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No. 21.80
PETITION FOR PROBATE OF WILL AND LETTERS TESTAMENTARY
in the Estate of
JOHN M. MUSSELMAN
, deceased.
To Harold B. McLane, Deputy
of Cumberland, in the Commonwealth
is
Petitioner(s) m::e the executrix
, Register of Wills for the County
of Pennsylvania.
named in the Last Will and
Testament of JOHN M. MUSSELMAN dated March 30, 1971'
Decedent was a citizen of the United States and a resident of
Township
Silver Spring Bof~ Cumberland County, Commonwealth
of Pennsylvania.
Decedent died on
Sunday
the 13th
doy of. January
A. D. 19~, in the County of
Dauphin
State of
Pennsylvania at the age of 60 years.
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Decedent has not been married and has not had children born to him
since the execution of the above described Will.
Decedent was possessed of personal property to the value of
$100,000 and of real estate to the value of
None
as near as can be ascertained; said real
estate situated os follows
N/A
GljI1~
Therefore, your petitioner(s) respectfully applies for the probate
of the said Last Will ond Testament ond for Letters Testamentary thereon.
Dated January 24, 1980 .\;'~.-.w 1I~tW~.,d.ntA.,J
Name ond address j2,is HUDSON MUSSELMAN
of Petitioner(Scl
49 Skyline Drive
Mechanicsburg, PA 17055
COMMONWEALTH OF PENNSYLVANIA ~
ss
COUNTY OF CUMBERLAND
Lois Hudson Musselman
named in above application, being duly
say(s) that the statements set forth
best of
sworn according to law
In this petition are true to the
her
knowledge and belief.
and subscribed before "';1~ 1J~1'IfI YJ.et~J~
sworn
me'r January 24 1980
~ 1)L-""JI ~ ~~<'n1'J'II"~'" Deputy
Register
[5-/~ 1
January 28, 1980
Att . Rhoads, Sinon.& Henders);ot 17/C)/
orney. By: "fIeA-' F,,,,,,,/s;L I>'''{
Jan P. Paden
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OATH OF SUBSCRIBING WITNESS
COMMONWEALT\! OF PENNSYLVANIA I ss:
COUNTY OF CUMBEltLAND \
This. .......................... .?~~J:1.............. ................... day of...... .......... .~.~.flll.a.~~. ......... .............. ..... A. D.. 1 fJ.~.?..,
Harold B. McLane, Deputy
before membax~X:lCl6a](billKl, Itegister fill' the Probate (If Wills and granting letters of Administration
in and for said County of Cumherland, in the Commonwealth of Pennsylvania, personally came ..............
Lawrence B. Abrams and .Ian P. Paden
..................................................................................."...........................................,...............................................
the subscribing witnesses to the foregoing instrument of writing purporting to be the last Will and
Testament of ........... J..?~'!~.. ~:... 0Y.~.?.~!:: 0.~.t>!. .......................... ................ Dated .... .~.'!-. ~:~~..~. ~.'.. ..I.~?1......
late of ...............~g:-:.?!:..~.E:.t~J;\..I~:-x~.~.hl.p.,................... .............. ............. Cumberland County Pa., deceased
who being duly ......~.o/.!?!'.(\.......................... according to law, depose and say, that ...th\'.y...o/..9.r.~..................
present. and saw and heard the testa~~!:........................... ............T.QtI.\'!..M..:...M\I.R;?~.~MAN....................
sign, seal, publish, pronounce and declare the said instrument of writing as and for h),.............. Testament
d L t \"'11 d t th t' {' d' JOHN M MUSSELMAN f d d d' . . d
an as 'vI, an a e Ime 0 so oing ................,................................was 0 soun an lsposlng ffiln
memory and understanding, to the best of .......t.\:~!.!'..............................knowledge. observation and belief.
...............~~?~~.................... and subscribed before
.....,............................................................................
~41'kA.Q.j3~\'j1:.~a€ ,~">.ii.z... .... ........ !?~.~~~ y
R!i~$.X;t~~lRegister "
~"lC9'"
':' ~~ ;...~~~~~................
.. ..........................................................................
AFFIDAVIT OF DEATH
COMMONWEALTH OF PENNSYLVANIA t ss:
COUNTY OF CUMBERLAND \
I
...................~~.Irt.....H.~~.~~.t:!.......r\~~\.~~.!:\...........................................................................being duly
....~w.~~~............................. says that as nearly as can be ascertained the said decedent ..........................
..;r~""'......~.,..~~~~m~.~............................................. .................................................................died on
...~~~~............................ the ....J??!~.................day of ..;:s:(:4.~.l,(qty............................... A.D., 19.~9.,
at or about ...Hr.~.~......................... o'clock, r.M.
....................~~.?~~.....................and subscribed this
.......................~.~!:-.~................ day of ......:!.~~~.~~X..
19, ~9...., before
.<f~..'JJ~~..~~.
('
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.......:..1.iY!:~.(.l.;;.;.\)-?{.j,(...i,(........I)~p.1l.~'f.
XKllbonil&~~ Register
OATH OF PERSONAL REPRESENTATIVE
COMMONWl,ALTH OF PENNSYLVANIA}
COUNTY OF CUMBERLAND SS:
Before me, the Register f(n' the Probate of Wills and granting of Letters of Administration in and for
, . LOIS J-JUDSON MUSSELMAN
the County of Cumberland, pel sonally came .....................................................................................................
h b. d I "w,QDN d PS d . d th t EKccutriK
w 0, emg u Y ...M ... .M............., 0 ,......... epose an say a as........'.......................................................
of the last Will and Testament of .......~.9.tl.~..0.,...~!-!.~~.1!:!:-:0..:?~.....................................................deceased
.........s~.......... will well and truly administer the goods and chattels, rights and credits of said deceased
according to law. And also will diligently comply with the provisions of the law relating to Transfer
Inheritances. ......~:-Y.~.~::........... and subscribed
before me.
..............~1!-.~':!1!-.Ii'.y..}.~................... A. D., 19f?~........
.~.~0<~J.~..{~.~Jl.s.d)\b.'NZ..........?.~p.~~'t
~1!llc~JSOlI, Register .
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..................................................................................
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DECREE
Be it remembered that on the .......~.~~?........ day of ...............~.~n.~.~~;(.................. A. D..19~~....., there
was probated and recorded the last \ViII and Testament of ......._.J.<:>J~~..~:...0.l.!.~.~~!::0..!'~....................,
late of ................!?~.~:-:.\'.~..!?l'.~:\~:.g..:r. ~~~.~.l~iJ?.............., Cumberland County. Pennsylvania, Deceased. Letters
.............:!:.~.~.~.<;.~~.'?':.~~.:x.... ........... were granted to .... .~.().J ~Y.~.~~.().l'l.. ~.~ .S.s. ~~:'.~..t\~.. ...... ...... ..................
Witness my hand and official seal the day and year afor!'said. _" I
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r ..()~: .1.1l1. .. .f.;;,:J) J.~.?10:~'~~", ..?~.~~.~.Y
. k~xiuuCaal!llC, ltegister.
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r.OMIoION'~EAL TH OF PEllNSYLVANIA
DEPARTMENT OF REVENUE
BUREAU OF EXAMINATION
PARTNERSHIP
INTEREST
REPORT
eSTATE:: OF .J.aJ.w 1>1 MIIHS(.>lm~n
DATE OF DEATHJl'1l.uaLY-!)-->.- 1980
COUNTY OF Cumberland
STATE FILE NO: .1l~0511
DECEDENT'S SOCIAL SECURITY
NUMBER .....l68-~~0
(INSTRUCTI'1>!S ON REVERSE SIDE)
DATE
1. Name of P3ltnership Rhonds, Sinon & Hendershot
410 North ThIrd Street
2. Federal I D Number
(As per form 1065)
23-1305377
Harrisburg, PA
5. Classi ii cation of Partnership: General
Decedent was a Ceneral Partner.
17108
X
3. Date Business Commenced December 19, 1969
4. Business Activity Attorneys-nt-Law
Limited Other
Address
P. O. Box 1146
78.992%
Salaries
N/A
N/A
N/A
Bal ance of
Capital Account
6. Partners Names
% of Income
% of Ownership
2.521%
18.487%
A. John M. Musselman
B.-klY1e R. Hendershot
C. Other p~rtners
D.____
7. Was the Partnership in any way financially indebted to the Decedent?
See Attachment #1
x Yes _ No. If yes, explain:
8. Was there any life insurance payable, upon the death of any of the partners, to the Partnership?
If yes, p.xplain:
Yes ....1L- No
9. Was there a validated, written Partnership Agreement in effect at the time of the decedent's death?-1L Yes - No.
I! no, explain: .
A. Was the Agreement consummated?-X- Yes _ No. I! yes, please report specifics. See Attachment 112.
10. Income Statements and Balance Sheets or copies of the complete Federal Tax Returns (form 1065) for the year of death and
2 preceeding years shouid accompany this report. I! not available, explain:Not applicable - Value of Partnership
annual installments with interest at 2%. See Attachments #1 lA and lB res ectivel
terest fixed b set valuation of 4 000 er unit of articipation. pavable in four equal
11 Complete address/es for all real estate held by above partnership should accompany this report. N/ A
A. Land, building, and other fixed assets are presented at fair market value as of the decedent's death._ Yes - No.
Please report these values and aUach to this sheet.
12. Did the pr,'tnmship have an interest in any other partnerShips or corporations?- Yes JL. No. If yes, report the
necessa~J '.;!ormation OR a separate sheet.
Did th~ G' cedent's interest in the partnership change in the last two years? -X... Yes _ No. If yes, explain: ~e
.All.ac!.1J!l_ent 113.
14. Was the pJ;lncrship dissnlved or liquidated after decedent's dealh?_ Yes.JL No. If yes, report all the related
infomli1tioll, especially including a copy of the Sales Agreement.
15. ESTIWII ,:~D VALUE OF DECEDENT'S INTEREST BY ESTATE: $9.510.00
16. ALL OThi:R INFORMATION RELATIVE TO AFFIXING THE TRUE VALUE OF THE DECEDENT'S INTEREST SHOULD
ACCOMPt',NY THIS QUESTIONNAIRE INCLUDING A DESCRIPTION OF THE METHOD USED IN DETERMINING THE
AI3O'!E ;::~TIM^n:D VALUE. See Attnchment 114.
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) O-:lIF.CUTOR.~~;M'NlsTRATom
foregoin~ or; ',I\'ers are true and correct.
, hereby certify that to the hest of my knowledge and belief the
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,
SECTION C. Death or Permanent Disa.bility of a Partner,
1. The death of a Partner shall result in the Terminati.on of
All I::.terest in the Firm; but the Firm shall continue i.. existence and in
operation under these .Articles of Partnership, unless and until dissolved
in accordance with provisions hereof.
