
11 Dlwld.nd.fromc.nalnFSC,lhatuuub/.cttOlh.10o-A,d.ductlonCuctJonZ4SlcX'1) . . . . . .
12 Dlvld.nd, from aUlbl.d group m.mb.,lIubJ.ct 10 ",. 100% d.ductlonCuc110n 243 (aX31) . . . .
13 Olhot dMd.nd. ~om lo,.lgn corpor.don. not Includod on IIn.. 3, e, 7, e or"
14 Incomo 'rom controllod foreign corporations undor subpart F (alLlch Form(11 1471) . . .
15 For.lgn dlvldond gross-up (.eedon 78). . . , . . . . . . . . . , . . , . , . , , . .
18 lC..OISC and formor DISC dlvldonds not Includod on Ilnos 1. 2, or 3 (uclion 2'IS(dlJ . .
'7 Olhor divldond. . . . . . , . . . . . . . . , . . . , . . , , . . . . . . . . . . , ,
18 D.dUCllon for divld.nd. paid on urtJu, p"r,rr.d 'lock 01 publiculiliti"l...lnltruct!onll. . . . ,
19 Total dlvld.nds. Add IInos , through 17. Enlor h.ro Ind on IIno ., psgo, . . . . ~
(b)...
1
2
3
.
S
.
7
.
7 800
84 228
recelv.d
70
80
In trt"lon
1.176
7.059
70
92
7
84
028
510
518
100
100
100
:::;:::i!ll:liIi1:j:l1111i:,"
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'11':'li!!iI'lllllollli'
::;l::ij::,~~~.. ::;::j,;~;:J;;!;:ii!.:!:ij:li!:!!I~:: 'i;::;,i:,ii:ijiiiiiiill!lii
i;i,;jJjllJI~;I.lliijlill, iUii~iiiJjijjJ;i:liUiL:Jlbil!llWliL,j;jijlil!;i
(I) H.",. of olliur
(b) Socl,luCUfltynUmbet
Ie' P'funlof
I m,d.volldto
bU'ln..,
50. o(),~
100.00/.
100.00"
50.00/.
Common e p"l,rnd (I) Amounlofcomptl'laatlon
45.07~ 0.00 59 102
1B.36~ O.OO~ 47 362
1. 33' O.OO~ 23 040
12.44. 0.00. 4 800
~ ~
134 304
1 Sara E. Wolfe
James B. Wolfe
E. W. Wolfe Jr.
Barbara E. Berkhe
195-32-1526
161-32-4169
171-28-0755
202-36-9790
20 Total doductJons. Add lines g, 10.11, 12, and 18. Enter horo and on IIno 29b. e 01, . . . . . . . . . . . . . . , ...
Schedule E Compensation 01 Officers (500 In.b1Jcdonllor IIno 12, p.go 1.)
Com 1010 Schedulo E onl If lotal roco/pts (Uno 111 Ius lines 4 IhfOU h 10 on pa e 1. Fonn 1120) 110 $500.000 or moro.
"f"nlofcorpor.lIon
ser
%
2 Total compon.IUon 01 olllcers. . , . . . . . . . . . , , . . . . . . .
3 Componsatlon or offico" claimed on Schodulo A end olsewhere on refurn
4 SubtfaCIlino:] from line 2. Enter tho rosutt horo end on Ilno 12. 8 01 . . .
For P.p.,wo,k R,duction Act Notic..... Inlll.
Copyrlghllcl'"2 lor", .ollwll' only C'nl" Pt." 50rlwII',lnc.
134 304
Form 1120 cnUI
Earl W. Wolfe & Sons, Inc. IOI 23-1524391
It "'(..,..tlach. .chldu!, .howlng:(I)namtl.nd Id.ntJfrtng
numbtt;(b)ptte.nLag. oW",d: and Ie) Llubl.lncom. at
(1ou)II"Ol. HOL and 'Pleil' dduc1lon. or 'Ileh corporation
lot tI'I. Lt.. ru, an ding _ith or within rOlll Lu ru',
4 Old any Individual. partno,.hlp, corporaUon, OSloto,
or truS1 ollhe end 01 the I.,. yoar own, dlrocUyor
Indifoctty, eo% or more of tho COrporation's votIng
otocl<? (For ",'e. 0' ol1tlbuUon, ... oocUon 267(c).)
II "Y.... completo e. b. end c below
I Is the corporation a subsidiary In an atfillalod group or
. paront-subsldlary controllod group?
b Enter Ihe nOlT1O end IdenUfylng number 01 Ihe potont
corporatIon or other entity with SO-14 or motO
ownershIp ~.................... _..... _.......................... _o.....
---..........-----.-...........................
c EnlOf' percontago owned ................ _.........................
5 Ourtng this I.,. yoar, did the ccrporoUon pay divldonds
(othor than slock dlvldonds and distributions In oxchango
fo! stock) In OltCOS3 01 tho corporation', curran' and
accumulatod oarnlngs and profits? IS.. IfcI,30hnd3111,1
If "Y.... n/o Form ~52. If Ihlsls a ccnsolld4l0d roturn.
answer horo for Iho palonl corporaUon and on Fonn
85f. Atfillll~ons Schedule, ror ollch sub!lldlluv.
Fa, Plal,wo,k nldllctlon ACI Nolin, III Inllt.
Ploe 3
4a
8b
40
,Cd
'....Uilih:,II!'
'I:.',!
".:;1,11:
,1;j;.;i:I,;'
:H; U~;
't:i'!;'II'
./i",:III,
11.,:1.1,.:,
,.~ 0 3
3.755
',I :,'~ til :,'
iI..I'
J'Il!;llio.
,'II ,~
..
. " 4'
h11lil'ii
'/1;1;111'
'Id!;l;!
'11.!illl"I!I'i
f/t'I'
1"'1'11'1.1
fiij,:!!!1
'~II ilill
64 0 ~1!II~i
. . . , . , . . " &
. . .
. " 7
. . .
...
8b
10
3.115
Form 1120 ('002)
I' Schedule 'J I Tex Comoulollon 1500 In.trucllon..!
I Choc~ If tho corporoUon Is a mombor 0' I con~ollod group ('00 oecUon. 'S61 and IS03)
2 If tho box on line 1 Is chec~od:
I Enlor tho corpolation'_ .hare or Ihe "",000 and $2S,000 luabl. Incomo buckol amounts (tn that aldOl):
~) 0 (II) 0
b Enler Iho ccrporaUon'l .hotl 0' Iho addlUonal S% I.. (nollo "'cood $11,750) ~
3 Income t.,.. Choc~ thl. bo.1f Ihe corporaUon Is a qualifiod porsonal so/Vlce corporal/on u donnod In
soctlon 116(d)(2) (...Instructions).. , ,
la Forolgn I.. crodlt (Inoch Form 1I1B) , . ,
b Po_ns I.,. crodlt (anach Form S73S). . .
o Orphan d"'g cradlt (onach Form B7llS) .. .
d ClldI1 for lIIot produeod kom a nonconvonllonal soureo . ,
a a.noral busln... crodlt. Entor hare and chock which 'orms 110 anlchod:
BForm 3600 B Form 3861 B form SBll4 B Form 1147B
Form B7llS Form BSllB Form 6630 Form 6628. .
f CrDdIt lor prtor yoar rr/nlmum t.,. (Inach Form 6827). ..,
5 Tolal credlla. Add linea lalhrough If ., ,.. . .
. SUbtrac1l1ne8tromDne3. ,. " '" . . , ..
7 PllI10nal holding company I.,. (anoch Schadulo PH (Form 1120)) . . . .
· Rocapluro I.,.... Chock If korn: 0 Form 12M 0 Form 6611 .
.. AIlernallve rr/nlmum I.,. (anoeh Form 8826). , . . , . .
b Environmental I.,. (Inoch Form 1826). , . . . '"
10 Tot.a'.... Add IIn.. B Ihrouoh ob. Enlor horo and on line 31, oooel,
I SChodule:K" Other Informellon /S..lnsllUctions.)
1 Chock molhod 01 occounUng: Val No G
a B Cuh b 00 Accrual !lHiWibi !j'lijljl,i
':lIli:i:jf 11'/'11:1111
o Olhor (specify) ~ ....................... 1"':1' ,""'ll'
2 Ror... to the list In tholnstructiono and stoto Iho prtnclpal: ;"1"""'1 'I' '1':1..
ill !II~! lilii ll,l:
a Bus!""", actlvlly code no. ~.7. 9}; ~.... ... . . . . . .. liiil:iii:!@lli!j'i/7
b Bullnosa octivlfy ~.}:f~t:~L9P'fjl!-:al~!~I)~. :liiil!il%,iH,UII.
o Product or lIOtVlce ~ R9~1Jl..I..I~I)~~........... "!i%iii "1i':!!',1
" 11'/'1'1'1' ""'.'"
3 Old the corpora",on Illhe end 0' the tax yoar own, ',; 'I" t/iY
I!:I tlljlll P~:II:!I
d~octIy or Indlreclfy.l5O"-' 0' more 01 tho voUng ::illl'ii".I, i:!I.I:I',"'1
1_. I do" " ? (F I I il'IIII;! ill!tl ~,
· Y\oof'o o. mos",c corporallon 01 l\J os 0 'jillUl rl illil Ill:
anr1bullon, ... ...lIon 267(c).) '. X .
. ,
.. ,
640
3.115
'" .
.. .
..., .
:::;lllili/', ;:j:;;,li!1
!:ii!:ifi:' :':!HW,
i;:ti!iiH!' :!(ii~fi;i
"~::'i!':l: ::,i!;:!::'
1:!iil!;III' ;1,i:h!:1 9
lii;;!!!i:!' :!'U:1!i':
.,'!'!H", '..dlll"j
i:!.::!lii! :i::':'!i;
I",I.!!I '::'1"
Wu tho corporallon a U.S. Iharoholder 01 any controllod v.. No
lorotgn corporollon? (500 lOctIons PSI and oS7.) .. ... X
II "'f1W', anoch Form ~71 for each luch corporlllon. ill.'I.II'IIII". iillll.!/IIII.'
Enler number 01 Forms 15471 anached ~.............. 'li!illllll!~I~fllil
1'1/11' .1"1'''1''
AI any Umo durtng the 1P92 calondar YOIt, did tho ;1' dill i 11!liIIllll
corporollon hovo on Inlo,..lln or a algnoturo or olher lilljl'I~liliilill':I'
authorfty over a nnanclal accounlln a'Iorelgn country i"", ", "WI"'III
(such u . bank account. socurttlos account, or other Iilll j ~.w 110
~nanclaJ aCCOUnl)? . . . . . . . , . . . . . , . . . . . . . X
II "'f..., tho corporollon may have to tlle Form TDF 00-22.1. !."i!I'ill~mil!l'i:~il'llillll
It.....,..nt.rNm.ollo'.,gncountty... ...................... JI!'~1.111111.,IJjIII
W.. tho corporlllon tho grantor 01, or tronsleror 10. a lorolgn ,!I! lil,/' 'i,!i.!!!I,
trust thai existod durfng tho cunonllax uau whothor or :1'tirH:H: ,W,H:i::
,.. , :lb~1l1U1 Iwl~l~
nolthe corporlllon hu any bonollclal Inle'OSIln Ir1 . . . X
'1IIill!/1 !li'WI!!;i
"~ill' ,1 I"I:!,'.",
'iIlllll': '.'lhlli.1"
':;11/'1 ;1-:"1'
: I, i, ~ I!'I' : I!~': I.!, ~
'lIllill'I" ,1,.1,.;1.11
lhhl~ll: '1111'jlol;1
X
~;~::,':.. corporltio" molY hive to 'III Formlnl. Uto,
Old ono lorolgn poroon alaoy Ume durtng tho t.,. year own,
dlroctJy 0' Indiroclfy, II least ~S% 0" (I) the lolal voUng
powor 01 all cJ..... 01 Itock 01 Ihe corporallon anthlod 10
voto, or /b) Iho total value 01 all cl..... 01 IlocI< 01 tho
corporallon? . . . , . . . . . . . . . . . . . , . . .
If "Yos,. sea Instructions and ';:!:::ii:. ;i::I,:",:
X I Enter po,cenlago owned ... ............................................... .:i,;iWW: lWl!i;i:il
,:;'i,"'. .",""'" bEntor owno(. counl1y ~................. _..... _.. ';:'I'/illll "1!iU',"
X cTho corpolation may havo to nle Form 5472. (500 ',];1: ,!I!' i'j,::!li!:I:
1\,':1: I,!,":: Instructions 'or ponatdes thai may appty.) EntO( number 0' I,~III,II)J! :1:WW':i
"1'111"11 "")"11
FOITTI:I 5472 anachod ... I) I ,WI:, :!ii! :il',
"~I:'"~ ,,10 Chock Ihls bo.lllho cc,p;r~U;~ i';'~~d .pu-bi1dy';rio.r~d d~i,1 "i',I,I,II, ;;'/"': ,I,
'''II o """"lil''''I!''
, ::':': ,~ Instrumonts wtlh orfglnal issuG dlscounl . ...... I!~i'!l.l: ::,1,1,';',1
1.{'lh!: 'It" If so,the corporation may have 10 filo Fonn 8281. .i/lliil!i!!1 i"iJ!~~111
I:::":;L;'_: ,'.. If Enlor Iho amount of tax-oxompr 'nlolost locolvod or _ccruod !il!!!i!!!! :1,1,1::;,;',:J,.
I" . durtng tho I.,.yoar ~ 0 ""i" , "
. ",,:,';, '"., '.., 12 If Ihole WOIO:lS 01 fowOt sharoholdols allOO ond of the ,.;:i!ii;!l :l'li:.;I,:'I,/,
'1"1,"111 '.:'''.'.'
X 4 .'1,: 'I'':.,
tax yoar, onlor tho numbof'''' ....................................... ..hil;;I.'. :1'1",j".
,;i, ," ,:: 13 If the corpolatlon has an NOL for tho lax yoar Ind is i;!;HW:I ;~il:~!;"'1
.:,:,i,: .;.:..,' olocting undO( soc. 172(b)(3) 10 fOlago tho canyback n :!:!!i!di: I!!);!;!':::
Dcl1od. check hero . ... :'::;:lh, ';ilt I
'..I;.i
" .
COprFlQht(c) 1911 10''" JOlt....II o"lr C,nllf PlIU SOIl".,I, 'nCo
Fo'," 1120 (tlU)
p
Fonn 1120 1;92
". Schlldule . ,,,,
Earl W. Wolfe & sons, Inc. IDI 23-1524391
4
.....................................
4 Add IIn.. 1.2. and 3. , . . . . . .
For PapI,work R.duttlon Act NoUe.,'" 1/1111.
Innl
End 01 lax .ar
Other Uabnl1l.. (anach ach.dul.).. ......
Caphal alock: I Pr.I.rr.d otock, . .
b Corrvnon stock. . . . . . , , .
23 Pald.ln or capnalourplus . . . . . . . . . . . .
24 Retained earnIngs - Approprta1ed (.1\Uh .ch.dulll
25 R.tJIned ...nlngo - Unapproprlolod. 803 826 922
:It l.Ilsscostol~...uryaleek...,........ 142 142 000
27 Totalnobnl1l...ndalockholders' u 1 204 472 1 181 327
Noll: You srs not r. ulr.d 10 co leto Sch.dules M-l snd M-2 below" lho totala..ots on Une ,~. column 01 Schedule L sr..... than $2S,OOO.
Schlldule'M::f" Reconcllletlon of Income Loss er Books With Income er Return Soo Instructlons.
1 NOllncome (10..) per books. . . . . . . . . . 23 34 7 Income record.d on books this y.sr nol
2 F.derallncome tM. . . . . . . . . . . . . . . 1 72 Includod on this r.rum (It.miz.):
3 Excess 01 caphallo.... ov.. caphal gains. , . Tax-.xompllntor... ...............
4 Incomo IUbJoct to lax not recorded on books
this yosr (ltom/zo),... ............. _......
Balance Shoots
Alleta
1 Cash...,.........,.,.
2a TIlde notDl Ind accounts rocolvable
b loss 1I10wonce lor bad dobll . , .
3 Invontortes..............
4 U.S, gov..nmonl obllgaUons. . , , .
S Tax-.x.mpl oecurlU.. (seeln'trucllons). , .
S Oth.. currsnl ....,'" (onach ..hsdul.). . , .
7 loan. to Itockholde,.. . . . . . . . . , . . . .
. Mortgage and real.stateloans. . . . . . . . ,
I Other InveslmBnll (Inach IChodule). . . , , .
101 Bundlngs Ind other dopredlbla ....ts
b l.Ilss sccu",,'at.d d.precloUon . . . . . . . . .
1,. Depletabl. &SItts . . . . , . , . . . . . . . . .
b Less ~ccuO'lJI.led depletion. , . . , . . . , . .
12 Land (n.t 01 any emortlz.Uon) , . . . .
131 Intanglble....ts (emortlzablo only) . . . . . . .
b Less accum.J1alod amorUzatlon. ,. .",.,
14 Other....ts (.naeh ach.dul.). . , . . . . . . .
15 TOlal ....ts . . . . . . . . . . . . . . . . . . .
UabIllU.. Ind Stockholders' Eqully
11 Account! payabfe . . . , , . , . . . . , . , . .
17
11
11
20
21
22
Mol1pg",noln, bond. ply.bl. In 1..lth.n t Y'u . . .
01het curront Uoblll1les (anach achedulo). . . .
LDans hom oteekhold.rs. . . . . . . . . . . . .
Mortgagll, notn, bond. pIYlbl.ln 'YUI 01 mo,.. , . ,
.....................................
5 Exponsos recordod on books Ihls voar not
deductod on this r.lurn (ltomlze):
. Dopreclation...... .......................
b Cont,lbvUon. eatfYo....,
C navol and enlor'lalnmont
ollax oat
a
':il:l;i:iil:IV"I:I:llil:;i,I.:':':II;:;,I"llli'I;'
7 822
c
10 B Ilil'",,;:I;I;j!;l;/I:lll;,!.!!l,l;:;!! ;luliUiw,ij 7 3 7 7 J
20 165 ,llliJllj;j:uitiiiiJiiIWlFilii::':,',., ii'i::;;I:
20 165
7 510
23
:, ':"':lj~ "
7
7
822
,'T:I:,ll,'II, '. ,:,':,;,:;1'1':
,;;;!j:: (i i: ~';: ~ ': '::::::!" ;; i ~. '; , : ~ . : i: i:;: ;:::: ,;;: ! '
ili:;:l::J;.'iii;:\'!;I:llll'lll:iill:l!;i,:ii,;:;!.:j:;:j:,:Ji!li;;
1"lil''''II,;I''''!'.'''.'''.II,."""I''I'
j, il!1l 'I;!;' I::::: :'11!ll li:'::':!:"i!.i::::I:I;l:~1.'
"'il'I"!"I"'I:'.':I!::ii:I!I'I!,!;":I"I:II.I'.I,,1",'il,I'I'
I. 1, ,I", I"., "1,1,..,.,_ .I",kl.
"'1'1'.1",1"""'1"""""1'11""'1:111.
l'III;]'I,III"IIlIoIlIIHi)!II,.,I,Udl
2 6 9 4 9 5 2 !1'lil:III:,!:II;!~!jlll'i':li,'t;I'II:!'j)'!H~!!'i:li~:i
1..1.,J;LI;,il,II,I:..i"ll",II;.j<Ui.;,I,"h,
1 772 255 922 697
30
30 954
'j~I!I!W;~Hi!JI:Hll!l!l!lH!lMII:j::;::;!i;iHi,!;
Ifll'111""III'I'>I"\HI[II""li'iJ' ::t11'!'I'
lilllill,fUII:IIli;rl,tl.l,lIW,;,ll, ;.j.,llj:;j.h
213 0 2 8 '''''1'' ",,"W"li,I' "1"I'ij'"''''''''!'''''''''
~U:~iiiU,UliU Ii III: IliIUUICWlllld:
"'I"H'II"""'P"iI''''I'I''I'''''''I'''''''I'' 1"11111"1"1'"
loli,:,j,ill''':'IUI,,,lJIli/!I,I;J;il,I,,l,,,, -Ii UUlli
II'i,il"ili'I'I'llil',iil"I'I'II'III'I",;rWiiiiiil:iiillllliii
1!;liLi'!II':!II,lli:.I::l!il!I!i!I!;iLih!
1 204 4 7 2iii:iirtiiii!liiilli!iilllllllllillilllliillllllillllli
1 181 327
",,,,,,,'II"I""'I""Ii'"'I.!""""""Hllij'"
,IlUJlllliiljlillJijllllllhIlIlIUlliUl/:ll1 iii'
18 455
35 871
34 218
125 548
57 103
,illUlilijiiliil,iuili~;iUniiil".il,~";~I!
000 225 000
210
8 Ooductlon9 on this roturn nol chatgod
against book Income this yesr (ltomizo):
I D.precl.Uon. . . .. __.__...~J_~.3)?
b Cont,lbutionl ",ryo...., 610
..................:~;uNbiiJ~...
-1
... ................. s'Ef .ATTAcHED...................
~?~J\tJ.~f(l~J?::::::::::::~;~j). 3 41 I Add.lin-.;.-i;~d8:-::-::~.::.::.::.::
S Add IIn.. 111110U h ~ . . . . . . . . . . . . 28 482 to Income IIno 28. . 01 -lIn. 8 loss IIno 0
Schodulo M-2' Anal sls or Una ro rlated Retalnod Earnln s or Books Une 25 Schodulo L
1 Balence al beginning of yosr. 803 57 5 DI,ulbuUono: I Cash ... . , . . . . .
2 Notlncome (10..) p.r books. , . . . . . . . . , 23 34 b Sleek . . . . . . . . . .
3 Other Inero.... Qt.mlze):........... ....... c Property. . . . . . . . .
............... _ . _ _..... ........... .. 8 Othor decroa,.. (ltomlzo)' ~C}!~/!!r;....
3 445
3 445
25 036
2
7
826 92 8
826 922
COP)'l'ighl(Cll1111lcllm loll.,,, onty C.nht PI.c. Sofl,,.,'., Ine. .
FOI'" 1120 lllllll)
.' U.S. Corporation Income Tax Return t 'I OM~ No. 1/.04~'012J'
~~~~rtmQnlo~t~~T~tI~Ury 'O'U'I"''''.''' '1I1C1U,...'tt;.M'"1I ~9~:....1.."tll,'''d,"g~f?R:..~.C!..l' ~ ~; L1991.J
InlernAl Rovenuo SOl\'ICO . Instruction_ .r. IOpAfa1e. 510- oaoo 1 lor PAperwork ReducUon Aet NaUel.
A Check III-
l'ICc,..,al,a'l'd"tlol'"
,,,,u.nfoIIllU11
III P,-U"I' h,lIt'"O CD.
I.IUChSCh,PHI
B
U.I
Ir~.,. Earl H. Holeo & Sons, Inc.
Othlr-
~~~I 53 Lewisberry Road
print ~ew Cumberland, PA 17070
or type.
o Employ"r Id.n. no,
23-1524391
C Dato Incorporaled
11/01/57
o TolaJ 15s01s IS.. 5p.,-I""',1
IIIP,n'"",,,,,,,coIP,
1"."lft,dll'l!tlllp.
R'OI, lie. 1...'-41 n
....I",,'utl,0,...1
E Chock IPpllclblo be,as: 111 I IMIII'olurn 1211 IFlnallolu.n 131 I IChlnoo In Idd'o..
11 GIDII receipt. or salol 1,053,553 b L,,,,,,,,,'"""d.tlo..,"c..
2 Co" 01 good. sold (SChedulo A, Ilno 7) , .
3 Gron profit, SUbU8c11ine 2lrom Ilno 1C .
~ 4 Divldsnda (SChedule C,line 19) .
c 5 IntO.ISI.....
o e 010"18nt&...........
m
. 7 Groll royatties, . . . . , . . . ,
B Clpllal glln nOllncomo (onach Schedule 0 (Form 1120)) .
g Nel g.'n o. (10") from Fo.m 4797, PlrI U. line 18 (Inoch Form 4797)
10 Olho1 Income (500 Instruc!lons .. anech schedulo) . ... ,
11 Tolallncoml. Add line. 3 Ih.ouoh 10. . . . . . . . . . . . . . .
12 Componsllion 01 olflco" (Schodule E. line 4) . . . . . . . . . . .
~ 130Salarlosandwlgo. 308,938 bLos.jobsc/odil
.
I 14 Repl11a . . , .,
~ 15 Bid dobl. ,
I
o ~ 11 Rents
I I 17 Taxe. . . .
~ ~ 1. Interost. . ,
o I 19 Conl1lbulions (I" Inlwellonalor 10% UmlLatlon), ,., . . . . " . . " . . . .
I" 20 Oepreclllion (Inlch Form 4562) . . . . . . . . . . . . . . . . . , . , . , . . . I 20 I
I J 21 Le.. deprocloUon clalmod on Schedule A end ol,owho.e on return. , . . . . . . 1-2111
01
n ~ 22 Depletion. . . . . . . . .. . . . .
I~ 23AdvonJslng".,...,.....
o 24 Pension, profl1-sharlng. ole., plans.
n 25 Employee bonofl1 programs . . . .
d
: 28 Olher deduclions (onoch schedulo)
~ 27 Tolal deducUon.. Add lines 12 through 26 . . . . . . . . . . . , . . . . . . . . . . . , . . . . . . ., ,~
I
~ 2. Tax.~8Income befo1e not oporallng loss deduction and special deductions. Subt~actllnlO 27 Irom IIno 11, ..
: 21 Less: a NOI operating loss deduction (see instrucUons). . . . . . . . . . . . . . I 291 I
b Sooclal deduclion, (SChodulo C, IIno 201 . . . . . . . . . . . . . . .. 29b I
T 30 T.,abll Incoml - Subtrlct IIno 29c from line 28. . . . . , , .
: 31 Tolallax (SChedule J, line 10), . . . . , . . . . . . . . . , .
a 32 PaYIII,nll:alnOov"PlyfOl,nlc"dll'd10 t'lt ~21 I
n b 1991e.Umlledlaxplymonlo...... 32b,. ,., '.'
deLe.. "" ..,,,d .",.dl.... F.... ...... 320 d Bol ~ 32d
P . Taxdeposhod with Form7C>>4. ,. . . . ..... . ..... . . 32e
a . Crodl1 Irom regulalod Invoslmanl companies (anath Form 2439). . 321
X, g Credit for Foderallax on luels (anach Form 4136). SOD inslructions 320
~ 33 Estimalod 1A.lC penalty (see page 4 ollnslructlons), Check if Form 2220 Is anachod. . . . , . . . . . ~ U
t 34 Tu due. IIlhe 10lal 01 lines 31 and 3319 largor lhan IIno 32h, ontor ameunl owed. . . ., .,........
. 35 OverpavmenL IIllno 32h Is lafger than thulolol at hnes 31 and 33, enlor amount overpaid . 0 . . . . . . . . .
35 Enter amount of Iinu 3~ vou want: Credited to 1992 estlmated tax ...IRefunded ...
eBal ~ le
2
3
. 4
5
5
7
B
9
10
.~ 11
.. 12
.~ 13e
14
15
18
17
11
, . . ,. 18
100 0901~n::I::
21b
,. Zl
23
24
25
26
27
28
o BaJanco.
O'!i'!r!:I;
Iollil,h.!.
0_
o . , . , . .. 3D
. , . . , . .. 31
. .:' .... ",.,
, i,:".
'.: Ii::'
('i.I".