Z. The Permanent Disability, determined as provided in
these Articles of Partnership. of a Partner shall result in the Termination
of All Interest in the Firm, but the Firm sha.ll continue in existenc,e and in
- IB :-
QENERAL INHERITANCE TAX INFORMATION
Unsatlsflod Iinbilltlos incurred by the decedent prior to hislher death are deductible against his/her taxable estate.
In addition to dobts incurred by the decedent or estate, other items are claimable includiRg the cost of administration,
attornoy foes, fiduciary foes, funeral and burial expenses including the cost of a burial lot, tombstone or grave marker.
All dobts being claimed against an estate are subject to the approval of the Register of Wills with whom the
Inhoritance Tax Return is filed. Evidence to support the decedent's or the estate's liability for the debts being claimed
should bo attached to this schedlJle.
A family exemption of $2,000 may be claimed by a spouse of a decedent who died domiciled in Pennsylvania.
If there is no spouse, or if the spouse has forfeited his/her rights, then any child of the decedeRt who is a member of
the same household can claim the exemption. In the event there is no such spouse or child, the exemption can be
claimed by a parent or parents who are members of the same household as the decedent. The family exemption is
allowable only against assets which pass by a will or by the Pennsylvania Intestate Laws.
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INSTRUCTIONS FOR COMPLETING SCHEDULE "F"
1. I f the family exemption is being claimed, indicate the claimant's name, address and hislher relationship to the
decedent. Enter "family exemption" in the remarks column and the amountclaimed in the amount column.
2. Assign consecutive numbers to each item listed.
3. Enter the date on which each debt was incurred andlor paid.
4. Enter the names of each payee.
5. Provide a brief explanation in the remarks column for each debt claimed.
6. Enter the amount of each debt being claimed.
7. The form must be signed by the person who has assumed the responsibility for payiRg the debts.
SCHEDULE "F"
ST A TEMENT OF OEBTS
AND DEDUCTIONS
(~IlEEl'__}2)._=__=_=~."~___.
Estate of -----".OHN M. MUSSEUL\N Date of Death~3/80_File No,
WHEN CLAIMING THE FAMILY EXEMPTION. COMPLETE THE FOLLOWING:
H['J.4!.i<j f:.Xt (JoIIO)
COMMONWEALTH OF PENNSVLVANIA
DEPARTMENT OF REVENUE
TRANSFER INHERITANCE TAX
RESIDENT DECEDENT
Claimant
Relat,iDnship to Decedent
Claimant's Address
ITEM
NO.
REMARKS
DATE
NAME OF PA YE E
8/28 John T. Ensminger
9 20 Josenh HcGraw
Sinon & Hendershot
27 Res. Rboads Sinon & Hendershot
Estate Appraisal
, '~.(lJ:sL,lu1!lla~ 1
ttorn~ys Fees
Reimbursement for advances ex enses
of Estate
21-80-54
-I. AMOUNT
U50.00
L'iO 00
I 2 'i00.00
86.62
.~
Vi
ex:
=1-
TOTAL THIS PAGE I__!...~, 886: 62__
I hereby certify that to the best of my knowledge and betief the foregoing is a just and true sti1tement of debts. funeral
expenses and expenses of administration submitted to the estate as deductions for Inheritance Tax purposes.
,.j:.;..,v'1/. n~...w....cm a.1oU GRAND TOTAL $20,7J:Jz'-.76
':"~lt~N/\ .Uf~E OF ATT()HNFY/FlnUC\^r~~_ . j9.c.:_t':rll~H 1.3 .J!l.f'o==s
OFFICIAL USE ONLY ,
DEBTS AND DEDUCTIONS ARE ALLOWED IN THE SUM OF S ;{ 0 1 J, 1, 11(; AT
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GENERAL INHERITANCE TAX INFORMATION
Unsatisfied liabilities incurrud by the decedent prior to his/her death are deductible against his/her taxable estate.
In addition to debts incurred by the decedent or estate, other items are claimable including the cost of administration,
attorney fees, fiduciary fees, luneral and burial expenses including the cost of a burial lot, tombstone or grave marker.
All debts being claimed against an estate are subject to the approval of the Register of Wills with whom the
Inheritance Tax Return is filed. Evidence to support the decedent's or the estate's liabilitY for the debts being claimed
should be attached to this schedule.
A family exemption of $2,000 may be claimed by a spouse of a decedent who died domiciled in Pennsylvania.
If there is no spouse, or if the spouse has forfeited his/her rights, then any child of the decedent who is a member of
the same household can claim the exemption. In the event there is no such spouse or child, the exemption can be
claimed by a parent or parents who are members of the same household as the decedent. The family exemption is
allowable only against assets which pass by a will or by the Pennsyivania intestate Laws.
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INSTRUCTIONS FOR COMPLETING SCHEDULE "F"
1. If the family exemption is being claimed, indicate the claimant's name, address and his/her relationship to the
decedent. Enter "family exemption" in the remarks column and the amount claimed in the amount column.
2. Assign consecutive numbers to each item listed.
3. Enter the date on which each debt was incurred and/or paid.
4. Enter the names of each payee.
5. Provide a brief expianation in the remerks column for each debt claimed.
6. Enter the amount of each debt being claimed.
7. The form must be signed by the person who has assumed the responsibility for paying the debts.
EENNSYL V~JiL~ltillERIT~.~ll~r lAX. 0.\;'~lll/l1
1. PERSONS RESPONSIBLE FOR .lliJ.\lRN
Sectioll701 of the Inllerit~nce and Estille lilx Act oll'JCIIJIUYII\I:.. \II.!IIIII: I, '.1.'1111'1', ,11;1';111', 1,11,,11 PI"I'''II: :mill,!\;
~ return:
INI'JI(MI\lliIN
_ ,,_~_.m_._ ...
~, The person~1 represent~tive of the estate 01 IlIe i1eCl'lkllt liS III PIOlil" I'! lit 1I11~ i1"ccdllnt Ililllnnlsteil:i1 hy lIim
and such ~ddition~1 property which is or m~y he snb!,";! tli Inllclilll\lUi I:l^ u! vlh:ch lil'.',.he SIIIIIIII<lVI! or
~cqui re knowl edge;
b, The transferee of property uponlhe transler 0\ wllicll InherililncIi I d,; is CllllilY lie illllJOSed by tile 1961 S\<llniL:,
inciuding ~ trustee of property lranslerred in llust, provided 111:111111 ':(:p:II:III' ret!/lIlnccd be lIIilde Iii lhe trilnsferec
of property included in the return 01 ~ person~1 replCsent~\i'le.
2. PLACE FOR FILING
The relurn is to be filed in duplicate witll tile Hegisler of Wills 01 the county 'Nhereinlhe decedent resided.
3. TIME FOR FILING
The return is due nine months after tile decedent'S death, unless all exlellsionlor Illillg lias Geell applied lor and
granted by the Secretary of Revenue within the nine'lIIonth period.
4. FAILURE TO FILE RETURN
Section 791 of the 1961 St~tule provides that" . . .any person who willfully I~ils 10 lile a return or othel leport
required of him. . .sh~11 be personally li~ble, . ,to a penalty of 25% of the t~x ultimately found to be due or $1,000
whichever is the lesser Ie be recovered by lhe Department of Revenue as debls of like amount are recover~ble by
law."
5. TAX RATES
Inheritance Tax is payable at the rate of 6% on transfers to lineal descendants, such as father, motller, husband, wi fe,
son, daughter, grandchildren, gl'~ndpareot, son-in-I~w and dall~lter.in-law ~nd at the rate of 15% as to ~Il olhers.
6. PAYMENT OFTAX
The tax assessed on the transfer of properly reported inlhe return is due 9 lIIonlllS after lhe decedent's dealh. Interest
atlhe rate of 6% per annum accrues thereafter until payment is made. All p~yments received are first applied to any
interest which may be due with any remair.der applied to 1118 tax, iF TAX IS PAID WITHIN 3 MONTHS AFTER THE
DECEDENT'S DEATH, A DISCOUNT OF 5% OF THE TAX PAYMENT IS ALLOWED.
All checks should be m~de payable to the Register of Wills 01 the connty wherein the decedent resided and are
received subject to the final determination of the Department of Revenue.
7. FAILURE TO PAY
The taxes imposed, together wilh any interest thereon, ~re a lie:lupon re~1 piOperiy, which lien remains in effect until
the taxes and intereslllave been paid in full. Tile I~xes 1I1ay be sued for againsl ~ny real property in lhe decedent's
estate or against any property belonging to a tr~nsfelee liable lor tile t~x.
8. FIUNGOF FALSE RETURN
Any person who willfully makes il false relurn or reportleQlllled of him shall, ill ilCCOlII,lIlce willi Section 793 of the
1961 Statute, be guilty of a misdemeanor and, on conviction Iheleol, SIl,llllle selllenced to pay a fine oot exceeding
$1,000 or undergo impri sooment not exceeding one year 01 bolh.
RCC"., '''1111
COMMONWEAL 1H OF PENNSYLVANIA
DEPARTMENT OF REVENUE
BUREAU OF COUHTY COLLECTIOHS
41\ S. SECOND STREET
HARRISBURG, PA.
17127
COUHTY OF Gumbc,ric.nd
ESTATE OF
Juhn Ii. Ilu;:wolmnn
SOCIAL SECURITY HO. 16fl ],I, :9[:\
TOTAL GROSS ASSETS J.II3,6112.n
DATE OF BIRTH
1-13-fJO
STATE FILE HO.
.1-S0-00S!,
Please provide aur office with the Fair Market Volue (s) for the following business
interest (s):
Harne of Busineu
Type 01 Type 01
Business Stock
# 01 Shs,
or % Owned
Reported
Yolue- Total
Bureau
Valuation
7.
RhoacL, Sinon L ;Jenuershot l: 9,510.00 oK
410 Corporation C 324 sh. 96,309.16 <;:>K
1.
2.
3.
4.
5.
6.
8.
9.
Remarks:
Approved by:
Attorney / Admin; strator/Executor
and Address:
Jan ~.. Paden, Esquire
l~hco.d;., Sinon & Hendershot
410 i;. 3rd St. 1'.0. no:.: 1146
llorri:;b\ln; En.. 17108
Enclosed is the available tinancial data for each of the abave
requests.
61/"/Bf
Departmellt or Revenue
Very truly yours,
C10ria J. Richc.rd, C. A~pr.
Dauphin Co. Inheritance Tax
1646 nrooJmood St. I'Be. 1nO!,
Instructions an Reverse Side
ELKINS, STlWUD, SUl'LEE & CO.
21.! I,cU:UST STltEI';T
",t). 1\", HO'J
IIAIIIIISIIUIH;, 1'/\. 1710H
117/lHM1I4
Ml MIIUI~'
j'l;IW YUI1I1 S\lKI4 EIlCII.\NI;t:.INf.
MoU III BUIIIHINCII'AI. EIlCHANf<n
September 8, 1980
Jan P. Paden, Esquire
Rhoads, Sinon & Hendershot
410 North Third Street
P. O. Box 1146
Harrisburg, PA 17108
Dear Mr. Paden:
Pursuant to your previous request, the following is a
valuation of the bank shares in the Estate of John M. Musselman as of
January 13, 1980.