:"i.:::
32h
33
34
3S
38
1.204.821
1. 053.553
92.468
961. 085
4.573
965.658
148.505
308.938
12 006
192
87.721
25.335
o
100.090
13.133
345.243
1.041.163
-75 505
-75.505
o
Und., p,n,llIU 01 P"ju,y.1 d'(~" lhatl hh. ''',"In,d t"l' "li"n.lncrurtlnfj ucornOlnYlnfj Ich,dlll.. and Ilal,III,nll, 'I'ld to I'" but of ,"y knowt,dg' .nd
b,k,I.lt 1'11101', cor"ct, .nd co,"pt'l'. D'Cl&,.110n of p"p,,,, (01"" t"ln lupl,"I" bU'd on 11I.nlo,mallon 01 whIch p"pa,., hallny .nowl'dgl,
~ ~ ~\ -r-",' ~ r'J I ~
r SionOIU.e 0 IfIce. I I ....'.J \ 'Dale r TlIIe
P/epl.e,'. ~ '::!.I ":=::/ !J r Dale Chock II so"- _I Prepare(a socIal socurity no.
P.,d ,Ionllu.e r / / emelo ed nl 188-38-1175
Pr"p"r""" r::~:";:.~: ~ ~:r;~\;In. ~o::h\l_l.t.~. ~1)Y.9~:r;..l:lHt.z.'?A. .&..?!~~.~.
UuOnly ::~:~~~;::'d' r ~~r~-{s~~~a-7~~i"""-'"-''''''''-''''''''''''' ~;~~:~: ~ ~~~~~44159
Dln Fo, Plp"....ork A.duCllon Acl Notlu,.n In",. CopyrlgMlcllllll lorm lollwl', onlr C,nl" Pl'ce Sol1war" Inc. Fo,," 1120 Illtll
Please
Sign
Here
Earl W. Wolfo & Sons, Inc. 10# 23-1524391
PaQO 2
I Schedule C I Dividends and Special Deducllons (See Instruclions.)
1 Dividends horn loss-lhan-2~'''owned domestic corporalions lhal arB
lub}ocllo the 7D'A. deduction (olhor Ihln dlbl-nnancad Ilock). . . . .
2 Dlvldondslrom 20~~-or"mora-cwned domestic corporaUons that are subject
10 the DD'A. deduction (olher Ihan debt-financed slock). . . . . . . . . . , . . . . .
3 Dividendi on debt-flnanced alock of domestic and foreign corpor!ltions luetlo" '''IAI
4 Dividends on cenaln profoned stock 01 loss-lhan-20%-ownod public utilities . . .
5 Dtvldends on cenDln preferred stock 01 20'.4-or-moro-ownod public utili1les, . . .
. Dividends from less-than-2O%-owned forolgn corporatlons end cenaln FSCsthat
aresubJectlo the 70"A. deduction. . . . . . . . , . . . . . . . . . . . . . . . .
7 DlvIdonds from 20""'-or-more-ownOd foreign corporallons and cenaln FSCs that
are subjecl10 the 8OY. deductlon. . . . , . . . . . . , , . . . . . . . . . . . .
8 Divid,"'" Itom wholly o...II,d fOI'ill" 'Ublldl&rl" l~bJ.tl to tn, IOO..~ d,dlltl.Qnt..t',on :"Slbll.
1 Total. Add lines 1 through 8. Soo Instructions for Ilmilation. . . . . . . . . . .
10 Dividends from domoslic corpora1ions received by a small business Investment
company operating under the Small Business Inves1ment Act 01 ,eS8 . . . .
11 Dlvod'nd. ham ur'aln FSC. tna.." 'lIbJtc' to 'h' tOO% d,dllthonlllChon)dlcXtll . . .
12 DIVld,nd.lrom atM'a,,1I D'O~P ""';'b'" lubl'C' 10 Ih. 100% 1I'lIl1ttlon II.etlon U) 'IU)). .
13 Other dividends from forolgn corporatIons notlncludod on lines 3, 6, 7. B or "
14 Income from controllod lorolgn corporations undor subpart F (anuh h,m, SH II.
15 Foreign dividend gross-up (seclion 78). , . . . . . . . . . . . . , . . . . . .
16 le"DISC and former DISC dividends nollncluded on lines 1. 2, or 3 ,..tlton )"Oldll .
17 Other dlvldonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18 D.d~cllon for clll,.d,nd. paId on ce'UIn p",,".cl.lot~ at p~b~C ~11111'''I'''lflllluet,onll .
11 Total dividends. Add linOS 1 through 17. Enter here and on line 4, page 1 . . . ....
8 300
91 968
100
7
92
268
800
468
FOlm '12QCUUa1)
Schodule A Cost 01 Goods Sold So.ln:!rucll.n.
t Invonlory al boginnlng 01 vear . 1
2 Pulchases..,....,."........,...... 2
3 CO.I 01 labor. . . . . . . . . . . . . . . . . . . . . . . . . 3
4a Addillonal soctlon 2C3A cosls (soo Inslruclions " onach schodulo). 4a
b Olhor costs (alllch schedule) . 4b
5 Tolll. Add lines llhrough 4b. . . . . . . . . . . . . . . . . . . 5
e Inventory al end 01 Vear. . . . . . . . . . . . . . . , , . . . . . ·
7 Coat of goods sold. 5ubtraclllno" 110m lInG~. EnID' hOlo and on 1100 2, pago " 7
81 Check all melhods used lor valuing clollng Invenlory:
(I) ~ COst (II) 00 Lower 01 cost or malkol al descllbod on Regulahons sec~on 1.471-4 (lee InsUucliona)
(III) Wrnedown 01 "subnormar good. IS descrlbod In Regulalions .ection 1.471-2(C) (see Instruction.)
(Iv) Olher (Specify melhod used and ""ach e'planlhon.) ~. "..".." . .. ....." .......... ..........".....".. . ..0"...
b Check n the LIFO Invonlory roolhod waa Idopled Ihls lax yoar lor any goods (II checkod, a""ch Form 970) . . . , . . , . . . . . . ~
c If 1ho LIFO Invonlory method was usod for lhls lax vear. onte, percentago (or amounls) 01 ~
closing Invenlory compuled under LIFO. . , . . . , . . . . . . . . , . . , . . . . , . , . . . . . . , . . . . .. 8e
d 00 Ihe rulos of 'octlon 2B3A (lor property produced or acqulrod lor reGalo) apply to Ihe cOlporatlon? . . . . . . . . , . . . , Vos ~
. Was1hero any chango In dotorminlng quantltlos, cosl, or valuations between openIng end closing Invonlory? .11 '"Ves-,
anech ex lanallon. . . . . . . . . . . . . . . . . . , , . . . , . . . . . . . . . . . , . . .
20 Total deductions. Add IInos 9,10,11,12 and 18, EntDr here and on IIno 2gb. a e 1 . . . . . . . . . . . . . . , . ....
Schedul& E Compensation of Officers (See In.truclions lor hn. '2. pagol.)
Com lole Schedulo E onl Iltolal ,oeeipts (hne 11, plus lines 4 Ihrou h 1001 pa e 1. Form 1120 lie S5OO.ooo or more.
(c' P"Clnl 01 PIlunl 01 COlpO'&llon
(a) Ham, 01 olflClI (b) SoC.al "cut,t., n~mbt' 11m. d'vOlldlO
blll,n,..
(I) Dtvid,nda
flCllv.d
(b) ..
70
80
,,,u,'''. n
1.176
7.059
70
80
100
.,'
,::, : i \1 ~ Vii Ii! ;:i!Hll
100
100
100
''''I:II:I'';'III'II''':''III'III",::,:'jl':II''':I':''11
,I J I:, I ' ; ;.. i 'Ii!!::; i 1'1 :, II '.::' ':: I ~": ; i , I:::,' 1
'1'",I"I,.!"'I"IIII,..I,,';I'''.d;,,'';II''1
1~::';il:,~~!lli!lI'!!i!.:ltll!!I'~!J!:!llllli!I':II:~'I:
',:, ~ 1'1: 1'1 : 11'1: i I! I : IIIII ~ i!: 1": '11111': ," :: 1'1
:,llllo,!;'II!UIIII'i:'I"dJi'!I':i.li:,;
! II.'; '. ;'!, . q Ii! I. i ';' I'': '. I ; i ,,' , 'i ~ '.1
1"'.1'.:""11''''1'-'''1'1''''..'''''1.'1'''1.
i,.,:.:t::':';:;"i',j,,:":';:::" ;
.1.1 ',::lldl.!":ij;ILI,..;",,:~ ',.: '.I
Common
e ".I,",d
(f) "mounlof eomp'nllllon
Sara E. Wo1 fe 195-32-1526 50.004 45.07. 0.00'
James B. Wolfe 161-32-4169 100.004 18.36. 0.00'
E. W. Wolfe Jr. 171-28-0755 100.00/. 1.33.;. O. OO~
Barbara E. Berkhe ser 202-36-9790 50.004 12.44';, 0.00'
v. ~ ~
64 177
54 510
25 018
4 1100
2 Total componsallon of oHicor.. , . . . . . . . . , , . . . . . .
3 Leu: Compensalion 01 aniCOIS claimed on Schodule A and elsewhere on 101u1O,
4 Co onsa1ion01 o"icors deduCled on line 12, D 01, . . . . . . . . . , , . . .
148 505
148 505
FOI Pap.,...o,k R'cll.ltt'OIl AU HOI.n. a".",,,.
Cop.,"o"t {tl'"' 101m 10'1..'1' 0"1, C.M" Pl'tt Sofl..."..lnc.
fOl", 112011lltl
Earl W. Wolfe & Sons, Inc. 10# 23-1524391
Fo.m 1120 (IQQI)
Schedulo J Tox Com ulnllon
, Check If you .'0 I membor of . conlJollod group (lOG lucllon, 1f>>61 and 1563) . . . . . . . , . . , . , . ."
2 If Ihe box on line 1 II chockod:
I Enlor your sharo ollho S~.OOO Gnd S~S.OOO IBXOblo InconlO b't1Ckolll1mounl. (inlhal o'dol):
m OM 0
b EnlOf your Ih.ro 01 tho addlhonal !)~.. lAJt (nollo axcoad S1'.7!:lO) ..
3 Income to (100 Insl1uclIons 10 ligUla tho lax), Chock Ihll box If Iho corpor.lIon II a quahllod porsonal
service corporation (sea InSllucUons on pago 1:1). .. D..........."..,......
41 Fo'.'gn ,.. crodlt(ln.ch Form 111 Dj . . . 41
b Po.....lon. t.. cr.dil (.n,ch Fo.m ~73~). . . . . . . . . . 4b
e Orph.n drug credll (.n.eh Form 6765) . , . . . . . . . . . 4c
d Credit lor fuel producod from a nonconVOlltional,ourco (SOD
In.uu01lon.) . . . . . . . . . . . . , . . . . , . . . . , . . . . . , . . . . . . . ., 4d
. General bu,lnoss cledlt. Entor hore end chock which forms .'0 anachod:
DForm 3800 0 Form ~~OB D Form f\e04 D form 6<*78
DForm 67~ D Form 8580 0 Form 8830 D Form 8828. 4e
I C..dn 10' prior year minimum I.. (.nach Fo.m 0827) . . . . . . . . . . 41
Paoo 3
o
3
0'1'1"11";
o d:gj:~::
"i,:.I-.!,.
o !Ijiiljf!i~
.;).'Hlh
""1'",1.
1:;<1.'1'
0':;::11:1,
'11011"1
'..!I"i"
hll;:Ii!
"'W'I'1
o Il';;::::i
i "::' i ; ~ I
5 Total. Add IInD' 40 th.ough 4l
o
5
8 SubtraC1 Une ~ from line 3. . . , . . . . . . . . , . . . . . . . . . .
7 P.llonaJ holding comp.ny I"" (anach Schedule PH (Form 1120)) . .
. Recepture t..ea. Check n I.om: 0 Form 425S 0 Fo.m 081 1
81 Mornatlve minimum lax (anach Form 4826), Seo Inslruclions.
b EnvlronmenlaJ I"" (.n.ch Form 4826). . . . . . . . . . , . .
o
.
7
.
SI
Sb
o
o
10 Totattax.Addllno!l8lhrou hOb. Enlorhotoandonllno31, a 01.............. .......... 10
Schodullr K Olher Information See.. 15 ollh.ln.truction..
I ChecIc melhod 01 ...ounllng: Ve. No . W..the corperallon . U.S. sh.reholder 01 .ny conUoned
1 ~ C..h 10..lgn co'por.llon? (See section. 9~1 .nd 9~7.)
b X ACClllaJ II "Y..", .nsch Form 11471 10' e.ch such corporation.
e Oth.. (specify) ~ ........................ Enl.' number of Forms 11471 .nached ~...... ~.......
2 Relc. to Ih.lI51 In tho InSlrucllon. end stele IhD prlnclplll:
1 Business lellvity code no. ~.7. 9 .1" ~ . .. .. , .. . . .. . ..
b Business .ellvity ~C?~~.~.~I?!'!;-A~.J,C?n~....
c P.odu01 o. service ~ .RC?~I!'..I3!,!I)~~~..........
3 Old lhe corpotation allho end of Ihe lax year own,
dltOC1ty or Indirectly, 50."" Dr mote of 1he voting
Sloc)( of II domestic corporation? (For rules 01
.nribullon. .ee seellon 267(c).) . . . . . . . . .
o
AI .ny Ume during Ihe I"" yeer, did lhe corpor.tion have .n
Inloroslln or a signature or olher aulhority over a financial
accoun11n a foreIgn countty (such as a bank accounl.
securities accounl, or olher financial account)?
v.. No
X
li!.ilililtil.'iililiii'i
.ll'1'il""!'I,';II"
h hll I I i II ~' ,II II
iill!l!ii';lilr;P.'.'
IIIII~II i:l~i!Ii!i:!1
:1;1:1111,:' 'li:I;~::ji~
!il"I~liJli, :,'i{liiiJ,
:lj'III),1. .01,.,;.;(
X
1l......,..tllCh..eh.d~l. .ho.....'ng: laln.m','dd"U,.nd
Id.nllfYlng numb.,: Ibjptlun"g. own.d; .nll Ie) In.bl. Incom,
0' Ilonl b.lolI NOt, .nd.p"'.'d.d~cl'o"l of ."eh CO'PG'.I,on
10' IPIt t.. .,UI.ndlngwllft or wlln,n .,a", I.. .,,."
4 Did any Individual, pannorship, corporallon. estale.
or truslal the end of tho lax year own, dlrocrly or
Indlrect1y. WI. or more 01 the corporalion" \loting
S1ocl<? (For rules ol.nrlbution, .ee seellon 267(C).)
If 'Yes; complete I and b, . . . . . . . . . . .
I Anach . schedule Showing name. address, and
Idenntylng numbe..
bEnt., porcentage owned ~...... ..... ........ _..
5 Old one foreign person (soe Instructions tor definition)
II any time during the tax year own It loasI25.~ 01:
I The lotal yoUng power 01 all c1assos of s10ck of Ihe
corporallon entllled 10 yote, or
b ThelolaJ value 01 an classos 01 slock of tho corporallon?
If '"Ves,-the corporallon may have 10 file Form 6472.
If "Yes,- enter owner's counl1y(les) ...
Enlll number 01 Forms 6472anached.~..... .0.. ....
1511 pall' U 01 Ih. In.lf~ctlon.'o, mall I"'o"n.tlon.
,1,);"1"
.Ii:;!:.!!;
;: I'!!;!; ~ ;: :
','.';'11,
iilil]!lii:'
;II,I'II!)I'
I''':""
I;"I,'!,I
1!,!JII!I;(i
!':Ii:;!;!ni
Ihl'i:;:!!i
",",'
ir:p'bill
dl;:j:::lii
1:,,,1,111
1!:::;:::,;iJ
X
,ncllldltlg I,~ngr.qutl.rn."ta 101 Fotm TD F 10.:12.1.1
1I........tll.,n."'.oIIDlltg"CDUnll.,~ ...................
Was tho corporatlon IhO granlor of, or transloror to, . forolgn
lru!llthal exls1ed dunng lhe cunenl tll.lC year, whothor or
not the corporallon has any bonoflclaJ Inlorost In tt1 , , . . .
II-V....lh. corpo'IIIDn ma., haw.lo r.l. Fo,rn. 'UO, UZO.A, Dr .2..
g DUling Ihi.I"" yeM. did Ih. corpo..llon p.y dividend. (olher
Ihan slock dividends and dlsl1ibutlons In exchange for stock)
In excess 01 the corporation's current and accumulalud
e.rning. snd prolll.? (See seelion. 301 .nd 316.). . .
X II '"Vos", file Form ~52. II this Is . consolidaled roturn.
answor horo lor pltont corpora11on and on Form 851.
Affiliallons Schedule, for each subsidiary.
10 Chock this box II thu corporation Issued publicly offorod debl
Instrumonts with original Issue discount. . . , . . .... 0
It so, the corporation may have 10 lile Form 8281.
11 Enler 1he amount 0ltax-exemp1lntorest reeo. lod or accnJed
during the lax year ~ N C,N F-.
X
12 If Ihoro wete 3~ or lowor shltoholdors 111he end 01 Ihe
tax yoar. onlor the number ~ ....... .1.............
Fo, P.p.,.OIIr. Atd~cllo" Au "'CI,U,'" tn. It,
Copr"gPlllc, IUllo.m SOft......,. Dnlr etn,., P"u 50"w",../nc.
F"orm 1120 111111
E1lrl H, \~olfe (, Sons, lnc, ID# 23-1524391
pa 0"
(d)
23 lOB
Balanca Sheols
An.'.
I Ca.h.... , . . . . . . . . . . .
21 Trado nolos and lecounls rocci~'Dblo
b loss allowance 101 bad dubts .
3 Invontorlos..
4 U.S. government obligations. .
5 Tax-Qxompt socurnJos (100 Instructions) .
e Olhor cUffon1 .ssols (aneth schedule).
7 loans 10 stockholdors . . . . , , . .
. Mongage and real ellftle loans
. Othor 'nvustments (aneth Ichodulo). ,
101 BuildIngs and othor doproclablo Isseis
b less accumulated dopreciation .
U. Deplalabla assotl . . . . . . . .
b loss accumulated depiction, . .
12 Land (nel 01 any emonlzstlon). .
131 Intangible .,sols (amonizBblo only) .
b Lo" accumulated amonlntion. .
14 Olher a.selS (anach schedule). . . . .
15 Total assoll . . . , . . . . . . . . . .
UablllUea and Slockholdell' Equity
US Accounts pavable . . . , . . . . . . . . .
17
18
IV
20
21
22
7 B22.
7 B22
7 BOO
54 996
30 366
2 694
1 772
952
255
2 677 B25
1 674 6B6
922 '697
1 003 139
._J.."I'..;.'..;.".;'
:!,:"" ;:.! II" _ ii Iii. 'I :.,:' i;Jj....: I ~i i. ~ I '<; I, lit!
213
....
":':Ii
1
204 B21
'::::r::I:I:'i,t:'I::!
10'695'
122 490
20 930
MonD.g",1l01", Ilond. p.~.bl' In I,.. .".n 1 Y'" .
; i; I: i;' 'I;; I" i; I:::: ::;:: I: ,;: ~: i i I; i; ;1;;; :i;;:;; i I::;
225 000
210
Olhel cunent UablllUes (an,ch schedule). . .
Loans Irom stockholder., . , . . . . . . . . .
9B
58
119 996
59 132
Mortg.g.., nol.., Ilond. p..,.IlI'ln I ,,"'0' mort. . .
Other IleblloUes (anach achedule).
Caphel sloek: a PIer erred slock. . . .
b Common Slock. . . ,
23 Pald..ln or caphal surplu. . . . . . . .
24 Retained earning. .. Approprlaled 1.11U:h .c".dwl..
2S Aalelnedearnlng.. Unapploprialed. . B65 7BB 36B
28 LesscoSlolneasurystoek....... . .. . . 144 142 000
27 Tolelllablli1le. and .'ockholdo,,' equl 1 350 715 1 204 B 21
Schedula M-1 Raconclllatlon of Income per Books Wllh Incoma per Return (lhls echedula does not have 10 ba compleled
" tho 10tal aS50ts on IIno 15, column d. 01 Schedule L are loss than 525,000,
Ne'lncome per books. . . . . . . . . . . -77 25 7 Income recorded on books Ihls vear nol
Faderellncomo lax. . . . , . . . . . . . . , 72 Included on IhlllelUrn (hemlze):
Excess 01 capl1allosses over capital gains. . a Ta.x..oxempllntorost . . . . . .. . ... . . . .
Income lubjOC1to t8JC not rocordod on books
Ihl. year (nemlza),... ... _ ................
;.1. ,.,.,1,."
000
I
2
3
4
..................................
5
........................................
Exponsos recordod on book' thi, year not
deducted on this return (Ilomlze):
Doproclation . , . .
....................................
8 Doductions on Ihls relurn not chAlgod
19D1nst book Income lhis yoar (i1ernze):
a Depreciation. , , ,. .................
a
b Co",,,blll,onIU"YO..."
b Con1!lbw1,on, urryO'oIIf
C Tflv.l.nd.nl.rt.,nm.nI
.......................................
.................- ~~j:;:At~gB~~::$fB~~~~~: 2 520
~~~:^t~gB~~::$fB~~~~~::::: 3 537 9 Addllne.7and8. , .... ,.,. .,. . 2 520
8 Addllnes11hrou h~............ -72 9B 10lncomollina2a. a e1 -lIneolessllneo -75 505
Schedula M-2 Analyslv of Unappropriated Retained Earnings per Books (Une 25, Schedula L) (lhle schedule doe.
nol have to bo com leted 1I1helotaJ assets on line 15, column (d). of Schodule L are less than S2~.OOO.
Balance 81 beginning 01 year, , 865 61 5 DistributiOns: a Cash , ,
Nellncome per books. . . . . . . . . . . . . . -77 25 b Slock . . .
Other Increnos (ilumize):... ................. c Property, .
6 Other decreasos (itomize): .............
I
2
3
........................................
.........................................
.................................
7 Add linos 5 and 6. . , . , . . , . , , . .
4 .Add ij~;;;~ 2: ~~d 3~ .:~ ...~.:... ............. 788 36 8 Batancu al ond 01 oar (line 4 loss lina 7
rOl PIPlfwOI" A.dllCllon Act Not.t.. .u,n,11, Copy",,"'lt) '"' 101m .011....1. only C.nl.r P,.tt Soll....,..lnc,
7Bll 36B
Form 1120111111)
.,
U.S. Corporation Income Tax Return , ~MB tlo '5.5.0m
"'.."'..,..."""".....Lo.,M,....9~t...~.."....nd". ~~P'..3.g...". 'A~ ((>> ~~\VI
.. 'nllrucUonl I'. ,.paral.. See pia. 1 for Paperwork Reductlon Acl Nollet. ~ ~ lJ
o Employe, Idenllllcallon no.
23-1524391
E Oalo Incorpuratod
11/01/57
F TOlal assol, (500 SPOClltC
In.INcllon.)
1.350.713
1 148 682
92,525
1.056,157
FO'm 1120
Oopartmonl of lho Troasury
Inlol"at Revonuo Sotva
Chock" I -
A Conlclldalud ,0IuI" B
8 P.,JQl\tlllold'"D to.
e PorlonaJ IOlvlco corp,
(al dofinod In Tomp.
Flog.. IOC. 1.441.4T,......,
. "" Inll11JcUOnl' I I
Q Chock IDDllclble boxes: /111 IlnlVIll ,olurn 1211 I Flnlll,olurn /3) I IChlllOO in Idd/o.. S
t. G,OI. ,ecoJp's or 8alo, .......~.,.;..q~J.9.q~ b L...,eluln.lndUo"",ntl. .... ...... .... .~J.~~.~ c Sar .. 1c
2 CoOl 01 good. sold (Schodulo A, I,no 7) , . . '" " .,...,.....,.,.,.,..,.. 2
3 a,oss pror~ (IIno 1c los. fino 2). . .. ... ... " ... .. ..,.,. " .,.... 3
I
n 4 Oivldond. (Schodulo C, IIno 19) . . . , . , . . . '" . , . , . , . .. ,. .. ... .. 4
as InlorOI1...............,..., I, .. "t '..,.. ". " .. ... ..5
01 Gro..ronts...,.............. .. ....,. .......... ..,.. ... " e
m
. 7 Gross royalOes. . . . . . . . . . . . . . . , . . . . . . . . . " .......,. ,.... ... '. 7
I Copltll gllln notlncomo (anach Schodulo 0 (Form 1120)) . . , ., .... , " ,. ,'.... .. 9
9 Not gllln or (10..) from Form 4797, Pan 1I,IIno 11 (anach Form 4797) . , . . . , , ,. "..,..,. .. 9
10 Olho, Incomo (a.. InOll\JcVon. - onach ochodulo). , . . . , , .. "....,., ..,.. .,. ., 10
11 Toullncom. - Add IIno. 3 Ihrouoh 10 . . . . . , . . . . . . .. ... '" . . . . . . .. . ~ 11
o 12 Compon"UDn olofficorl (Schodulo E. IIno 4) . . . . . , , . . , . . . . . , , . . . , . . . . . . . . " ., 12
a 13ISlllorlo.andwlgo. ........~.~~J.!.?~~ blo..job.crodll.................. c61Ianco.....~ 13c
d 14 Roplll,.. . . . . , . . . , . . , . . . . . . . . . " ., '" ...... " ..,.....,... 14
U
c 15 Sad debls .. ...........,......................,. ..,..... 15
t 18 Rentl ,.. .. ..................,..,...,.... ,. ............ 18
I 17 Tlleo. . . .. .,..,.............,....... ....,..., .,."....,.. 17
o
n 18 Inlores1. . " ..."..,....".........,.....,.....,. ,.......... 18
· 19 COntr1bUllon.(.aalnatrucUon.forl0%lImIUUon)...".....,..,......,...,.,..., 19
a 20 Oop'ocfaUon (anach Form 4~12) . . , . . . . . . . . . . , . . , . . . . . . . .1 201 111 , 50 6::::I;!:';
: 21 loss doprocJaUOn clolmod on Schodulo A and oloowho,o on 'Olurn, . . . . . . . I 211 I 21b
22 OoploUon. , . . . , . , . . . , . . " ... ...... .,.... .,.,..... ........ 22
I
n 23 Advonlolng. . . . . , . . . . . . . .. '" '" .. '" .. .,.......... .,. 23
: 24 PensIon. profll-sharing, ole'l plans. .. ... ... .. '" .. ................ 24
u 25 Employ.. bonolll programs , . . . " '" '" ,. ... ,..,...,...,......, 25
~ 28 Othor deductlons (anach ICheduJo) . . . . . . . . " " '" .................., 26
I 27 Total dedueUona - Add lines 121hrough 26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . ... 27
o
" 21 Taxable Income before nel oporating loss deduction and spoclal dOcfucllons (line ~ 110s5 line 27) . , . . . , 28
. 29 La..: I NOI oporaUng 10.. doducVon (0.. Insll\JcUon.) . , . . . . . . , . . . . I 20. I I:.;",,,;
b SDocl1ll dOducUono 'Schodulo C, IIno 201 . , . , . . . . . . . . . , . . I 29b I 29~'
T 30 Tllllbla Incoma - Uno 29 Iossllno 290 . , .. '" .....,....,."...,......". 30
I
. 31 Tou'... (Schodulo J, IIno 10). . , . . . . . . . , . . . . . . . . . . . . . . . , . , . . . , . , , . . . " 31
32 P.y",.nl':.""ov.,p.ymenICt.dlled to 11110 321 5.423 '1II!lIli!'!i'U1 l'I:::I/irI,IIII, 1;'1, I:: PI',':!I'!,::,'!" "'11': l' 1 Ji:!!::!!'