SOLELY OWNED
SHARES
BANK
UNIT VALUE
TOTAL VALUE
108
Dauphin Deposit Corporation
30
$3,240.00
$3,240.00
TOTAL MARKET VALUE
. . . .
JOINTLY OWNED T/E WITH SPOUSE
SHARES BANK UNIT VALUE TOTAL VALUE
140 Adams County National Bank 20 $2,800.00
11 The First Bank & Trust Company of
Mechanicsburg, PA 96 1,056.00
100 The Gettysburg National Bank 24 2,400.00
TOTAL MARKET VALUE
. . . .
$6,256.00
If you have any further questions, please feel free to call.
(l:~~')~
Branch Manager
CALCULATION OF TOTAL INVES'nIENT
Dates of Capital
Contributions
Days from Contrihution
Dates to January' 13, 1980
Amount of Coplta],
COlltr ihutlon
12/30/71
2/2/72
3/3/72
1/1/73
5/7 /73
5/1/75
1/2/76
1/21/77
2,93'1
2,900
2,870
2,567
2,1"12
1,718
1,471
1,087
$18,000.00
7,200.00
8,200.00
21,600.00
1,732.40
925.76
2,160.00
7,700.00
Total Capital Contributions $67,518.16
CALCULATION OF APPRECIATION
Days from Contribution x Daily Rate of Amounts of Capi-
Dates to January 13, 1980 Appreciation x tal Contributions Appreciation
2,934 x .0002051.7 x $18,000.00 = $10,851. 28
2,900 x .00020547 x $ 7,200.00 = $ 4,290.21
2,870 x .00020547 x $ 8,200.00 = $ 4,835.53
2,567 x .00020547 x $21,600.00 = $11,392.74
2,442 x .00020547 x $ 1,732.40 = $ 869.25
1,718 x .00020547 x $ 925.76 = $ 326.79
1,471 x .00020547 x $ 2,160.00 = $ 652.85
1,087 x .00020547 x $ 7,700.00 = $ 1,719.76
Total Appreciation $34,938.41
CALCULATION OF TOTAL VALUE
Total Capital Contributions
Total Appreciation
TOTAL VALUE
$ 67,518.16
34,938.41
$102,456.57
COMMUTATION OF VALUE
The By-Laws of the Corporation further provide that the above sum is
payable six months after the date of death without interest. Accordingly, the
value of the stock is the right to receive the sum of $102,456.57 six months af-
-7.-
Toa wa!lon
7 repnJdudlon plank bollorll \Iitchcock chairs
Coffee 1'al>lo
Smul i lIlap I 0 7. door Cull i n'l'l
Planter troe
Tallie lump
76 pc sel'v i ce for 12 Bavar i un ch i na
Serv I ce for 8 dem 1 tasse sot
104 pc sterling 51 Ivor service for 12
24 pc chrY5ta I sternvlare
Cut glass bowl
Tab I e I I nens
rAisc. dishes,salts, toothpick holders, etc.
Pro brass electric candlelabra
Stein
Misc. in I i vi ng room
Pro of table lamps
4 5 lice toaster
Ice crusher
Electric knife
Electric tea kettle
7 pc Revere ware
Stoneware dinner serv i ce for 8
Oster blender
Electric can opener
G.E. food processor
Sony 15" portable TV
Sunbeam IIllxmaster
Crackpot
Electric frypan
Electric waffle iron
Multlband solid state radio
Misc. dishes, pots, pans, etc.
Round map I e ex1'ens i on tall I e with 7. I eaves
G.E. washor & dryer'
20' Montgomery Ward side by sido refrigerator
Dry chemi ca I fire oxt i ngu i sher
E I ectr Ie broom
4' aluminum stepladder
Steam 1 ron
13 pc wrought iron porch sot
wrOllght I ron rocker
Wrought Iron tea wagon
Folding cha~se lounge
Formica t~p table
12" Sony c lor TV
18 pc \4:1: ght i ran pallo set
Rubber tired whee Illa rrml
RocOl'd co bind
Ova I rrli rr'ol'
[Jaromel UI'
E I ectro I ux
\Ioover po I i sher
Ca rdl all I 0) .~ ell" i r~.
TV tdbl<,,>
6 llar ,1001,;
\, IJ.OO
350.00
1.0.00
50.00
15.00
10.00
500.00
60;00
3100.00
100.00
90.00
AO.OO
100.00
200.00
25.00
40.00
40.00
10.00
5.00
5.00
10.00
20.00
40.00
10.00
5.00
15.00
250.00
5.00
5.00
10.00
10.00
40.00
80.00
70.00
150.00
250.00
10.00
10.00
8.00
5.00
350.00
40.00
40.00
15.00
20.00
125.00
250.00
10.00
40.00
30.00
20.00
100.00
15.00
'iO.OO
10.00
~[\.O()
1'10'1 fo,"' .-eckel'
Sofil
love seat J 2 ottorndn~ & P I at f anl! rod,or, flldp 1 n
Coffee tullle, forrnicillop
Maplo tior table
[,lap I (] "",ok i ng stont!
Gov. ~Ii nthrop soc,'c'lary
RCA XL100 TV
4 reproduction \1indsor chairs
2 Humme I f i guri nos
Floor I amp
Table lamp
Mj sc. in rec room
5 pc bedroom suite
Mahogany bookshelf
Hummel figurine
Lamp
Clock radio
Chair & ottoman
TV cabinet
6'xB' Indian Oriental rug
Mahogany chair
Bench
Lamp
Linens, blankets, towels, etc.
Luggage stand
Art Deco double bed
Drum tab I e
Maple chair
Singer sewing machine
Boudoir chair
Unfinished chest
Kenmore dehumidifier
Metal shelf
Electric heater
Hammond Sounder organ & bonch
Black l. Decker shop vacuum
Buffet mi rror
Mirror
Xmas decorations
5000 BTU portubie ilir conditioner
Low chest of drawers
E 1 ect..- i cheater'
Lamp
Maplo queen size bed
PI atf arm rocker
Ciothes tree
Mahog~ny tier tallle
5000 BTU il i r conrJ it i (lnG"
Desk & ctw i r
5 pc rrwpln bedroom :.ui'fo
CedDf chest
GE c~n i stcr ;I\'~eep()r-
Metell d",sk I. file
tipc 11l~Y;<H}O
500' l:lt-'clric OXldl': ilJtl cor";'j
~, CO.OO
50.00
:'>50.00
1'5.00
40.00
1'5.00
125.00
250.00
100.00
100.00
30.00
30.00
90.00
500.00
60.00
35.00
15.00
10.00
50.00
25.00
150.00
50.00
10.00
10.00
150.00
10.00
150.00
25.00
8.00
125.00
50.00
25.00
75.00
8.00
8.00
150.00
10.00
50.00
40.00
50.00
90.00
10.00
10.00
1'5.00
175.00
100.00
10.00
15.00
75.00
75.00
:\50.00
100.00
~)O.OO
30.00
30.00
(,0. O~)
QUESTION~JQ~CE_RNING PROPElnY TRANSfERS
1. Dill decedent, withinlwo ye~rs o!lIc"tli, 1IIIIIIe IIIIY IlilllSIi)1 of ~1I'lmilll)II"1 pl\ll of liis estal\! Wltllolll receiving
v~llI~hle ~nd ~denll~te considelalion'l iAnswel "Yr,~;" 01 "Nu".\_,!'J~,_
2. Did decedent, wilhin Iwo Y\!:1rs 01 dll"lil, IlilliSlIll PIOPI:lly 110:lllinnsl'lf Iwrsl;lllo IlilllselL'llCrsell ~od ~nollier II~rty
or pJrties (including;1 sponsel inloint uWh,,'sllip? IAw,II.II "Yel;" 01 "No".) ~~--
3. If the ~nsWer 10 one or lwo ilLove is "YI)S" :llld lil\!llin,I,Ii:II, al') r.1;lillllld 10 Ill! nonlox;lhle, provide liw IOllowing
inlorm~tio\1:
~, Age of decedent ~t time 01 11~\1slel.
h. Copy 01 dealh ccrti fic~te.
c. AffidaVit hy the allending physici:1\1 illlllcaling llie "Iatl) of dr,cedenl's h\!:11111 "llillle 01 tran:.ler,
d. All other information sllpporlinr.nonlax;lllili ly 01 Iron sf \II.
4. Did decedent, in lIis/her lifetime, Wille any trill1sl01 01 plopelly withol:t recl'ivlnf~ 0 '/.1ll1ollle or adeqll~te consillel~lion
therefor which w~s to t~ke effect in possessioll or enioynll,nl ~l 01 ~ftelllisilicr dllillli? (Answer "Yes" Of "No".) _B.!l.-
a, W~s there any possihility thatlhe propelty tr:1nslelfcd might relllllllo 11l111>lerOl 01 his/her estate or he Snlljecl
to his/her power 01 disposition? (Answer "Yes" or "No".) _!:ill..-
b, Wlwt W:1S the tr~ns!eree's ~ge illUme 01 decellent's delith? _!1.l.A-
5. Did decedenl in his/llCr lifetime m:1ke ony tlllns!er withonlrcceiving iI v~ln~hl\! ond :1deqllllle consiller~tion therelor
under which transferor expressly or impliedly reserve:. 1011lis"lIel life or ;IIIY petiod which does in fact end helore his/her
death:
~. The possession or enjoyment of or lhe righl to income lronl the plOperty tlllllSlelfCCl'1 (Answer "Yes" 01 "No".) ~
b, The right 10 design~te the persons who sh~ll possess or cnioy tile plOperly tlllllsferred or income IhCle!rOl1l1
(Answer "Yes" or "No".) No
6. II lhe ~nswer to five h. il\Jove is "Yes," stllte whether the righl WIIS reserved n\ decedentlllone 01 others. N/A
------.-
7. Did decedenl in his/her lifetime m~ke a lr~nsfer, the consideration lor Wllicll VIilS tl~nsferee's promise 10 pay income
to or 101 t!Ir.\Jenr.Iit or Cale of tr~nsferor7 (Answer "Yes" 01 "No".) - No
8. Did decedent, at ;,ny lime, lransfer properly, the bmcfici~1 enjoyment of which w~s subiecl to cli~nge, bec~use of
a reserved Jlower 10 ~Iter, amend, or revoke, or which could revert to decedent under terllls of tr~nsfer or by oper~lion of
law? (Answer "Yes" or "No".) No
3. If the ~nswer to eightabuve is "Yes," w~s the power to ~Iter, "mend or revoke tlie interest of the beneficiary reserved
in the decedent alone or the decedent ~nd others? (Answer "Yes" or "No" ,) N/ A
QUESTIONS CONCERNING PROPERTY TRPNSFERS
1. Did decedent, wilhintwo ye~rs 01 de~tll. 1I1.111e ,lilY II~nsfelol ~ny lIIirleri~1 palt 01 his estlile wilhout receiving
v~lu~ble ~nd ~dequ~te cO:isidel~tion'l (Answer "Yes" or "No",) _~2...__
2. Did decedent, within two ye~r<; of dr.alil, trilnsfer properly flom hllllsrlf" IHlrsel1 to Ilimself/herself ~nd ~nother p~rty
01 p:lrtir!s (including ~ spouse! in Joint owoclship7 (AIIWWI "Yes" or "No",) _Jl~_
3. If tile ~nswer 10 one or two ilhove is "Yes" i1lld tile Irl1llslelo ilre r.llnllled to he nont~x~bte, provide tlw following
information:
a. Age of decedent at time of tr~nsfer.
b. Copy 0 f de~th cerli fi c~te.
c. Affid~vil by the ,Ittending physicliln illdiCilting iiI[; stilte 01 dl!cedent's 11P.~lth i1t time 01 trilnsler.
d. All oilier inform~tion snpportlng nont~x~bilily of tr~nsfl!r,
4. Did decedent, in his/her lifetillle, rrr~ke any IrilnsfCl of property WitlJOI:/ rccl'iving iI vall/able or adequate consideration
therefor which w~s to loke effect in possession or enioYllwnt ,1t 01 ~Itelllis/her deilth7 (Answer "Yes" or "No".) -1!>L-
a. W~s there any possibility that the property lr~nsfelled might rell/rn to tl~nsferor 01 his/lwr e<;l~te or be subject
to his/her power of disposition? (Answer "Yes" or "No".) No
b. Wlwl w~s the transferee's ~ge ~t time of decedent's de~Ih'l N/ I\.