I 5 !I 1,:.11, III 1111",,1'1,11"111',1,., .,11" I ,
n b 1900ostImalodlaxpaymonts"".. 32b '.527",I:,:~I.;i:,i':l',;:.'j' .,1:111';".:1:1,.1'",
d c loss 11110 "'und .ppt..d 'or On FOlm 44111.. 320 d Sa!" 32d 1 0 ~ 5 0
P I Tile dopo.ltod with Form 7004. . . . , . . . . . . . . . . . . . . . . . . . " 32a !:':i'
a f Crodil from rogulalod InVeSlmBnl companlos (anach Form 2439) , . . . . . ,. 321 '.,'"
~ g Crodlt tor Fedorallax on fuels (anach Form 4136). Soe Instrucl/ons , . . . . .. 320 32h
· 33 Enler any penally for undorpaymonl of eSllmalod lax .. Chock.... 0 if Form 2220 Is anachod. . . . . " 33
n
t 34 Tax due.. It 1ho lolal of Ilnos 31 and 3315 largor than Ilno 32h. onlor amount owod . . . . , . . . . , . , " 34
I 35 ava'Plymant . IIlIno 32h 10 largo' lhln tho lollll olllno. 31 and 33, onlor amcunt ovo/paid . ~,' . . . . . . . 3S 10 . 950
31 Enler amounl olllno 315 you wanl: Credited to 1991 estimated tax ... 01 Refunded" 36 10 , 950
Und., p.n.lIl" 01 p.rJu,y, I d'c"'''ltl.ll h.VI .lImined thl, r'lurn,lncrudlng .ecomp.n)'lnlil.ch.duIU .nd 11'I.m.nU, .n" 11l1hl bI.t 01 my .nowl.dlil' .nd
b'~II.I1.'lru., COlfle1, .nd eompl.l.. Ctcl,ualiOn 0' pr,p.II, 101h., Ih.n l'lpay"ll. b'lId on .Illnfllrm.lion of whIch pllll'''' hu any .nowl.dlil',
-:-r. 'r" f~
,J 1'Dalo, t I -
...'-'..1 - I 0 Chock "'0"- ,......, Pleparor', ooClol ,ocurlly n..
- omplo od I I. 188-38-1175
~;-~~!!. ~9hl}_~ t~_ ~1)Y.9~;-. .1:I~t:-_~~A. _~. R~ .t!l?J,.
P. O. Box 1865 E.l.No. ~
HarrTilburq....PA-.... -"'- ....-. .......... -.....- ZIPcodo ~
Earl W. Wolfe & Sons, Inc.
353 Lewisborry Road
Now Cumberland, PA 17070
12.551
1.068,708
164,620
339 569
21 028
739
84.143
36,751
111 506
17.725
414
1.190
-121
588
669
961
o
-121.961
o
10,950
Please
Sign
Here
~
"'='
I W
~
,,--
~ Tillo
Sianalura of officor
Propllor'.
slQnalura
, .
Plld
Preparer'.
Usa Only
~
Fir",'.n.",.
(oryou",.r ~
ull.''''PloW'.d) ~
'nd'ddr...
25-1644159
17105
CoPyrl;hllor'" ,olh..". only CenUI PI.e. Solt......,.
For'" 112011150'
Fo,m1120 ,..01 Earl W. Wolfe & Sons
Schodule A Cost 01 Goods Sold Soo InSI,uthon.lolhno 2. 0001.
, Invonlory II boglnnlng 01 yo", ,
2 Purchases,...........................,
3 CO.lollabo'..........,.................
41 AddltionalsocUon 2G3A cosls (soo Instructions - anaeh schodulo).
b Olho, co.1.O (anath 6thodulo) .
S Total- Add IIno. I Ih,ough ~b . . . . . . . . . . . , . . . . . ,
II Invontory It end of yell. . . . . , , . . , . . . . . . , . . . . ,
7 COlt 0' gooda lold .. Uno 0 1081 Ilne e. Enlor harD Ind on lino 2, pago 1
al Chocl< all molhod. usod 10' vllulng c1o.lng Invontory:
(I) ~ CO'I (/I) [RI Lowor 0' co.t 0' mlll<ot "' do6t,lbod In Rogullllon. soclion 1.~71'~ (soo In'lr\Jtllon.)
(1/1) Wrtlodown ol.subnormar goodl II dOlcrlbod In RogullUon. SOClion M71'2(c) (I" In.l,ucllonl)
(Iv) Olhsr (5poclly mothod u..d Ind Inlch s'pllnIUon.) ~ -. -........... -........... ..... .......... -...... .0....
b Choek n Ihl UFO Invonlory molhod was Idop!od thll 1Ill< Y.llIlo, Iny good. 01 chock.d. Inlth Form 970) . . . . . . . . . . . . . . .
o /llh. LIFO Invonlory molhod wa. ulod lor Ihl"Ill< yoar, .nlo, pOlconlago (0' amounl.) 01
clollng Invenlory computod undo' LIFO. . . . . . . , . . . . . . . . . . . . . . . . . . . , . . . . , , . . . . .
d Do Iho rule. 01 socUon 263A (wllh ,o.poet 10 p,opor1y plodutod 0' Itqul,od 10' 10.110) apply 10 Iho cOlpo,allon7. .
· Was there any Chango In dolormlnlng quantiUos, cost, or vaJuatJons batwooo oponlng Ind closing Invontory? If "Yos.1
sntch ex lanation. . . . . , . . . . . . . . , . . . . , . . . . . . . , . . . . . . , . . , ,
Inc.
23-1524391
PI~O ,
,
2
3
41
4b
5
a
7
9 545
91 280
100
8
92
825
300
525
No
I Schedule:C:1 DivIdends and Special Doductlons (500 In,"ucUono)
1 Dividendi from loss-lhan-20%-ownod domostlc corporatJons lhal Ble
oubjoc1lo Iha 70% d.duellon (other thin dobl-financod Olock), . . . .
2 Dlvldand"lom 2O'A-or-mor.-ownod domooUc COrpo,allon.lhat or. oUbJocl
10 tho llO% d.duction (olh.r Ihln debl-fin.ncod .Iock). . . . , . . , . , . .
3 OMdend. on debHlnanced stock of domostlc and forolgn corporatIons 'u,Uon 2C1AI
4 Dlvld.nd. on conlln plolorr.d .Iock 011....lh.n-2O"A.own.d public UUIIU.o . . . .
5 Dividend. on conaln prol.rr.d .Iock of 20%.or-moro-owned public ullllllo.. . . .
e Dividend. from loss-than-20%-ownod forolgn corporellons and cortaln FSCslhal
arOlub)oct 10 tho 711"A daducUon. . . . . . . . . , . . . . . ; . . . . . . . . .
7 DIvidend. 110m 2Q%.o,-mor.-own.d forolgn corporaUon. .nd COr1a1n F5Co that
arOlubjoc1tolhoaO%doducUon. . .. '... . . . ..... . . " . .. . .
8 Di"id,nd. ftom Wholly awn.a 'o".gll .ub.idi.,III.ubJect to Ihl '00% dlductlon luctlon 2U(bll.
8 To'" - Add IInos I Ihrough 8. 500 In'lr\JcUon. for IImlloUon. . , . . , . . . .
1 D DIvidend. from domestic corporations rocofvod by a sm4l1 buslnoss Invostment
company operating undor the Small Buslnoss Inv8stmont Act 0' 1958 . . . . .
11 Divld.nd. from cer11in FIe. thlt Ir. ,ubj'Clto 'hI 100% d'dlleUo" 'It,tlon 20 leX')) . , .
12 Dlvld,nd. 110m .WIi,t.d Group m.mbll' 'Ubj'Cl to 'h. 100% dlduClllln(ltCIIOn 2.3(1)(311. .
13 Olhor dlvldond. 110m lo,olgn corporation. not Includ.d on IIna. 3, a, 7, a or "
14 Income from conllollod foreign corpofaUons undor subpan F (.tllch FOIIII' &47').
15 Forolgn dividend g'oss-up (ooeUon 7a). . . . . . . . . . , . . . . . . . . . .
18 le-OISC and former DISC dividends nOllncludod on lines 1. 2, or 3 (II chon Ut(dll .
17 Othor dlvldond. . . . . . . . . . . . , . . . . . . . . . . . . . . . . . . .
I.
19
I.' Dividendi
flcelved
(bl%
Ic)SpUi.ldIIlIlCllon.:
("llbl
70
80
...
Il'It'cin
1.176
7.059
70
80
100
.~
i)il::'l!:i;i;;;i::::;!'i:ji;!i;i;;;liiiEi~;'ii;!:!i;i::
20 Tolal dedueUonl - Add Unes S, 10, 11, 12 and 18. Enlor horo end on Ilno 29b, a 01.
Schedule; E Compansallon 01 Officers (500 In"rucUon. 'or IIno 12. pogo I.)
Co IDle Schodulo E onl If lolal reee! Is (IIno 1a, Ius linos 4 throu h 10. of
. . . . . . . . . . . . . .~
.1..\,
8 a 1, Form 1120 ato S5OO.OOO or mora,
PI'untolco, "lion
('IN.mloIOffIC.,
Ic)Pltelnlol
tlmt~:.~~~'.d to
(bISoCI.IIICYIllynY,"bl'
lflAmoyntof compl"UI,o"
'd) Common '1IP"',,,.d
18.0~, O.OOA 59 600
1. 3 3), O,OOA 30 440
45.0?oA O.OOA 69 620
12.44"A 0.0010 4 960
% %
, James B. Wolfe
E. W. Wolfe Jr.
Sara E. Wolfe
Barbara E. Berkhe sar
161-32-4169
171-28-0755
195-32-1526
202-36-9790
100.00"
100.00A
50.00A
50.0010
2 Total compensation or officors. . . . . . . . . . . . . . . . . . , . . . . . . . .
3 L...: Compensation 0' officors clalmod on Schodulo A and elsewhero on roturn.
.. Co ensatlon 01 officers deducted on Iln012, D 01. . . . . . . . . . . . . . .
COpyfiDh' 10'''' aoll..." only elntlt PIece SOltwlf'
%
164 620
164 620
Fo,,,, 1120111101
Form1120 1990 Earl W. Wolfe & Sons Inc. 23-1524391
Schodulo J Tax Com ulnUon
t Check tf you alO' mombor of. conllollod group (100 loclionl1561 and 1()6:J) . . . . . . . . . . ...
2 Illho be. on Uno 1 i1 chockod:
. Entll your Ih&l8 01 tho $.50,000 and $25,000 laxablo I"como bf8C,",ol amounts (in lhal ardor):
(I) 1 .................. (IQ I..................
b Enlor your IhlllG 01 the addluonaJ 6% 10 (nollo a.toad '1'.700) .. S ..................
3 Income llJl (aeo Inslr\.IcUons to figure tho 1ax.l:-Chock lhll box IIlho corpo,aUon Is. quaMiod porsonal
aervlce corporetlon (100 Inllnlctlonl). ~ U . . . . , . . . . . . . , . . . . . . . . , . , . , . . . . . . . . ,
4a Forolgn'''''crodlqlnach Form l11B) . . , 4_
b Po_onll"" cradll (anaeh Form 6736) . 4b
a Orphan drug credll (anaeh Form B786) , . 4e
d Crodn for luol produeod kom a nonconvonUonoJ soureo ('00 ",' "
In.Wellon.), . . . . . . . . . . . . . , , . , . . . . , , . . . . , . . , . , . . .. 4d
. General business crudlt. Enler horo and chock which forms DID anachod: 1.1;' ,,'
8Fonn 3800 El Form 3408 8 Form 6804 ~::II:':i:,
Form 647B Form 87~ Form 8~O . 4a
I Crodn lor prlor yoar m1nlrnJm 1"" (onaeh Form BB01) . , . 41
Pnao 3
,.1",
',I'
",I
,. ::~.:,,~
3
,j;:I':;;'
,I I: I~;,
",I"'"
.: :: i ! ';: ~:
,: ,ll; II: ~j:
"1'''1'
'''.'I'I,I!'
''''''II
""1111'1'
";,1;
'lIi;lil'jil'
Ij,lii::!,
i;:':'::::'
'1:111,,1:
~:'!'~;;"
5 Tolal. Add IInoa ~llhrough ~I,
..........."..,...,.,.,............. .
5
8 Une3lessllnee. ... . ... . ., . , .., ... . ,. .
7 Porsonal holding company lax (Inoeh Schodulo PH (Form 1120)) , .
. Recapturo 'ax... Choclc" Irom: 0 Form ~266 0 Form eo"
9_ A1ternallve minimum lax (anaeh Form ~620). 500 In"rueVon..
b EnvlroMlOnloJ I"" (anach Form ~628). . . . . . . . . . . . .
8
7
e
VI
9b
o
10 ToLaI tax - Add lines 8 throu h Db. Enlor horo and on Ilno :11, a 01 . . . . . . . . . .
AddlUonallnlonn_Uon (500 GeooroJ In.weVon F.) Vaa No
H Rofor to the lislln the Instructions and state tho prtnclpal: -!Ii'W:i~I' ':!I!:\,I'll' K AI any timo duffng tho tax year, dId tho corporaUon havo an
(11 Buolnoaa oeWI1y coda no. ~ 70 13!:,i:t"!W '111!I@k Inloro.t In or a algnaluro or Olhor aUlhortly ovar e financial
(2) Buoln.... acUvl1y ~ !'!~~~X: ~~~~~g9n~ hi!i!;:1 ,1i~I'::I:i,: aecountln Ilorolgn coun\ly (auch aa a bank aecount,
(3) Produc' or IOrvlco ~ Room Rental !!",'I!:'I': .!'I,,:h: aocurlUoa aecounl. or othor finaneloJ accounl)? . . . .