5. Did decedent in his/ller lifetime m~ke ~ny tr~nslel withonf receiving ~ valnilble ilnd ~dequilte consideration therefor
under which fransferor expressly or irrrpliedly reserves fOI hi<;'helli Ie or 8ny period wllich do~s in fact end before his/her
de81h:
a. The possession or enjoyment 01 01 the light 10 income fronl tile property trilnsfened'l (Answer "Yes" or "No".) B2....-
b, The right to desigll~Ie the persons wllo sh~tl possess or enJoy tile property trilnslerred or incollle thercfrolli'l
(Answer "Yes" or "No".) No
6. If the answer to five b, ~I:ove is "Yes," st~te whelher the rigllt WilS reserved III decedent ~Ione or othels. N/A
7. Did decedent in hiS/her lifetime III~ke il transfer, IlIe considelalion for which w~s II~nsferee's promise fa p~y income
to or for the benefit or care of tr~nsleror'l (Answer "Yes" 01 "No".) No
8. Did decedent, ~I any time, tr~nsfer property, the barefici~1 enjoyment 01 which WilS subject to change, bec~use of
a reserved powel to ~tter, amend, or revoke, or which could revert to decedent under tenns of transfef Of by oper~tion of
law? (Answer "Yes" or "No".) No
3. If the answef to eight above is "Yes," w~s the power to ~1fer, ~mend or revoke the interest of the beneficiary reserved
in the decedent ~Ione or the decedent and others7 (Answer "Yes" or "No".j N/ I\.
. .
LETTERS TEST AMENT ARY
COMMONWEALTH OF PENNSYLVANIA \ 55:
COUNTY OF CUMBERLAND
BY THE TENOR OF 'l'lmSE PltESEN'l'S
Harold B. McLane, Deputy
I, ........ ............... .~ ~.,:,,~:~:.~.~. .~.:..0:::,1.:-::.:~~~.. ........................ Esq.,
Register for the Probate of Wills and Granting Letters
of Administration in and for the County of Cumberland,
in the Commonwp.alth of Pennsylvania, do make known
28TH
unto all men that on the .................................................... day
JANUARY 80 .
of ................................................................1 19........, at Carlisle,
before me was proved, appeared and insinuated. THE
LAST WILL AND TESTAMENT OF
.0................. ......... " ......... .......... ....... '0....... ........ .....
JOHN M. MUSSELMAN, LATE OF
. .~ :~~~~ .S.~~:~~. :r.~~~r:~~.'. . .~~t:l~~~.1':~ . 7??N.'l:": ~ . . ~~~~~,:,~.I.1':' DECEASED,
(a true ~Opy whereof is to these presents annexed), having whilst. . I?? . . lived atthe time
of .~~~ death divers goods and chattels, rights and credits within the Commonwealth, by
reason whereof the approbation and insinuation of the said Last Will and Testament, and
the committing the Administration of all and singular, the goods and chattels, rights
and credits, which were of the said deceased, also the Auditing the Accounts, and Calcu-
lation and Reckoning of the said Administration to me are manifestly known to belong.
And that Administration of all and singular, the goods and chattels, tights and credits of
the said deceased, and way concerning ,~.I.S. . Last Will and Tcstament, was committed to
. .~~~. ~.S.C!~ .t:I??~.~~. ..... . ... . ., . . " .. . . .. ., . . in the said Testament named
. .);]~9'}r~.I.~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. having first becn duly qualified
well and truly to administer the goods and chattels, right and credits of the deceased,
and make a true and perfect Inventory thercof, and cxhibit the same into the Register's
office, in the borough of Carlisle, within thirty days from this date, and also file a just and
true account, calculation and reckoning of . . . . . . ~~. . . . , . administration when lawfully
required, and diligently and faithfully to regard, and well and truly comply with the pro-
vision:: of the law rclating to Collatpral and Dircct Inheritances. Dccedent died Oil the
. . . . ~3~!l. . . . day of . , . . . .J.~~~~Y. . . . . . ., 19 ~.o. . ., according to affidavit properly filed.
In Testimony Whereof, I have hcrcunto set my ham! and caused the seal of said office to
be hereunto affixcd, dated at Carlisle aforesaid, thc .,...,...... .2.8:~~ . . . . . . . . . . . . . . . .
JANUARY .
day of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . III thc year of our Lord One Thousand
N. I' d 1 I EIGHTY . -. ,/
mc ,un rec am ...................... I. /) q!l6~ ,(.
.... ...., .f,. .d..-:z.M?d.. ..~.:.I... ..r.../).~., ..f.""'<1"" .q"It"...k
Riohv,....1 t;' -\ "An.........n Kegh,{'cr "J
pel' .. ~-!l7Jl""'r' J . . . Dcputj' RegiEtll~
dccea~e lnl~, 01.' tihall be incapiu:.:il:a.t.cd ilL any l.irl1c IH) ,l::> Lu be unable to
sel:V'=" as lGxl~c1\t:t'ix, 11L(~I'l:by appoinL rny' (L-:I.11ghl.e1', LOUISE: MU,SSl'.:I.liVtAN
KENT, as my Executrix. In the event th'-it sh" ,;han p,."r]"ce:a,;" me:, 01'
shall be incapa.citalt~d at any tirnc so aB to ht~ unabl(~ tu !i(~rve aD E}:ecutrix,
I appoint my son, IUCllAltD SHEFFER MUSSI':LMAN, '-i" my Executor.
ITEM V:
In the event that my said wife shall pre-
decease me and at the time of my death my daughter, LOUISE MUSSELMAN
KENT, and/or my son, RICHARD SHEFFER MUSSELMAN, shall be incom-
petent because of disability, I hereby appoint my brother, ROY D. MUSSELMAN,
presently of Camp Springs, Maryland, a's guardian of the person and as guardian
of the estate of my daughter, LOUISE MUSSELMAN KENT and/or my son,
RICHARD SHEFFER MUSSELMAN.
ITEM VI:
No Executrix, Executor or Guardian shall be
required to give or file any bond.
IN WITNESS WHEREOF, I have hereunto set my hand and seal to
this my Last Will and Testament, consisting, with this and the preceding page,
of two (2) typewritten sheets on one side, at the end of each of which preceding
page I have also set my hand and affixed my seal for greater security and better
-ce;-'
identification this .3 () day of March, 1974.
.~ ~. {~L~ (SEAL).
John M. Musselman' . .
Signed, sealed, published and declared by the above-named testator
as and for this his Last Will and Testament, in the presence of us, who, at his
request and in his presence, and in the presence of each other, have hereunto
: Jur hands and seals, the day and year above written.
,U,\.1I ./"'.~',cC6. Of1'.{(['t."l.- Residing at: \~O (\ Q(,c....Jl(,...." C()...<::..~
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Page 2 of 2 pages.
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INSTRUCTIONS FOR COMPLETING SCHEDULE "E"
Schedule "E" must include all propertY, real and personal, ownedlJ'Ilhe deceder,t jointiy with another
partY or parties as joint tenants with right of survivorship. Both tangible <1ml intangible property oru to he
included, List real estate first.
1. Describe all real property as indicated in the instructions lor Schedule "A". Describe all per$(lI1al property
as indicated in the instructions for Schedule "B", Include the name, "udress and relationship to tile
decedent of the co,owner (s) and the date the joint ownership "'(IS estoblisher!.
2. Indicate the total market value of the jointly owned property,
3. Indicate the percentage of the decedent's interest.
4. Indicate the market value of the decedent's interest.
----
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File Number
INHERITANCE TAX SUMMARY SHEET
(BUREAU USE ONL'!:)
,., ., 2l::-JO-Q054____,
E I .. John H. Husse1man
5 ale "a me --,-"-"--'- ...-..,...--..........-........--
--~.-_._.-._._-----
EJ Original
o Supplemental
o Remainder
REV-01I14 e.x+ (11-1101
Dale of Deolh January 13. 1980
---.-------.-------------.-----
Social Securily Number ___..l:..~.!l.:1!':~~8.'!_m'_
REPORT OF INHERITANCE TAX APPRAISER
I, tho undoroignod duly appaintod lnhoritanco Tax Appraisor in and lor tho County 01 Cumberland
Ponn.ylvania, do rospoctfully ropart that I novo oppraisod the real and personal praporty as reported rn tho larogaing
roturn at tho valuo. .ot larth apposite each it.m in tho last column to tho right in Scheduios "A", "8", "C", and "E"
Datod: April 13, 1981
,/'" '
/~ /(,(,',: . 1f:~('/,) ;,,./
INHERITANCE TAX APPRAISER
INVENTORY
VALUE AS APPRAISED
ADJUSTMENTS
COOE (HARRISBURG USE ONLY) REMAINDER APPRArSEMENT CODE
---~-'--'-
92+
TOT AL GROSS ASSETS
$ none 00+
143,642 71 '0+
none 20+
none 30+
_..1_4},~4.2 7..L
40-
93-
Real Property (Schedule A)
Personal Property (Schedule B)
Jolnt.Held Property (Schedule E)
Transfor. (Schedule C)
leu D.bts and Deductions
(SCHEDULE F)
CLEAR VALUE OF ESTATE
o Lile Estate
o Annuity
~
FACTOR
PRINCIPLE
VALUE
CODE
I
FOR \lSE OF REGISTER ONLY
s;QQ.E.
COMPUTATION OF TAX
$
$
$
$
6'.