......... ................ ;11'i;~111;i: iHliI:j:I:1'
(1) Old lho corperalSo" at tho and 01 tho lax yoar own. H)li;lilil! .jl'I.!"!t'
dlrOCUy or Indirectty, 50"~ or ~ro 01 tho voting ,i!i!!!mii! l1!'l!!m~"
,tock of a domestic corporation? (For ruin 01 'ltll!!~J;:~!:i::!I):'
X
. . . . .. 10
VII
No
1
,,1 'i
X
.1It1buUon,... UC\lon :l17(c~1. . , , . , . , , .
If .-yO,. atllch a schedule .hawlng: (a) name.
odcfross, and Idenl/fylng number; (b) poreontago
owood: and (el ,axablo Income or (1oa'l boloro NOl
and lpecloJ deduellons olauch corporlllo" lor
Iho lax yoar ondlng whh or wllhln your tax yoar.
(2) Old any IndivlduoJ, par1norshlp, corporaVon. o.tala
or trust althe ond 01 tho tax yoar own. dirocdy or
Indlrecdy. &0% or moro of tho corporation's vollng
alock? (For rulos 01 al1J1buUon, aoo aocllon 2B7(e),)
II "'(01" complo" (a) through (e) . . . . . . . . . .
(I) Anach a schodule showing namo, addross, and
IdanUlylng number.
(b) Entor percentage ownod ..................
(c) Was tho ownor of such vollng slock a
lorolgn person? (500 Insl1ucUons)
Note: "'"f....'h. CO'pDIIIIDn mlY hh'l~ lit, Fo,m '.12.
If 'Yos,. enlor ownor's coun1ry
~
.........~...........~~...~.......
J Wa, the corporaUon a U.S. sharoholdor 01 any controlled
foroign corporatlon? (500 aocllonl 961 and 967.). . .
U.-yes., atllch Form ~71 for each such corporaUon.
($.. alnl"lInllluctlon F and 1.~nD f.qultlmlntl lor 101m TO' 10.21.1.1 '
It.........nt"n.m.of 101"gnCOlln1ry .. ..................... :;'::,. ,I.
L Was tho corporation 1ho granlor ai, or ttansleror to, a lorolgn
trusl thai axlstod during tho curronltax year, whothor or
not tho corporation has any bonoficlallnleroslln It1 . . . . .
x'"
I;,;., ,
II '"f....1h. COlpOIIUon mlY hln 10 1111 Form. :1120, :lUO.A, 01121.
M Ourlng Ihl.l"" yoar, did Iho corporallon pay divldond. (olhar
Ihan aloek dlvldond. ond dl.lr1buUon. In o,chango lor lIaek)
In OXCOSS 01 tho corporation's curronland accumulalod
oarnlngs and profits' (5&0 soctions :101 and 310,). , .
If .-yos,. fila Form 64~2. II this Is a consolidalod ralurn.
answor horo for pllont corporalion and on Form 851,
Affiliations Schedulo, far oach subsIdiary.
Durtng this tax yoar, did tho corparalion maintain any pan 01
lis accounllng/ULlC records on a compuleri2ed systom?
I 0 Chock melhod 01 accountIng:
(1) ~ Cosh
(2) X AccruoJ
(3) Olhor (.pOClfy) ~ ........................
P Chock Ihl. be. IIlho eorporallonla.uod publicly o"orod dobl
Instrumonts wllh orlglnaJ Issuo discount. , . . . . . . D
,A> 11 so. tho corporation may have to file Form 8281.
I::!.J'. a Entor tho amount of tax"ollemptlnlorost recelvod or accruod
X during tho I"" yoar ~ S ... J~9J~!::".......
R Enlor tho number 01 sharoholdors al tho end of tho yoar II
thoro worD 3~ or fowor sharoholdors . 4
X
x
,.
COPyflOh' 10llft 1011.1" only t,n", PI.u Soft....".
Form 1120 111101
I.
I
,
I
,C1110.1 '000
o 1 0001 0 39
01/09/91
rM "I"'~:~o "?~~~'~~~!'~I~ .lrOC_O~~9 T~~,,~99t~JO~9tF>
~ ~
lo.m 1120
Dlr.ol,.,~1 ,I ,., h,,,.,.,
'~l""" il",~, h...n
(h,e\. I' . .
A(,...tOl'IUl, I'"
I'!""~ IlIhl.
Ih'lD",t OUl"
'nl.'~1 rt _h.
e ~:::Oy"1 ~t~:m ,,,.;
.. I,.. "'1 ,rl'"
,ft ..1.11 "
~"I\~JII'OOlII '"''
Ulm,
EA RL \I 1I0LF E & SON~, I NC .
ltumbtr Ind ""'I lor PO bOil numb.' If m'II II 1101 d,ln,red 10 IlItl1 ,ctll"nl
353 LEIIIS8ERRV ROAD
City or 101ll'n. It:Ut, Ind ZIP cod.
NEil CUMBERLAND PA 17070
23-'52~391
0,1, .~n',o"'"
11-01-57
" '11f' UI Pfll'l ~"'" IO~'
1,
1,603,255.
"
"'."'0:, "II ~ ,.00 I . . ,..
12 D"IIM...,rlllll II,..IN 10 III' . ..., . , .
b 1'" fI'"~I"" III par""'" Ub 18, it 30., .......
'1'11 IIn I""'" ",u", , ) d 1.1 I d
01 Otl '01. .... . , , ,
,In d'''CIIltlJ Wllh rorm 100. , . , . . . . , . . . )2.
fel.d.1 hom "oullled In'fllmenl complr1lIlUntth FOlm 2.391 ) f
: ,Cltdll fOl F'd".I tu on 'u,I, (.nlch Form .1361 . . U ]2h
too U Ent" .ny p.nllty for undllP.ymlnt of .111m.l.d I'M . Ch.el. t-- if ro,m 2liO II Intthtd JJ
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II ChlC~ ,II mtlhoOI UI.O 'Of uluing Closmg tnr,ntory
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clullng i"..n10Iy compul.O undff llfO . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ie
d 00 Ih, rutfS of Utllon 2634 (wllfl 'UPle1 10 D'OPllty PIOCluc.O or .tOUIIld fOl "nlt) IPply to lh. corpor'lion'.
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Schedule 0 Dividends end Speclel DedUctions IS" In,"u,II,n,
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1.1 [li.idllllh '" X 1,1
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BO'4 c.auello" COIr'ttr 1h,n a,bl' fln.ne,d IloeU . . . . . . . . . . . . .
, (hld,nClI on G.bl' tln.ne.dI10et of dom,Ule InCl tor.lgncOlpofllions (seello" 2f6A)
4 o.rlatndS on c"l.m f'tf,I'If'o slocl of leu.th.n'20",'own.d PUblic ullllti'l
I [hnl'''ds on ClIIIIII J.II',fflr.d SIOtl ot ZO','ol.mof,'own.d l'ultllc ulilill.1
. Or,ja,ndS hom 11Sl"lhln-20'4'own'd 'olllgn corpollUans,nd Clf1lln F5C1 Ihlt
I" sUbj'ct 10 Iht 10'4 CI.ducliun . . . . . . . . . . " . . . . . . . .
7 o...d,ndS I.om 20'.4'Of 'mort.owntCl fOI,lgn corpor,honl.nd Clfl'ln fSCI thllll'
lublttl 10 1he 80'4 d,aue11on. . . . . . . . . . . . . . . . . . . . .
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. Tol.1 - Add hnlS 1 thrOUgh 8 Sit Inl1ruelionl '01 IimlllUon . . . . . .
10 Ohld.ndl ham dom,Uie cOIPol.lIonl lIeliv.d by I sm.1I bu.ln,.. In'fllm'"1
Complfly operating under lht Sm," Business Innslm.nt ACID' 19&8.. . .
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12 00..,.0lIl1 1r01ll .,lill..... f'0IIJ .,..",, M,nl I, I., 1001; f"'-'Ilio_ htch", 143.1)
11 Olhtl di,idl'!ndS flom fOl'.ion cOlporaUons nol IneluG.d on linn 3. 6. 1. 8. Of 11
14 Incom. f.om conuolltd 10"100 eOfportlionl unci" sutlpIII r I.n.ell Forms ~.71
1& FOfllpn dlYld,nd poss'w ("clion 781 . . . . . . . . . . . . . . . . .
18 "'DlSC .nd form'l [)ISC Cll"IG.ndl nolll'lc!uClIO on Iintl 1. Z. or 3 II1e110n 2.6I.c:fI
17 (l1".' Ol"ldlndS ... . . . . . . . . . . . . . . . . . . . . . . . .
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EARL .IJ IJOLFE & S01~S, INC.'
TalC computation
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loll I lull J
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J Incom' II_ lu, ,nllluellonl 10 'tour. lh~) ChtCl 'hlS bOll If lh, co'pol'lIOn II I au,uti,d p.rsonal
,,,,;et 'O<PO<'honC". ;n,"vel,onll ~ U . . . . . . . . S~E .aT/I:r~~Er-jT. . .3. . .
41 '01'100 1111 Cltdll tln.ch Form IllS) ., ..
b POIItISIO"S 1,_ (1I\i11 l.nlth Folm !In!>>), . . . . . , . . 4b
c Orf'lh.n dtug (l,d.1 fln.eh Form liTE!.) , , . . . . . . . . 4c
d Cttdll fot fut' ploductd I.om I noneo".'"llon.I SOUf" (,"
inSUuclionS). , , . , . , . , , , . . , , , , , . , . . . , .. 4d
. G,"".I bu'lnns c..!tI1 tnltl 11", Ind chrck which IOlms '" ,n'Chld
E3 form 3800 8 him J.6B 8 FOlm L8B.
101m &.'8 fOlm 676~ FOlm 8~B6. 4.
f ertchl for prior )'11' mll'llmum II_ hnlch FOI'm 88011 . 4'
23- '~Z"391
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14,577 .
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7 Personal holding comp.h)' 1Ik lln.ch Sch.dul. PH IForm 1ll0n. . .
. JI'ClPh'" II_ts Ch.ck. if "om 0 Form .2~~ 0 Form 8611
It AUtlnlUw, mlr'llmum 11M l.nlch Form 16261
b [nvuorvn,n1l111>>1 ('M,ch FOfm 16261 . ,
. 14 577.
7
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Addltlonll Informltlon {S" InllluC1ion r j
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10't.r 'lUI'hy INt~ " . Nil. .tt~. """,llln ullIoIIIl. 01
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UI ,.....' ,. ",.:" ';:'.~:Qq,~::::~:E.:~.r.:~:~::::::::::::=::::::::::::::::::
111
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INI I.hl", 011111' Illl 1101111'" I.. )'UI. _ktth,. Of lIot Ot
t1I1POf'UII'l"" .", bllltlitl.1 IIIllItlll11 il'. . . . . . . . .
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M 0.".1., llIi. 1.. yCll. ~;. Ikc colpo,.h.,. ,.,,. ..lClt'.U IDlkCI I....
.I'Il: ';.k1etd. .nd dl,hlt..,li,.. III I.C...." 101 _'uU I. e,uII 01
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II ""l'u." 1111 101. ~!t, II tlroll it . CpIO"'1,I"" I''''''' ,II_II
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...... SEE STATEMENT 4
iii 1,1" P"I,II.,e o_rlf .... ..........."........~}..:."~.~,9..9..9..9..... r.
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it lht 10 , on IIn l!l column hD of chedule Ie Ihln S 000,)
1 UII ,",om. ptl .ool. ........ b4, b4. 7 Incom, "co'd,d 0" .00" ".. rOl' no.
2 "..", '"COm. ", . . . . . . . . . . 4, 4 In,'ud'. '" .M 1111"" lillm'ltl
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d'du~"':1 on thlS ,,'Ufn (lI,mUII
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61010' 01 10"" I "..u 10 ~ ...... tit;, " i 1 . 10,""m.",". · · ,..,,0' ! " 110".0 ' .. - - ,
Schedule M-2 Analysis 01 Unappropriated Retained Earnings per Books Ulne 26. SchedUle Ll, ,uu'" 001 ".",,0'"
om I 1 u. htd if 1h 10UI. 1 on 1111' 1 .,t.lvmlll.J...f I:. II "'vi I I Ih,n sat. n l
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1" .",lll'.,..OId .'.11 ",'U..bl..'UI',
''It'' .IN......rlftP,U,.hOIl.
I'IOU""",,"ul' . . , ,
","'U""""'.1""pIII,0-, ,
II ..... 1..1 fIf ..... ,.,,"Uholll
nl'.1.-,,"I, .1I.ul.....I,,,,,11 CfOI'tI.
"Uu 1t""",1.lrtI .IIO,'hll"'..
U OU"I .,nh Itnu' utor~tl, , , .
111.111,",11 a' a..... a.
L111111ll1" ..... 1,"~h.lllln' l~n,
IIAUOU-IIN't'"'' .. ., . . .' .
11 M\,U,.,IU,"'OId'tI't'blt I. ItU lu_ 'ylI'
II Ollo,l CV',t"'I,."....,u 1.111111 uIlt6.lltl..
l' 'DI~' 'I,,,,, \101"""'1 . . . . . . . .
JD Mlytl, .0111. ","'1 ,l.~."II'1l , yUI II lOlO.t
11 OI11tl h....IiI'II I.UII" u,..,ltl
lIt.pil..IIOC' I '.tltlled110C'.
.. to_C'IIllor' ,
."'0' ....u.
".
.c..,~
,.,
I~
,4
7,,87~,
71,874.
9,545.
22,9~7.
22,9~7.
9,
b
SEE STMT 5
'.
2,907,583.
b, b.
3,033,233, .0< '.: ...,.