"
Tal( on $
15%
T 0)(. on $
Tax on $
TalC on $
$
T ax on S
Exemptions
Total Estate
TOTAL TAX
INTEREST FROM
BALA.KE
TO
$
$
$
Loss Credits
DATE OF PAYMENT
AMOUNi PAID
DISCOUNT
INTEREST
TAX CREOIT
S
$
$
=
$
-----
=
--..---
--
BALANCE $
INTEREST FROM
BALANCE DUE
TO
$
S
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~ t>l Vl >- [-0 ci
z ~ t>l [-0 ~ z Z
..:l ci ~ ci ~ z :.: ~
..:l Z Z E-< Cl ;:l u " ~
- ~ V> ~ 0 0 oot: z
El= ~
t>l U Q ~ ..:l
Rl:tV"llllJ 1..-\Il)
COMMO~I'~"Al,TH OF PEHH5YLVAHIA
I DEP/,IHMEHT OF REVEHUE
BUREAU OF EXAMIHATIOH
CLOSELY ~IELD
CORPORATE STOCK
INFORMATION REPORT
ESTI\TE. OF .1ol\!, H, Hussd,"an
DATE 0 r OEA TII--,J..i.lIluary .J1.,..l2110
STATE FILE NO, 21-80-0054
SOCIAL SECURITY NO, 168-14-2980
COUNTY OF ___G.u11lbc,-~"l.!}s!.,._------ DATE
(IHSTRUCTlOHS OH REVERSE SIDE)
--..---.----
State of Inc,
DGte of Inc,
Pennsylvania
1. N~i1Ie of Corporation /,10 Corporat Ion
Novcmb"r 24. 1971
Addless 410 North Third Street
P. O. Box 1146
llardsburg. PA 17108
2. Federal 10 Number 23-1855851
(As per form 1120)
3, Type of Business Real Estate - Rentals
Total" of Share Holders 8
Business Reporting Year .Januarv 1 To December 31
Product
4. Stock
Common
Preferred
Type
Total
Outstanding
1,202
Par
Value
Shares Owned
By Decedent
% Of Total Owned
By Decedent
26.95%
$1.202($I!sha.re) 324
5. Was Decedent employed by Corporation? _ Yes -1L No,
If yes,
6. Was the Corporation in anyway financially indebted to the Decedent?.-.lL Yes _No, If yes, explain: See
Answer to No. 7 belm,.
POSITION
ANNUAL. SAL.ARY
TIME DEVOTED TO BUSINESS
7. Was there a Buy and Sell Agreement in effect at the time of the decedent's death? JL- Yes - No.
A. If yes, please attach a copy to this report. B, Was this Agreement consummated?...L- Yes - No.
C. If yes, please provide supporting documentation,
See Attachment #1 and #IA.
8, Was there any life insurance payable upon the death of the decedent, to the corporation? - Yes -1L No.
If yes, explain:
9. Did the decedent sell or transfer any stock of this company within the last 2 years? - Yes ~ No. If yes, please
supply the following:
# of Shares Transferee Amount Date
or
Purchaser
10. Was a cash or stock dividend declared and not paid in the year prior to the decedent's death? - Yes -L No.
If yes, please supply the following:
Type of Amount Record Payment
Dividend Date Date
11, Income Statements and Balance Sheets for the year of death and the 2 preceeding years should accompany this statement.
If not available explain: See Attached Financial Reports - Attachment 1/2.
12, Complete address/es for all real estate held by above corporation should accompany this report.
A, Land, building, and other fixed assets are presented at fair mmket value as of the decedent's date of death.
x Yes _ No. Please report these values and attach to ti1issheel.
See Attac\unent 1/3 - Appraisal.
13, Was the decedent related by blood or marriage to any of the other stockholders or officers of the corporation?
Yes ~No, If yes, explain:
See Attached Computations
and Cununutation of Vallie -
Attachment 114,
Common
-
:;'":;'.
UNIT VALUE TOTAL
$96,309.18
I 14, ESTIMATED VALUE BY ESTATE:
TYPE OF STOCK
NO, OF SHARES
15. ALL OTHER INFORMATION RELATIVE TO AFFIXING THE TRUE VALUE OF THE DECEDENT'S INTEREST SHOULD
ACCOMPANY THIS QUESTIONNAIRE INCLUDING A DESCRIPTION OF TBE METHOD USED IN DETERMINING THE
ABOVE ESTIMATED VALUE (S).
I ,'f;;'VI.J /)fl n " . , I'" '" , hereby celti fy that to the best of my knowledge and belief the foregoing
, I (EXECUTOR." AO~INISTR"'TOR)
answers are true and correct.
.,
"
.',
issued and outstanding shares of 410 of the Shareholder for whom
such Termination haa occurred, at the price determined under
the formula price as set forth in paragraph 3 hereof.
(b) Restriction On Lifetime I:'isposition Other Than
Upon The Occurrence Of Termination Of All
Interest In The Firm. During the respective life-
times of the Shareholders and the continuance in effect of this
Restriction, no Sharehotder shall transfer or dispose of any
shares of stock in 410 by gift or sale, untess all of the stock of
said Shareholder in 410 shall first have been offered, in writing,
for sale to 410 and then to the other Shareholders at the formula
price to be determined in accordance herewith. Upon the receipt
by 410 of said offer, an Option, as hereinafter described, shall
be vested in 410 and the remaining Sharehotders.
Z. The Option. For a period of 2 months following the receipt of
the offer, 410 shall have the ri.ght to purchase all or any part of the stock so
offered for sale at the formula price. If only a part is so purchased or
if 410 elects not to purchase, for a further period of 1 month the remai.ning
Shareholders shall have the right to purchase their proportionate share of
the part not so purchased. If the remaining Sharehotders do not purchase
all of the part not so purchased by 410, then any Shareholder shall have the
- 7 -
41 0 CORPOI~^TlON
HARRISIlUltG. PENNSYLVANIA
BALANCE SHEET
llECEI.IIlER 31,
ASSETS
Less: accumulated depreciation
Total property and equipment
Total
1977 1976
$ 1,380 5,120
4,971 5,072
5,010 4,766
11,361 14,958
98,793 98,793
573,637 573 ,637
14,593 14,593
687,023 687,023
112,463 91,626
574,560 595,397 .
$ 585,921 610,355
CURRENT ASSETS
Cash
Prepaid expenses
Certificates of deposit and accrued interest
Total current assets
PROPERTY AND EQUI PMENT
Land - 410 N. Third Street, Harrisburg
Buil di ng
Fumiture and fi xtul'es
LIABILITIES AND STOCKHOLDERS EQUITY
CURRENT LIABILITIES
Accounts payable - trade
Mortgage payable - current year
Note payable - John M. Musselman
Accrued expenses
Total current liabilities
LONG TERM DEBT
Mortgage payable - Dauphin Deposit Bank and Co.
Less: current year
Total long term debt
STOCKHOLDERS
Common stock authorized 2,000 shares @ 1.00
par value, issued and outstanding 1,172. shares
Capi!al paid in excess of par value
Retalned earnings (deficit)
Total stockholders equity
Total
$ 603 10,440
24,637 22,862
6,000
1,711 356
26,951 39,658
369,525 392,387
24,637 22,862
344,888 369,525
1,172
234,508
( 21 ,598)
214,082
$ 585,921
1,172
234,508
( 34,508)
201 ,172
610,355
The accompanying notes are an integral part of these financial statements.
-1-
410 CORPORATION
STATE~lENT OF INCOIo\E AND EXPENSES
Net income (loss)
fOR TilE YEAR ENDED
DECEl1BER 31,
1977 1976
$ 121 ,069 83,139
244 422
52 49
121,365 83,610
7,720 7,252
316
18
21,636 17,204
266 219
1,140 1,237
29,024 30 ,304
586 180
1,434 1,376
94 114
66
625 575
355 360
4,708 3,556
556 525
15,902 15,655
2,780 1,224
24
410 299
87,618 80,122
33,747 3,488
20,837 21 ,069
$ 12,910 ( 17 ,581)
I NCOI'\E
Rental s
Interest income
Miscellaneous income
Total income
EXPEtlSES
Salary janitor
Advertising
Amortization - organization expense
El ectri c
Employees benefits
Insurance
Interest
Janitor service
Janitor supplies
Miscellaneous
Offi ce expenses
Professional fees
Refuse
Repairs and maintenance
Taxes-payro 11
Taxes-real estate
Taxes-state corporate
Tel ephone
Water and sewer
Total expenses
Income before depreciation
Depreciation
The accompanying notes are an integral part of these financial statements.
-3-
410 COHi'OHAT1 ON
STATEt~ENT OF CIIAfIGES IN FINANCIAl. POSITION
Cash \'laS used for
Mortgage - principal
Prepaid expenses
Accrued expenses
Ilotes payable
Accounts payable
Total
Oecrease in cash
Cash and invested funds bal ance. January].. 1 976-75
Cash and invested funds balance. December 31. 1977-76
FOR THE YE^R ENDED
DECEMBER 31.
1977 1976
$ .12,910 ( 17,581)
20,837 21 ,069
18
8,249
1,355
101
35,203 11,755
7,680
6,000
35,203 25,435
22,862 21,215
612
110
6,000 6,000
9,837
38,699 27,937
3,496 2,502
9,886 12,388
$ 6,390 9,886
Cash ViaS provi ded by
Ilet income (loss) for the period
Add: expense not requiring cash
Depreciation
Amortization - or9anization expenses
Accounts payable
Accrued expenses
Prepaid expense
Cash provi ded from operations
Proceeds from
Sa 1 eS of commone stock
Loan - J. Musselman
Th~ accompanying notes are an integral part of these financial statements.
-4-
410 CORPOHATlON
NOTES TO FINANCIAL ST^TEI~ENTS
Summary of significant accounting principles.
Net income is reported on the accrual basis.
land and buildings are stated at cost.
Building is being depreciated on a straight line basis. The life for various
components of the building range from 5 to 40 years, averaging about 30 years.
Depreciation for tax purposes and financial reporting are the same.
The net operating loss carryforl'lard of $ 21,598.00 may be carri ed forvlard for
seven years to offset income in those years.
The investment tax credit of $ 1,596.00 may be carried forward for the next two
years. Investment tax credits are accounted for on the "flow through" method
which recognizes the benefit in the year,which assets are placed in service.
As of December 31, we computzd the followin9
Prepaid expenses 1977 1976
Insurance $ 782 673
Taxes 4,lB9. 4,399
Total s $ 4,971 5,072.
Accrued expenses
Interest $ 3
payro 11 taxes 29 281
Corporate taxes 1,682' 72
Totals $ 1,711 356
-5-
.... ,", _.- ...-, ...~..... ~.......~,.........