1,07~,47B.
1,071,307,
......
..
1 944.
,b ,
<8 1.
1,4 1,
....,.-;-
SEE.STMTi 5
12,495.
SEeSTMT. .5
, f
b ,bb
225,000.
,
I
.}
...".."."'..........."..,.."."......"'.."....,,,........,,'
.
i
r
j
i
,
,
I
i
I
3,821.
. DeducIIOns on IhI, ,,1\1'" nol ChllO'd
'0'10'1 boOk incom, IhlS ~ II' lIl,mll,1
. O't"l'CI,\I0n .. . .....
b Ccnl11bulI0n, U'hO'"
~..E..E.....?~..~.!.E..~I.E..~:J~:.::::::~:.::::.
l;l;-:
..10 ,
8,48b.
...,..,.........
..............."...,
.,
...."'..,.,............."...............,,,..,,,....,............
4 10111 01 lintl 1
",n
Ind ).
...,..."."...""..............,,,..,,.....,,.....,,..,...,,...,,....,"
<
7 1011\ of linn !t Ind 6. . , . . , ,
. 8,I,,,e, II ,nd of ...' (IIn, . ,.n 'In, I
......
".........."................"'..........,...............................
Ilt".O.1 '000
1I\tISOllltIU1J
.
SCHEDULE E
CASH, BANK DEPOSITS AND
MISCELLANEOUS
PERSONAL PROPERTY
Pllo.1 Prlnl Dr l' I
COMMONWfAlTH 0' 'INNIYlVANIA
IHHIIITAHCI TAX llYUIN
IISIDINT DICIDINT
EST" E OF
1<<lLPE, JR., E. WILLIJ\M o!k/o 1'KllJ'1~, JIl., IWU, WH.
IAII property lolntly.owned with the IU,ht .f lurvl'l.,.hlp mu.. b. ..1111..... on ',h..,,,I. '1
ITEM
NUMBER
1.
2.
3.
;';
4.
5.
6.
21-94-1071
DESCRIPTION
VALUE AT
DATE OF DEATH
1986 Oldsmobile - 98 Regency Sedan
$
1,800.00
Keyport Life InBurance Company -
Variable Annuity - Policy No. 0701005231
InBured/OWnert E. William Wolfe, Jr.
Date of death value
Fidelity and Guaranty Life Insurance Company
Non-qualified Flexible Premium Deferred Retirement
Annuity - Policy No. F348680
Annuitant/OWner - Earl Wm. Wolfe, Jr.
Date of death value
13,338.92
2,392.98
Manhattan National Life InBurance Company
Non-qualified I\nnuity - Contract No. 028500145
Annuitant/OWner - E. William Wolfe, Jr.
Date of death value
10,538.07
Connecticut Mutual
Non-qualified Individulll variable deferred
Annuity - Contract No. 10l4199P
OWner/Insured - E. William Wolfe, Jr.
Date of death vlllue
46,888.47
InveBtorB Life Insurllnce Compnny of North America
Policy No. 1011219783 - lnsuredl Jeffrey Wolfe
OWner I E. William Wolfe, Jr.
CaBh value aB of the date of death
2,276.18
Policy No. 1011219784 - InBuredt Timothy Wolfe
OWner I E. William Wolfe, Jr.
CaBh value aB of the elate of eleath
Policy No. 1011219785 - InBured I Ilichard Wolfe
OWner I E. Willillm Wolfe, Jr.
Cash value aB of the date of eleath
Policy No. 1011219787 - lnsuredl F~rl Wolfe, III
OWner I E. William Wolfe, Jr.
Cllsh value aB of the date of death
2,172.75
1,779.65
2,545.26
Sub~notal from nelelitional Bheet
6,122.70
89,854.98
TOTAL AI.D Inlor on IInl 5. Reea
s
tAUa,h additIonal I""" M 11" ,h.." If more 'poco I' n..ded,J
i
,.
f
"
SCIIEDULE E- CONTINUED
,.
"'
mrATE OP: WOLFE, JR., E. WILLIAM a/k/a WOLFE, JR., F.I\RL WH.
21-94-1071
7. Fidelity and Guaranty Life Insurance Companv
(Flexible Premium Deferred REtirement Annuities - Non-Qua1ified)
Policy No. F326743 - Annuitant: Frank Coviello
Owner: Far! William Wolfe, Jr.
Cash value as of the date of death
1,495.77
Policy No. F326744 - Annuitant: Richard S. Wolfe
Owner: Far1 William Wolfe, Jr.
Cash value as of the date of death
1,542.31
Policv No. F326747 - Annuitant: Timothy K. Wolfe
Owner: Far! William Wolfe, Jr.
Cash value as of the date of death
1,542.31
Policy No. F326749 - Annuitant: Jeffrey C. Wolfe
Owner: Far! William Wolfe, Jr.
Cash value as of the date of death
1,542.31
Sub-Tot:al
$ 6,122.70
t
~.
1I~"Il'" 17."1
ITEM
NUMBER
-!~
COMMONWUU'H 0' 'ENNSYLVANIA
INHllUfANCf TAX UTUIl:N
Il:ESIDENT DlCeDeNT
SCHEDULE H
FUNERAL EXPENSES,
ADMINISTRATIVE COSTS AND
MISCELLANEOUS EXPENSES
Plea.. Print or T pe
BER
21-94-1071
WOLFE, JR., E. WILLlJIM a/k/a WOIJ"~, ,m. I-:I\JU. WH.
DESCRIPTION
AMOUNT
A. Funeral bpen.e.,
B.
4.
C.
1.
2.
3.
4.
5.
6.
7.
e.
1.
2.
Myers-llarner Vunorn I 110100, ] nc. - funeral expenses
Rolling Greon Cerrotory - grnvo opening/closing
Mothor Natures !"Icwor Shop - funeral arrangelTent
Elaino A. IIblfo - rood purchased for funoral lunch
5,125.00
655.00
43.46
147.97
3.
4.
t.
AcImlnl.trallv. COlllt
Pe..onal Rep,.,enlatlvo Cammllllonl
Social Security Numb.. of Pe..anal Repre.enlallvo,
Vear Cammllllan. paid
2.
Allarney Feel - Johnson, DUffio, Stewart & Weidner
1,500.00
3.
Family e.empllon
Claimant I-:ln!lIU. IIblfe Relollon.hlp Wife
Add,... of Claimant 01 deeedenl/. deolh
Streel Add,.1I 12, S. list Street
City Camp 111.11 51010 PA Zip Code 17011
2,000.00
Probole Feel _ Ileglstor of Wills of Cumberland County
69.00
Mlleellaneau. hpen,"i
Ilegistor of \~ll1s - rilo lnvontory & Inherltllnce Tax Return
lleRorvo for cloRe-out costs
25.00
50.00
TOTAL (AI.o enl.r on line 9, Reeopltulollan)
(If more .paee I. needed, In.e" additional .heet. of .am. "...)
S 9,615.43
COMMONWIALtH Of PlNNSnVANIA
INHllltANCI lAlllIUIN
USIDINlDICIDIN1
IIV.UI2Ilt 11"31
. .
'*'
SCHEDULE I
DEBTS OF DECEDENT,
MORTGAGE LIABILITIES AND LIENS
Ploa.o Print or TVpo
FILE NUMBER
21-94-1071
ESTATE OF
WLFE, J1l., E. WlLLIJ\M a/k/a WOLFE, J1l., EI\RL WH.
ITEM
NUMBER
1.
2.
3.
4.
DESCRIPTION
AMOUNT
PNC Bank, N.A. - Loan No. 40 03 049000012019
Premises: 325 South 31st Street, Camp Hill
Decedent and Elaine A. Wolfe, Wife
Date of death balance: $28,980.65
Decedent's one-half
14,490.33
Texaco - Credit Card Account No. 73-334-0839-6
balance due
15.76
Prudential Insurance Company - outstanding loan due on
Contract Number: 19 925 789
Insured: Fad W. Wolfe, Jr.
1,032.55
PA American Water Co. - water service - 7/25-8/29
TOtal - $32.12 - decedent's one-half
16.06
TOTAL (Aha onlo, on IIno 10. Rocopltulallon)
(If mo,. space js ne.d.d, insert oddiliona' sho." 0' sam. size.)
$ 15,554.70
,.
'-
",
.'
'.
PNC NatIOnal Dink
Cun,ul11t'll.t"lIIIIlK
~I.S. 1O~.OI.O~
111;\ Ih:lh:ulc 1',11).\\,1\
Willllinglllll, In: Hi~U!1
H~':'r.....t"JVEO
t(Q)(P)f
.I...., 2 i' 1995
1.l\.lrln.)Uil t LJUr t 1 E.
SiEWARi lIIiO HEIDl~m
PNCBANK
January 23, 1995
Mr. Edmund G Myers
Johnson, DUffie, stewart and Weidner
301 Market st.
P.O. Box 109
Lemoyne, Par 17043-0109
Re: Estate of Elaine A. Wolfe
E. William Wolfe. Jr.
Dear Mr. Myers:
This letter is in response to your request for information, dated
January 13, 1995, on Mr. and Mrs. Wolfe's account mentioned above.
The balance on the account as of September 22, 1994, Mr. Wolfe's
date of date, was $28,980.65. On December 4, 1994, Mrs. Wolfe's
date of death, the balance was and remains $28,179.67.
As of the date of this letter, we have not received any monies from
the insurance company.
Very tru;r~ur~
,---t, \--If.--{/ llM-'"
John R. Mark
Banking Officer
Central customer Assistance
01.103i.o
.
ThePrudentlal ~
Notice of rr=:> ((VI fB) ~
Loan Inte~~s U
Far InsurancI ..rvlce. aet In louch with
tour r.pr...ntltlvl Dr tnll office:
THE PRUDENTIAL
4660 TRINDLE DR
CAMP HILL PA 17011
717.975.3626
DUE DATE: September 26, 1994
WSH 010 7
Contract Numblr: 19 925 769
lnaured: EARL W WOLFE JR
1964 Life Insurence
EARL W WOLFE JR
325 S 31ST ST
CAMP HILL PA 17011-5254
PAYMENT INFORMATION
Loan Interest Due
$61.62
TOTAL PAYMENT DUE
This Is a notice of loan Interest due on contrect 19 926 769. No premium
Is due, eince ell premiums required for this contract heve been peld.
We are pleaaed to tell you thet e dividend of $319.30 will be credited
on Sep 26, 1994. On that date, 861.62 will be used to psy the loan
Interest due. The balance of $267.66 will be uasd to reduce the amount
of the loen prlnclpel from $1,032.66 to $764.67.
The Interest rate on your contrectloan Is 6.0% per yeer.
Since Sep 26, 1993, the 9uarenteed cesh velue of thle contract Increased
by $100.00.
LOAN INFORMATION' ;
Outstanding Loan Amount '1032.66)'
(excluding current Interest) .
Thank you for Insuring with The Prudsntlel,
Your Prudential representstlve Is
ROB FARABAUGH Sr, CLU. ChFC, LUTCF
telephone number 717.975.3626.
Your Prudsntlel representative Is a full lervlee egsnt. Call on
him or her for sll your Inlurence nsedl . Life, Hsalth, and
where available, Auto and Home.
Please KEEP This Pert
.
IlV.UIJUt!2.17J
.
CQMM(lHWIAnM Of ,fNNlYlVANIA
.......nANCI ,.. lnul"
1...OINt DlaDtlN1
SCHEDULE J
BENEFICIARIES
ESTATE Of
WOLFE, JR., E. WILLIl\M a/k/a I'KlLFE, JR., EARL WH.
FILE NUMBER
21-94-1071
ITEM
NUMBER
NAME AND ADDRESS Of BENEFICIARY
RELATIONSHIP
AMOUNT OR
SHARE Of ESTATE
A. Taxable B.qUlltll
1.
Elaine A. Wolfe Estate
(Deceased - December 4, 1994)
325 S. 31st Street
Camp Hill, PA 17011
wife
Personal
property &
Residue
ITEM
NUMBER
NAME AND ADDRESS OF BENEFICIARY
AMOUNT OR
SHARE OF ESTATE
B. Charltabl. and Govllnm.nlal BoqUlSl1I
1.
TOTAL CHARITABLE AND GOVERNMENTAL BEQUESTSIAI.a .nlor an IIn. 13, RlCapltulallon) S
(If more .pace II n..ded, In.ert additional .h.... O. lame IlI.e)
.-......:.
.
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF CUMBERLAND
L
.I
u:
" .
Jeffrey C. Wolfe
,
b.ing duly ",.,,,rn ..cording to I.w, depolO' .nd ..y. that h. 1" t:'v""'1\~"r
of th. Estel. of E. William Wolfe. Jr. alk/a Far1 Wm.
Wolfei/ Jr.
lat. of 11nrn1\gh nf ..!:aIrq1_lIill.__ , Cumberl.nd County, P.., dee.u.i!.n that th.
within Is .n Inventory m.d. by Jeffrev C. Wolfe , th. uld Executor
of th. .ntl.. ..tete of uid d.e.d.nt, eon.i1t1ng of .11 the p.rson.1 prop.rty .nd rul ..tete, except rul ..tet. ouhlde
th. Commonwulth .1 Ponn.ylv.ni., .nd th.t the figures oppo.lI. ueh lI.m of the Inv.ntory ..p....nt It'. fair y.lue
o. of th. d.h of doe.d.nt'. duth.
.
Sworn to
elite
.nd .ub.erib.d b.fore me,
L..
02/
...-c .
/.
(
19 tJ S-
.
EUel.ltDt . A
Wolfe
31st Street
Oat. of Outh
NOTARIAL SEAL
DONNA K. LINDSEY, Nolary Public
lomoyne Borough Cumberland Co.
My Commission ClpirOl Mar. 15, 1999
22nd September
Camp Hill, PA 17011
Add,...