410 CORPORATION
HARRISBURG, PENNSYLVANIA
BALANCE SHEET
ASS ETS
CURRENT ASSETS
Cash
Invested funds
Certificates of deposits
Accrued interest earned
Prepa i d expenses
Total current assets
PROPERTY AND EQUIP;'IENT - at cost
Land
Building
Furniture and fixtures
Leasehold improvements
Total
Less: accumulated depreciation and amortization
Total property and equipment
Total assets
$
DECEMBER 31,
1978 1977
5,991 l,3BO
10 ,000
222
5,960
22,173
4,000
1,010
4,971
11 ,361
98,793
573,637
14,593
687,023
112,463
574,560
585 ,921
98,793
573,637
14,593
3,358
690,381
133,209
557,172
$ 579,345
LIABILITIES AND STOCKHOLDERS EQUITY
CURRENT LIABILITIES
Accounts payable - trade
Mortgage payable - current portion
Accrued expenses
Total current liabilities
LONG TERM DEBT
ll,ortgage payable - Dauphin Deposit Bank and Trust
Less: portion due currently
Total long term debt
STOCKHOLDERS EQUITY
Common stock, $ 1.00 par value, 2,000 shares
authorized, 1202 shares issued and outstanding
Contribution in excess of par value
Retained earnings:
Beginning of year
Net income for the year
End of year
Total stockholders equity
Total liabilities and stockholders equity
The accompanying notes are an integral p~rt of these
$ 1,398 603
26,550 24,637
74 1 ,711
28,022 26,951
344,88B 369,525
26,550 24,637
318,338 344,888
1,202 1,172
243,178 234,508
( 21,59B) ( 34,508)
10,203 12,910
( 11 ,395) ( 21,598)
232,9B5 214 ,082
$ 579,345 585,921
financial statements.
410 CORPORATION
INCOME STATEt1ENT
December 31, 1978 December 31, 1977
INCot1E Amount % Amount 2_
Rentals $ 114,465 121 ,069
Interes t income 347 244
Mi scell aneouS 95 52
Total income 114,907 100.00 121,365 100.00
EXPENSES
Salary - janitor 8,408 7,720
Advertising 11 316
El ectri ci ty 18,663 21 ,636
Employee benefits 292 266
Insurance 1,461 1,140
Interest 26,879 29,024
Janitor services 517 586
Janitor supplies 1,269 1,259
Mi sce 11 aneous 66 160
Parking 616
Professional fees 800 625
Refuse 345 355
Repairs and maintenance 4,811 4,708
Supplies 507 175
Taxes - payroll 658 556
Taxes - real estate 15,693 15,902
Taxes - state corporate 1,320 1,265
Hater and sewer 444 410
Total expenses 82,760 72.02 86,103 10.95
Income before depreciation and leasehold
amortization expense 32,147 27.98 35,262 29.05
Depreciation - amortization expense 20,747 18.06 . 20,837 17 .17
Income before income taxes 11 ,400 9.92 14,425 11.88
State income taxes 1,197 1.04 1,515 1.25
Net income $ 10,203 8.88 12,910 10.63
The accompanying notes are an integral part of these financial statements.
410 CORPORATION
STAW1ENT OF CHANGES IN fiNANCIAL POSITION
FOR THE YEAR ENDED
DECEMBER 31,
SOURCES OF WORKING CAPITAL 197B 1977
From operations $
Net income 10,203 12,910
Add expenses not requiring use of working capital
Depreciation 20,130 20,837
Amortization 616
Working capital provided by operations 30,949 33,747
Sale of company stock 8,700
Total sources of working capital 39,649 33,747
DISPOSITIONS OF WORKING CAPITAL
Leasehold improvements 3,358
Reduction of long term liabilities 26,550 24,637
Total dispositions of working capital 29,908 24,637
Increase in working capital $ 9,741 9,110
SUMt1ARY OF CHANGES IN COMPONENTS OF WORKING CAPITAL
Increases (decreases) in current assets:
Cash $ 4,611 ( 3,740)
Certificates of deposits 6,000
Accrued interest earned ( 78B) 244
Prepaid expenses 989 ( 101)
Total 10,812 ( 3,597)
Increases (decreases) in current liabilities:
Accounts payable 795 ( 9,837)
Mortgage payable - current year 1,913 1,775
Accrued liabilities ( 1 ,637) 1,355
Notes payable - John Musselman ( 6 ,000)
Total 1,071 ( 12,707)
Increase in working capital $ 9,741 9,110
~-
The accompanying notes are an inte9ral part of these financial statements.
410 CORPORATION
NOTES TO FINANCIAL STATEMENTS
A. SIGNIFICANT ACCOUNTING POLICIES
1. Revenue Recognition
The accompanying reports are prepared on the accrual basis. Rental
income is recognized when payments are due.
2. Property and Equipment
The company uses straight-line depreciation methods in its financial
statement and for income tax purposes. The estimated useful lives
used in computing depreciation are as follows:
Building
Furniture and fixture
Leasehold improvements
5-40 years
5-10 years
5 years
3. Federal Income Taxes
No federal income tax is payable with respect to results of operations
for the year ended December 31, 1978 because of the available net
operating loss carryforvlard. The company has a net operating loss
carryforvlard of approximately $ 11,395 and investment tax credit of
$ 1,003 available to off set future taxable income.
Prepaid Expenses 1978 1977
Insurance 1,225 782
Real estate taxes 4,735 4,189
Total 5,960 4.971
Accrued Expenses
payro 11 taxes 45 29
State Capital Stock Tax 195 152
State Corporate Net Income ( 166) 1,515
State Corporate Loans 15
Total 74 1.711
410 CORPORATION
HARRISBURG, PENNSYLVANIA
BALANCE SHEET
ASS ETS
DECEMBER 31,
1979 1978
$ 7,396 5,991
13,590
CURRENT ASSETS
Cash - general
Cash - earned income account
Certificates of Deposit
Accrued interest
Prepaid expenses
Total current assets
PROPERTY AND EQUIPMENT - at cost
Land
8uilding
Leasehold improvements
Furniture and fixtures
Total
Less: accumu1tated depreciation
Net property and equipment
Total assets
5,621
26 ,607
98,793
573,637
3,358
14,593
690,381
154,011
536,370
$ 562,977
LIABILITIES AND STOCKHOLDERS EQUITY
CURRENT lIABILITIES
Accounts payable
Current portion of mortgage payable
Acc rued expenses
Total current liabilities
lONG TERM DEBT
7.5% mortgage payable - Dauphin Deposit Bank and Trust Co.
less: portion due currently
Total long term debt
STOCKHOLDERS EQUITY
Common stock, $ 1.00 par value, 2,000 shares
authorized, 1,202 issued and outstanding
Contributions in excess of par value
Retained earnings:
Beginning of the year
Net income for the year
End of year
Total stockholders equity
Total liabilities and stockholders equity
10,000
222
5,960
22 ,173
98,793
573,637
3,358
14,593
690,381
133 ,209
557 ,172
579,345 .
$ 1,398
28,611 26,550
650 74
29,261 28,022
318,338 344,888
.1.8,611 26,550
289,727 318,338
1,202
243,178
( 11,395)
11 ,004
( 391)
243,989
$ 562,977
The accompanying notes are an integral part of these financial statements,
1,202
243,178
( 21,598)'
10,203
( 11,395)
232,985
579,345
"
\
il
i
I
I
I.
t
I
~
INCOME
Rentals
Interest income
Miscellaneous .
Total income
410 CORPORATION
HARRISBURG, PENNSYLVANIA
STATEMENT OF INCOME
FOR THE YEAR ENDING DECEHBER 31,
1979 1978
Amount % Amount %
$ 118,144 114,465
678 347
36 95
118,B58 100.00 114,907 100.00
9,167 8.408
11
20,430 18.663
295 292
1,633 1,461
24,980 26.879
517
1,490 1.269
150 66
840 616
1,350 800
367 345
5,499 4,811
.507
730 658
16,782 15,693
1,615 1,320
416 . 444
85,744 72.14 82 ,760 72.02
33,114 27.86 32,147 27.98
20,802 17.50 20,747 18.06 ..
12.312 10.36 11 .400 9.92
1,308 1.10 1,197 1..04
$ 11,004 9.26 10,203 8.88
EXPENSES
Salary - janitor
Adverti si ng
. E1 ectri ci ty
Employee benefits
Insurance
Interest
Jani tor services
Janitor supplies
. Miscellaneous
Parki ng
Professional fees
Refuse
Repairs and maintenance
, Supplies
Taxes - payroll
Taxes - real estate
Taxes - state corporate
Water and sewer
. Total expenses
Income before depreciation and leasehold
amortization expense
. . Depreciation - amortization expense
Income before income taxes
State income taxes
Net income
The accompanying notes are an integral part of these financial statements.
410 CORPORATION
HARRISBURG, PENNSYLVANIA
STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE YEAR ENDING
DECEMBER 31.
SOURCES OF WORKING CAPITAL 1979 197B
From operations:
Net income $ 11 ,004 10.203
Add expenses not requiring use of working capital:
Depreciation 20,130 20,130
Amortization 672 616
Worki ng capital provided by operations 31,B06 30,949
Sale of common stock 8,700
Total sources of working capital 31.806 39 ,649
DISPOSITIONS OF I~ORKING CAPITAL
Leasehold improvements 3.358
Reduction of long tenn liabilities 2B ,611 26.550
Total dispositions of working capital 28,611 29.908
Increase in working capital $ 3,195 9,741
SUMMARY OF CHANGES IN COMPONENTS OF WORKING CAPITAL
Increase (decrease) in current assets:
Cash
. Certifi cates of deposit
Accrued interest earned
Prepaid expenses
Tota 1
Increase (decrease) in current liabilities:
Mortgage payable - current year
Accounts payable
Accrued liabilities
Total
Increase in working capital
$ 14,995 4.611
( 10.000) 6,000
LJlli ( 788)
339 989
4,434 10,812
2.061 1.913
( 1,398) 795
576 ( 1 ;6 37)
1,239 1.071
$ 3,195 9,741
The accompanying notes are an integral part of these financial statements.
410 CORPORmON
NOTES TO FINI\NCIAL STATl4ENTS
SIGNIFICANT ACCOUNTING POLICIES
1. Revenue recognition
The accompanying reports have been prepared on the accrual basis.
2. Property and equipment
Depreciation is computed on the straight-line method for all assets.
Estimated useful lives are as fol101'IS:
Buildings 5 . 40 years
Furniture and fixtures 5 - 10 years
Leasehold improvements are amortized over the terms of .the lease,5 years.
3. There is no federal income tax due for the current year because of the net
operating loss carryforward. The remaining net operating loss carryfon~ard
to 1980 is approximatelY $ 391.
4. Prepaid expenses 1979 197B
Insurance $ BB6 1.225
Real estate taxes 4.735 4.735
Total $ 5,621 5,960
- ~
5. Accrued expenses
Payroll taxes 142 45
state capital stock tax 277 195
State corporate net income tax 231 ( 166}
-
Total $ 650 74
.~
FURFOSE OF
AFFRA~SAL:
LOGATIml:
AREA
DESCRIPTION:
'I
I
I
;'j <l. II: L~iH ;:
: C',: ~ (.,...
AFl'HAISH
PROPEn1'Y OF
410 CORPOI1AT ION
410 N. THIRD ST., HARRI8BURG, PA.
The purpoae of this appraioal io to indicate what,
in your appraiser's opinion, io the fair market
value of the property as of January 15th, 1980.
Fair Market Value is defined an being the most
roasonable or probable price estimated in terms
of money whi'.lh a property ~J1l1 bring in a competi-
tive and open market under all conditions requisite
to a fuir oale, the Buye~ and Seller each acting
prudently, knOffledgeably and aosuming the price
iu not affected by undue otimuluo.
The property, knu\nl and numbered au 410 North
Third Street. 1s located la thn Fourth Ward of
the city of Harrisburg, Dauphin County, }enna.
and lies along the uest3rn Bide of North Third
Street between South and state Streets.
The property 11ee, generally, iu what is considered
to be the Central Business District of the City of
Harrisburg. barrisburg is tho State capitol of
Pennsylvania and the property lies directly acroso
the street from the Main Capltol Building of th(J
Capitol Building Complex. The property also lies
four bloclm north and two blocks east of the inter-
section of second und Market streeto, the area
commonly considered us the hub of the City. More
iuportantly it lies within u "ewath" consisting
pro dominantly of vffice bnlldings which has as its
focal point r..t t,he northeust eud the Capitol Complex
and its terminus, the Dallplll.n Com:ty Court House,
at its sou',;hwos't end. ContaiMd within this "swath"
urea is the Foderal Building I\nd the majority of
the major office buildlngo located within the City.
The notablo ey.cClpt1on to this io the strawberry Square
office/!'etall complex loc[.ted at Third and Walnut
streeto, which lies immediately adjacent to the
"s~;nth" al'oa. Thus, the property 16 wall loc...ted
from the stoudpoint of office apace desirabi11ty
uithl11 the aity.
'r.hird street, a macadamized strnet, having curbing
and s1dc"ilUlks, is a tuo dll'cctiollal traffic flow
C01.,1.'l.nC:I.\I.
INI11!:i"lliIJl,L
/'I1'1'l1i\lfj!.LO
.--_._.~-_..- .-.. .-------
------. ..- -~._...._.__._-_.
,-".,
,,,,..I.
1fa~.
JAMr5 L. HrL~e:L
9 I ,; ,I. ~ I
-2-
LAND:
:J'trcct and io ono of the m1ljor Ilorth/aouth etroote
lilthln the City. As each, it p,njoyo fJubetantial
vehicular traffic. AS one proceeds northward on
Third street, ite deslrablllty beglns to decline
grodually from state stroet to Fcroater Street,
three blocks to tho north. From that polnt north~
<lord ~.tlJ doeirl1bH i t:7 falls off rapidly. Convereely,
ue ooe proceed~ eouthward fro~ State Street to
I';alnut StI'eot, ita deoirab1l1 t:' gElDerully 1e 1'ela-
tivoly stable and it tendo to lncrease from Walnut
to Socond Street, due prir~o..'ll y to~hCl retall
influence withln that o.rilll, at: opposed to tho deeir-
ability of tho area from un offico 10cat10n otand-
p01nt.
The primary office growth has occurred in tho
Duburbs surround~uB the city, IlD oppooed to w1thin
the C1ty itsolf. Tho aro!!. on joying the greatest
amount of oxvaneion io that 20cated on the Weat
Sllore at the 1,ntersect1on of' the Camp Hill By-Pass
and Erford Road. Some office grovth has ooourred
in the Eaet Part Area and more recontlY in en offlce
park complex north at the City in the northeeot
quadrant of un intereection formed by Interstate
Route #61 und North Progrese Avenue. The C1ty
itself, with tho exception of office develop~ent
nccompliahe~ by the HarristOlm Development Corp.
and several lend1ng institutions, has had no new
pr1vately constructed office facilitieo built tor
several years. There are, in fact, soveral of tho
downtown office buildings which currentlY have
substantial vacancy factors. Thie haa beeen occa-
::;ioned by the fact that Hnrrietolffi Development
Corp., a public body operating in conjuuc~ion with
the Redevelopment Authority o~. the City of Harrie-
hurg, having constructed office fac1l1tieo to bouee
the Commonliealth of Pennsylvania and Dell Telephone
company in two new office buildinge. As a rosult
of these facilitjea having beeu built, substantial
vucnnciso have occurred in thoce propertiec privately
owned. It is anticipated that ab;:lOrption of thl'l
opacs will require a min1mum of tHO year" and more
l11re1y between r,110 and four yoars. 8maller fac 111tie8,
Guch as ls the uubject of th1s report, he-vo baen less
ndvereely affocted thnn their larger counterparts,
and, therefore, thEl vacancy problem haa not been as
severe in fncl.litieo of t.his type.
The pnrcelin question fronta 37'2", more or leee,
along the wostorn side of North Third street und
extends 90 ft. in substantially even w1dth and dept~
AREA
DESCRIPT IOl~:
(Cont'd~
COIII.n lKIAL . INUlJ~IHI^l.
AII'I!fIIUM.S
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LAIID:
(Cont'd)
ZONIlW:
TA.XES AND
ASSESSED VALUE:
IMPROVEl1ENTS:
-3...
to tho eastern aide of Uillin Alloy. Willis Alley,
10 ft. in lIidth, ill macuJamized al'd extende only
b~twoen Hauth Dnd state ~tractn.
Generally apeak1n", the par,:ol is relatively level,
and has a vcry gradual elupe to tho \Iest to\rards
WIllis Alloy. It is, for all practical purposes,
fully developed and built-over .Ilth the four story
plus basemcnt offico bulldin[; conntructed upon it.
It contains a total of 3345 sq.ft.
The area, under the currentordinanccs of the Oity
of Harrisburg, is zoncd CCG - Community Commorcial
Genuro.l, /l, clussification permitting among other
thing~, otoreo, offices nnd restuurants. usage of
the property as an office building site is within
keeping of the roquirements of the ordinance.
The pnperty 1.B assessed for tax purposos in the
amount of ~135,144, of which ~21.369 is allocated
to land and $113,775 1s allocated to the building.
Thi~ represents 30% of the fair market value of the
property 0.6 determined by tho Oounty Assessor's
offlce, t~sing 1973 aD a base year. Por tax purposes
only tho County uses the 30% ~ssossment ratio. The
City and School Diotrict both uoe a 60% to market
v?.lue ratio.
Annual taxes for tho year 1980 are ~18,086.73 flat.
The property io improved with a foul' story plus
basement masonry office bunding. having u concrete
block foundation, a br1ek faced concrete block backed
front ond concreto block side und rear walls. Tho
roof is of the built-up slog oovered type, lined
,,1 th a terra.,ootta parapet ond two interior fire
tOl/ors oxt.end fnm the basemont to the fourth floor.
One 1500 lb. hydraulioally operated pasoenger eleva-
tor serves the bunding on all levels and both heat
anrl air conditioning uro acoomplished through an
electrically operated combin~tion unit which is
ducted through ceiling diffuBers to 0.11 areas.
The primary entrance is off Third Stroet and it
opens into a small lobby aren, huving a glazed tile
floor, cork tile walls and an acoustical colling.
Basically, all floors, including the basement area,
are similarly finished, all having concrete flooring
overlaid with car"etlng, per1me\or walls of drywall,
and interior partitions of the movable drYl/all typo.
C\)M I.~ i-he lAI.
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IMPROVEHENTS:
(Cont I d)
LEASES:
-4-
iiinillh Wllll tl'ea~ment is 11 combination of paint
und \/e,ll covering, primarily of t;he vinyl type.
Ceilings throughout are of the suopended accustical
tilc type \lith recessed fluore:JCent lighting.
The notable exception to the finish a~ea are the
triO mechanical rooms anr. one file atorage room.
'rhese areaa havo concrete floorl.ng, painted concrete
block wallo and exposed Motal deck ceilinge. The
one mech~nical room houses tho primary electrical
panels which consist of a 1200 amp 480 volt system.
In addition to this, there 1s nn electria hat water
heater which serves the entire building, e~ergency
battery operated lighting system and a sump pump.
The secund mechanical room houses basically tele-
phone Glritching equipment.
Each floor is equipped with men'e nnd women's rest-
room facilities and in addition to this, a women's
lounge area is located adjacent to the rostroom
facilities in the basement area.
The bulld ing, which line constructed in 1971, has
been well llla1ntained since its construction. It
contains a total of 16,650 sq.ft. of groBo building
urea, and 13,501 o~.ft. of net rentable area.
Thio represents 8~~ of total building area, which
is common, generally speaktng, in keeping with
multi-story facUities. It ohould be noted that
the unfinished basement '1reo contains 1183 sq.ft..,
versus the finished basement area of 2147 sq.ft.
There are two leeoes currently in effect, each with
the same basic terms and conditions with the Lessor
be ing responsible for aU serviceo, including
j~itorial service, ao well as exterior, structural
and meche.lical maintenance. The l,esllees are responsi-
blo for interior maintenance of their own are~. In
adJition to these requ1~ementB, tho first flobr
ten:mt has two parking spaces provided to it.
The first floor tenant, Butcher & Singer Inc., has
a basic five year lease as of February 1, 1980 at
~8 per sq. ft. uith two optionu, ths flrsC being a
a three year option and the cecond a two year option.
Annual rental is C20,144 for the buse term. Under
~.~ options granted by the lc~oe, t~ere is a provi-
sion for a rental increase based on one-half of the
difference in the conoumer price index, using 1978
as the baDe year, versus that for the year in which
the options arc exercised. The some consumer price
COM~,ltIlCIAL
INUUGTHI^I.
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(cont'd)
VA.LUAT ION:
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tndex fuetor uppll.eo to each nucceeding year of
Lhe option, no that du~inB thr first three year
option period, the rent lrHl lncrear.e annually
und 1t will do l1k.mise during the next tOlO year
option sh0U1d that be exercised.
'fhe balance of the building, that 1e the baeement,
sGcond, th ird and fourth floors arc leaeed to the
1m! firm of Rhoads, Sinon and Hendershot under a
bas ic leuGc egremuent dated January 1, 1977 which
wos for a two year period. The lease wue amended
December 21, 1979 to 6xtendtho term for one addiu
tional yoar at an annual rental of $120,000. This
equates for the 10,983 sq.ft. culled for within the
leuse to a rato of ~10.93 per oq.ft. In attelnpt1ng
to determine whether or not the rentals were economic,
it 1'!aS necessary to examine the \lse and occupancy
of the building by tho tuo ter:ants. Baeically,
the first floor tenant, l\ stock brokerage firm,
is a five day per week normal Jusiness hour fUllction,
while the lau ftrm occ1tpyin[~ th<l balance of the
build.1n[1; reflects a longer b\lo1nen:il day and at least
IJ. five and one~half (lay weel,:.