1994
D.y
Month
rUt
INSTRUCTIONS
I. An Inventory must b. filed within three month. .fter .ppointment of person.1 r'pr..entotiye.
2. A .uppl.ment Inventory mu.t be filed within thirty d.y. of di.cov.ry of addltlon.1 ....ts.
3. Addition.1 .he.h m.y b. .tt.ehed as to person.lty or rulty
4. S.e Article IV, Fiduel"i.. Aci of 1949.
~ @ j
-ci <lI
~ w . iJ
III -
.-ol ~ '" .... J .. '"
~ w ~ . . :::
1 0.. 1;. .. .
0 <II .
0 w w C '" OJ'
i!: '" .1; ..
.... I- 0.. ... U. ..... .,; 0.. . ~ '"
~ Z ~ 0 ~ . 0 i o. ....
u. ... 0.. =~ CO
W 0 -< I ,:; ~ ",l:l
> z '"
Z 0 0 ~! c . B CO
" .-ollIS
- <II Z 0
0 '" U
z I w -< ... ~ ~ .
0.. -0 .
" i j ~t
- ..
I 0 -;:
r.J .
.D -0 ...
~ E ...! 0
. " 0
Ii ... u u: co
_.~'..""-'-'..'>'~."-'+..,.,o-.';"''';''''''''':'''''~.;''''''':M:.~
-
Inventory of the real end personal estate of
. .. .
(;;
E. WILLIAM WOLFE, JR. a/k/a
FAR!. WM WOLFE, JR.
deceased
1. 1986 Oldsmobile - 98 Regency
1,800 00
2. 30 Shares of Earl W. Nolfe and Sons, Inc., a Pennsylvania
Corporation, Common Stock @ $510.00 per share
15,300 00
Total
17,100 00
~ c:.,
0 '1? \0 e!(
"0;
::~' 'j: N ,)
co. ' .
, I.".J
.. ~ :.
; .:J
'11 ~
'. .CJ
()
Ll .,
UJW ~ ..d
0:0: ,iiE
ad
,/
REV-1547 EX AFP (12-94*
COHHONWfAllH OF PENNSYLVANIA
DEPARllENT Of' REvtNUE
BUREAU OF IHDIVIDUAL TAXES
PEPT. taD601
HARRISBURG, PA 171ZI-0601
/5 -5"'/1
c....
NOTICE OF INHERITANCE TAX
APPRAISEHENT. ALLOWANCE OR DISALLOWANCE
OF DEDUCTIONS AND ASSESSHENT OF TAX
ACN 101
DATE 10-17-95
E 0 FILE NO.
DATE OF DEATH 09-22-94 COUNTY CUMBERLAND
NOTE 0 TO INSURE PROPER CREnIT TO YOUR ACCOUNT. SUBHIT TNE UPPER PORTION OF THIS FORH WITH YOUR TAX
PAYHENT TO TNE REGISTER OF WILLS. HAXE CHECK PAYABLE TO "REGISTER OF WILLS. AGENT"
REMIT PAYMENT TOt
EDMUND G MYERS ESQ
JOHNSON ETAL
PO BOX 109
LEMOYNE PA 17043
REGISTER OF WILLS
CUMBERLAND CO COURT HOUSE
CARLISLE. PA 17013
Altount R..ltbd
CUT ALONG THIS LINE ~ RETAIN LOWER PORTION FOR YOUR RECORDS .....
ifi>i:is4i-Ex-KFP-n'F9r,T"Nii'ficn5F-YNHEiiii'ANcE-i:A'iC"APPRAisEHENT-,--,m:ciwANCE-iilim-m--------u
DISALLOWANCE OF DEDUCTIONS AND ASSESSHENT OF TAX
ESTATE OF WOLFE E W FILE NO. 21 94-1071 ACN 101 DATE 10-17-95
TAX RETURN WAS. (X I ACCEPTED AS FILED
RESERVATION CONCERNING FUTURE INTEREST - SEE REVERSE
APPRAISED VALUE OF RETURN BASED ON: ORIGINAL RETURN
1. Red eat.t. (Schedule A) IlJ
2. Stock. and Bond. (Schedule BJ (2)
3, Cloa.ly Held stock/Partner.hip Int.r..t (Schedul. C) (3)
4. Hartg.g../Not.. Receivable (Schedule DJ (4)
5. Cash/Bank Depolltl/Hlao. Parlonal Property (Schedule E) IS)
6. JointlY Owned Property (Schadule F) (6)
7. Tran.far. (Schedule OJ (7)
8. Tot.1 A...t.
I CNANGEn
.00
.00
15.300.00
.00
89.854.98
.00
.00
181
105,154.98
APPROVED DEDUCTIONS AND EXEMPTIONS:
t 9.615.43
9. Funarll Expan.../AdM. COI ./H1.c. Exp.n... ISch.dul. H) 19)
10. Dobh/Hartgogo L1.bll1Uo./Lionl (Schodu1o II 1101 15,554.70
11. Total D.duct10n. 111)
12. Net Value of TaK Return 112)
15. Charitabl./Govarn.antal Bequ..t. ISchedule J) 115)
14. Net Value of E.t.t. Subj.ct to Tax 114)
NOTE I If an assessment was issued previously, lines 14, 15 and/or 16, 17 and 18 will
reflec~ figures tha~ include the total of ~ returns assessed to date.
ASSESSMENT OF TAX:
15. A.aunt of Line 14 at Spou.al
16. A.ount of Line 14 t.xable at
17. Aaount of LJne 14 taxabla at
18. Principal Tax Dua
TAX CREDITS:
PAYHENT
nATE
06-21-95
?~ .170 13
79.984.85
.00
79.984.85
r.t.
Lin..l/C1a.. A rat.
Collat.ral/Cla.. 8 rat.
1151
1161
1171
79.984,85
.00
.00
X .03.
X .06.
X .15.
1181
2,399.55
.00
.00
2.399.55
RECEIPT
NUHBER
AA047912
DISCOUNT
INTEREST
(.)
(-I
.00
AHOUNT PAID
2.399.55
TOTAL TAX CREDIT
BALANCE OF TAX DUE
INTEREST
TOTAL DUE
2.399.55
.00
,00
,DO
. IF PAIn AFTER nATE INDICATED. SEE REVERSE
FOR CALCULATION OF ADDITIONAL INTEREST.
IF TOTAL DUE IS LESS THAN 11. NO PAYHENT IS REQUIRED.
IF TOTAL nUE IS REFLECTED AS A "CREDIT" ICRI. YOU HAY BE DUE
A REFUND. SEE REVERSE SIDE OF THIS FDRH FOR INSTRUCTIONS. I
01
" '^ \:.j . Il~
'"
01
,-
, 1
t";'J
ill'" 'II (;8
a;- PI
RES[RVATIDNI E,t.'.. of decedent. drl", on Dr before Dlc.-ber II, ...2 .. .f .nv future lntar." In the ..'ats I, tr.n'f.rr~
In po.....lon or enJoy.en. to Cl... . CeDI!s'.r,l) ~flGl.rl.. of thl dlcedent I"" thl Ixplratlon of ,"1 I.'at. 'or
11'. or for Y'lr., the C~.lth hlrabv ..pr...IY 1""1''1'' the right to .,pr,I.. ~ ...... ',lnl,.r Inhlrlt~. ,....
It the l.w,ul el... I CeoI11'lrll) r.ta on 1n1 ,uch future 1n'.r..t.
PURPOll! .,.
HQllal To ,ulfUl thl r.qulr..entl o' Ilctlon 2140 0' thl InhlrltllnCl INMI E'ht. T.. Act, Aot 2Z of .991. 12 P.',
._tlon 2141.
PA\1tEHTI D,tltCh the top portion of thh Nollu Md ,ut.1t -.lth your payant to the Regll'... Df wills prlntMl on tM rlvlrs. sla.
...... check or ttOMV ord.r plvabll tal REGISTER OF MILLS, AOENT
All PIVHntl nc.lved shIn flnt aM IIPPUed to .,y Inl"..t which ..v be due with InY ,...lnHl' .PUM to the t...
REFUND (CAli A nfund of I tllC enellt, .....Ich .... not requa.tH on the "IC Alturn, ",y b. requeltld by coeplaUng .. "ApplluUon
'or A.,und 0' Pennlylvlnl. Inhlrlt8nC1 8nd Elt,t. ,... tREV-1S1S). Appllc.tlon. .ra IVlllebl. .t the o"lcI
0' thl R....hr of WUII, MY 0' thl IS RavlnuI O"trlet OffiCII, or bv ClUing thl lpeel.1 U.hour
"Iwerlng ..rvlc. ~Ir. for 'or.. ord.rlngl In Penn.vlvlnll l-IDD-S61-ID5D, out.l~ PennlylvMI. end
within loc.1 H.rrhbur. .r.. (717) 717-IDM, TOO' 17171 77Z-2%51 (....rlng IIIP.lrld Only).
OIJECTIONSI Any p.rty In Int.r..t not ..tll,lld with the appr.I...ent, 1110NInC' or dl..lloNInC' of d.ductlon., or ......-.nt
of t.. (Including dl.count or Int.r..t) .. shown on thl. Notlc' .u.t obJ.ct Nlthln .llCty (6D) d.v. 0' r,cllpt 0'
thh Notlcl by,
--Nrltten protl.t to the Pi DIP.rtllnt 0' AIV~, la.rd of ApP..I., O.pt. ZIIDZI, H'rrl~ra, Pi 17IZI-lI11, OR
--lleatlon to h.v. thl ..tt.r d.t.r.ln.d at IUdlt of the Iccount of t~ p.r.on.l r.pr..antltlv., OR
-......1 to thl Orphen'" Court.
AUttI"
UTRAlIVE
CORRECTIOHII
DISCOUNT I
Flotual .rror. dl.oov.rld on thl, ......-.nt .hoUld be ~drl...d In wrltlna tal Pi Dlp.rt.ant of A.v~,
lur.1U of Indlvldu.l T...., ATThl po.t A.....alnt A.vl... unit, Dlpt. Z'D'Dl, H.rrl.bUrg, PA 11I".D'DI
~ (717) 117-6505, ... PIOI S 0' thl bookl.t "In.tructlon. 'or InhlrltlnC. T.IC A.turn for a A..ldent
Dlcldent. (REV-ISDII 'or In ..planltlon of IdIIlnhtntlvllv oornchbll error"
If InY talC ~ II paid within thrae eS) caland.r .onth. a'tar tha deeldant'. daath, a flva p.reent (SXI dl.count 0'
the t.. paid I. allowed.
INTEREST I
Int.r..t I. ch.r.1eI baalnnlna with 'Ir.t d.y 0' delinquency, or nln. (91 ~th. and ana (1) d.v 'roa the d.ta of
~th, to thl data 0' p.,..nt. t.... which bee... d.llnquent bl'ora Janu.ry 1, 1911 bear Int.r..t at thl r.tl 0'
.IIC ('X) p.rcent p.r ~ calcul.tld at a d.lly rat. of .0111". All t.... which bee... d.llnquent on Iftd a,t.r
Jenutry I, 191r NIII b..r Int.r..t at a r.t. which will vary 'rol elland.r y.ar to cllend.r ya.r with that r.t.
~1eI by thl PI Dap.rt-.nt 0' R.v~. ThI eppllc.tala Intara.t rat.. 'or 19ar through 1995 .r..
'!!!! Int.r..t Alta D.lly Int.r..t Flotor ~ Inter..t A.t. n.11v Int.r..t factor
191' 10le ,ODDS4I .9" OX .DOU'"
un I'X .DDDUe "".'''1 11:( .DOUI.
I'" \IX .IDasOI 10" 'X , GOer'"
.915 IU .DOUS' 19".1"" 1X .D0119r
, 191' IDX .DODl7.. I'" .X .DOU'"
--Intar... I. cllcul.t.d .. foU.,..1I
IHTElIEST . BALAHCB OF TAX UNPAID X HUHBER OF nAYB nELINQUEHT X DAILY INTEREST FACTOR
--Any Hotlc. I..ued .,t.r thl ta. b.co..a delinquent will r.fl.ot an Intar..t ealcul.tlon to 'I't.an (151 day-
beYond thl dati a' thl ......eent. If Plv_tnt I. .-de a,t.r thl Int.r..t eoaput.tlon d.t. .hown on thl
NotlC', tddltlon.' Intlr..t .u.t b. cllcul.t.d.
8
STATUS REPORT UNDER RULE 6.12
Name of Decedent I E. WILLIJIM \\UI,FE, JR. a/kill E1\RL WM. I'KlLFE, JR.
Date of Deatht
September 22, 1994
Will 110. W. 1071
Admin. No.
Pursuant to Rule 6.12 of the Supreme Court Orphans'
Court Rules, I report Lhe following with respect to completion of
Lhe administration of the above-captioned estatel
1. State whether administration of the estate is complete I
Yes X No
. 2. If tho Qnswer is No, state when the personal
representative reasonably believes that the administration will be
complete I
J, If the answer to No. 1 is Yes, state the following.
a. Did the personal representative file a final
account with the Court? Yes No X
b. The separate Orphans' Court No. (if any) for
the personal representatlve's account is.
c. Did the personal representative state an
account informally to the parties in interest? Yes X No
d. Copies of receipts, releases, joinders and
approvals of formal or informal accounLs may be filed with the
Cerk of the Orphans' Court and may be attached to this report.
Datel,. ,1,/'i1~...'/. tJ..sS ~(~1lb>t~--
~ Signature
;;
'I
I
..;1......
u::
\:;
~J',
.J :5
rJu
Edmund G. Mvers, Esq.
Name (Please type or print)
Johnson. Duffie. Stewart & Weidner
301 Market St.. P.. O. Box 109
Address Lemoyne. PA 17043-0109
;;";
....
11.3.:'-1. 761-4540
'l'eJ. No,
CdIJacitj'1
Personal Representative
X Counsel for personal
'represf.ln ta t I ve
(MlIHlrml.'AMJ)
HW-27