Taking 1nto a~count tho coot of operat1on differen-
tials, tOGether with Irn010ffi ~'cntal rates in other
buildings uithin the City and fluburban areas, it
is your o.ppraiscr'lJ opin~on thet the fi.rat, floor
rental is somewhat below currunt market levels and
that the remainder of the building is Bome1'lhat above
current market levels. The rental rate range for
quality office spacs within the Oity ',e minimum
lill.OO per Square foot to $10.00 por EJquare foot.
In the whole, hOllever, it is felt that the overall
gross rent received is relatively economic and,
therefore, no all jllstments from thia wore made for
purposes of vulua'.;ion determination.
In attempting to ar.rive a.t an indication of fair
market valuc, three approacl16S, the OCl8t, Harkat
and Income Approaches, wers considered. Set forth
below ere tho conclusions of those three approaches
to v::llue.
COS'T APPROACH:
Un-der the cost Approach, land was indioated as
huvJ.ng a. rate of $20 per sq..ft., which, \/hon applied
to tho 3345 !3Q,.ft., indicates a va:.ue of e66,900.
A reproduction rate as dl!terlnined from the Marehall-
Swift Cost J.l:mual, the Means Cost l~an\l!ll and local
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(Cont'd)
-6-
COST APPRMC,I: (Cont inlled)
--.... -
construction costn knowledge \lOuld ind:l.cate an
aV0rage square foot rate of $45.80, which, when
applied to the gross buildf.ng area of 16,650 sq,
ft'l provides a build:l.ng value replacement cost
of ,,762,600. From this depreciation of all
phasra totaling 35% or $266,900 was deducted,
le:1Ving a depreciated building value of $495,700.
Adding land value to this1 provides a value in~ica-
tion by this approach of ,,562,600, wh:!ch \laS
rounded to $5u3,000.
lNCOH'~ ApPROACH:
(;rOSD potential annual income was irldicatr~d ae being
$140,144. A vacancy and credit loss factor of 7~%
or $10,511 \la3 deducted 1 leav:l.ng effective potential
gross annual inrome of ,,129,633.
An examination of exp~nseB f0r the past five years
\~as conducted and an adjusted expense roll reflective
of cost inc.'cilses since 1979 and in keeping with
the general cost increcses since 1976 indicated
total expenses to be $71,153, \1hich, when subtracted
from the effective potential gross annual incon~
of $129,633, provided net income before recapture
of $58,'180. It Has noted that total expenses, in-
cluding the vacancy and cradi,: 10Sll, amounted to
58.3% of potential gross annual income, a prrc~ntage
factor \1hich equates quite well \dth national aver-
ages for facilities of this type.
In attempting to arrive at a capitalization rate,
it was felt that a first mortGage in the amount of
6)% at 13% \/ou1d have been attainable at the date
of value and an equity rate of 10% for the 357.
equity requirement would have been reasonable.
Thus, the indicated rate is as follows:
1st ~IDrtgage - 65% @ 13% D .0845
Equity - 35'7. @ 107. co .0350
Indicated Rate co ,ll~ - say 12%
The $58,480, when capitalized at 12%, provides a
Vlllue illdicnti.on of ~1+87 ,333, whicb was rounded to
$487,000, the vallie indication by tllis Appro~ch,
MARKET APPROACH:
'Sales otsimilnL" facilities are not in plentiful
supply /lnd i.t vas necessary. therefore, to utilize
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CONrARAll1.E SALES
1. 355 N. 21st St., Camp Hill, Pa. - Plot 174 x 80 x 255 x 36 x
30 x 180 ft. pluS 3 sty brick office bldg 31 212 sq.ft.
Sold 7/79 - R & J Tolbert to 355 1.TD, $1,270,000 or $40.69/sq.
ft. b Idg. arc a . Suburban locat iOll, 30,360 sq. [t. parking area,
larger, similar building.
2. 3619 Walnut St., penbroolc - Plot 60 x 108 ft. plus 2 sty brick
office bldg., 4392 sq. ft., built 1958, renovated 1974 - Sold 1/79
E & E Associates to E. ritnick - $195 000 or $44.40/sq.ft. bldg.
area. Recorded D.B. 2-96. Suburban iocation, smaller but similar
building .
3. 208-10 \~alnut St., Harrir.burg - plot 53 :: 103 ft. plus if story
+ Basmnt Brick offIce bldg., 26,705 sq.ft. Sold 1/77 - Josiah
Kline Foundation Inc. to Dauphin County IndulJtrial. Development
Authority - $140,000 or $5.24/sq.ft. bldg area. Recorded D.ll.
G-64-78l. Older, unrenovated downtm/n office bldg., inferior
condition, comparable location.
4. 2521 N. Front St., Harrisburg - "L" shaped plot 81 x 225 x 191
x 100 x 110 ~, 129 ft. plus 1 sty. brick office bJ dg.. 8,732 sq.
ft., built 1950, Sold 9/77 - nillmar Reulty Inc. to Skelly &
I,~y - $155,000 or $17.'lS/llq.ft. bldg. area. Recorded D.n. B-64-
671. Older, lmt relatively modern bldg. :In a more suburban
location.
S. 124 Pine St., Harrisburg - Plot 52~ x 110 ft. plus 6 sty + Bas.
brick office bldg., 37,436 sq.ft. Built 1954. Sold via ~orporate
transfer - 11/79 - Plaza Hotel, Inc. - $165,000 or $4.41/sq.ft.
bldg. area. Som~hat inferior location, older, larger, vacant
building, requiring modernizat:l,on.
2491 Pa:tton St., s..~atara 'l\~p. - plot 118 x 250 ft. plus 1 sty.
brick office building, 96435 sq.ft. ~old 10/18 - A. Myers to
422 Associates - $270,00 or $28.62/sq.ft. bldg. area.
Recorded D.B. 11-65-53. Nore commercial location, somewhat
inferior bldg.
6.
7.
5221 E. Simpson Ferry Rd., H~,lnpden Twp. - Plot 140 x 475 ft. plus
1 sty brick office bldg.. 1+565 sq.ft. Sold 11/78 - C. Stoner
to J. Yeakel - $150,000 or $32.86/sq.ft. of bldg. area. Recorded
D.n. 27K-113. Infedor location, somwh.lt ~:Imilar caliber of
building.
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JAMES L. HELSEL, REALTOR, S.1.R., M.A.!., S,R.P.A.
AI'PRAISIIR
QUALIFICATIONS
I have been engaged in the commerd al and industrial
real estate field sinc<! 19118. I am Il member of the Greater
Harrisburg Board of Realtors (Pact Pres i.dent), pennsylvania
Association of Realtors (Past president), Nlltional Association
of Realtors (Treasurer), Society of Industrial Realtors,
Am:lrican Right-of-~]ay Association (5eniol' Member), American
Institute of Real Estate Appraisers (l1.A. I. fftf/+38), Society
of Real Es~atc Appraisers (Senior Real Property Analyst) and
a Certified Commercial and Investment Member of the Realtors I
National Marketing Institute.
I have attended the Harrisburg Academy, Franklin and
Marshall College and Gettysburg College. I have studied
appraising at Yale and Syrncus~ Universities and have taught
Real Estate Courses for the pennsylvania Association of Realtors
and penn State Extension School.
r have qualified and testified as an expert witness in
Cumberland, Dauphl.n, Franklin, Lancaster, Lebanon, Mifflin,
Somerset and york Counties. I have accomplished appraisals
for all of the local lending institutions, Commonwealth of
pennsylvania, Penna, power & Light Co., Metropolitan Edlson
Co. and a wide variety of firms such as Quackenbush Warehouse
Company, Summit Corporation, llethlehem Steel Co., IlERCO, Inc.,
Hershey Foods Corp., AMP, Inc., Cleaver Brooks, Penna. Supply
Co., General Motors Corp., Hestern Electric Co., the Redevelop-
ment Authorities of Harrisburg, Dauphin CO\1nty, Somerset County,
Lebanon County, Mifflln County and the City of York, the Counties
of Dauphin and Lebanon, Gulf Oil Corporation, Atlantic-Richfield
Co., Texaco, Inc" Exxon Co. U.5,A., am a qualified ~ppraiser
for tbe Veterans Administration and Federal Housing Administra-
tion.
Our firm has been engaged primarily in commercial and
industrial real estate since lts inception in 1929 and in that
capacity are engaged in both the management aspects of real
estate, as w~ll as its B~quisltion and disposition.
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Dntes of Cnpltal
Contributions
Days frolll Cl.ll1tri.bllt:loJ\
!>i~-",,,-t,<J_~~'-U,~l~Y, })J_)_9.!lQ
^Jl\nlll1t of C.ll'i.tal
ecm!:r j billIon
.. - .-........---.----------
12/30/71
2/2/72
3/3/72
1/1/73
5/7/73
5/1/75
1/2/76
1/21/77
2,931,
2,900
2,870
2,567
2 ,i,I, 2
1,718
l,1ll1
1,087
$lB,OOO,OO
7,200,00
8,200,00
21 , GOO. 00
1,732,1,0
925,76
2,160.00
7,700.00
Total Capital Contributions .$()7,518.16
CALCULATION OF API'RECINJ'lON
Dnys from Contribution Daily Rate of Amounts oE Capi-
Dates to January 131 1980 x ~)recia~)2.'. tal Contributions Appreciation
x
2,934 x .0002051,7 x $18,000.00 = $10,851. 28
2,900 x .0002051,7 x $ 7,200,00 = $ 1,,290.21
2,870 x ,0002051,7 x $ B,200,OO = $ 4,835.53
2,567 x .0002051,7 x $21,600.00 = $11,392.74
2,442 x .0002051,7 x $ 1,732,1,0 = $ 869.25
1,718 x .0002051,7 x $ 925,76 = $ 326,79
1,471 x ,OO02ll547 x $ 2,160.00 = $ 652,85
1,087 x .00020547 x $ 7,700,00 = $ 1,719.76
Total Appreciation $34,938.41
CALCULATION OF TOTAL VALUE
Total Capital Contributions
Total Appreciation
TOTAL VALUE
$ 67,518.16
31,,938,111
$102,'1, 5(, , 5-'1"
COfolHlJTATlON OF VALUE
The Hy-LiH.,IS of the CorporntiOI1 fllrtber prnvidp that the above Hum is
payable six months after the date of death without interest, Accordingly, the
v.11uc of the stock if> the right to rec:elve the fiUI1I or $107.,4!j6.57 six months n(-
COMMONWEALTH OF PENNSYLVANIA
OEPARTMEWf OF REVENUE
BUREAU OF COUNTY COLLECTIONS
APPLICATION FOR AND CONSENT
TO TRANSFER SECURITIES
REGISTERED I~l THE NAME
OF A RESIDENT DECEDENT
'*
DATE
1_(._B1
APPLICATION (MUST BE FILED IN TRIPLICATE)
TO THE PENNSYLVANIA DEPARTMENT OF REVENUE:
Application is hereby made far crosent to the transfer of tho following securitios of a Pennsylvania
Corporation or 0 Notional Bonking Association located in Pennsylvania:
(a) 108 (b) Daunhin j)"DOSit Bank f, 'j'!'ulll Co, (c).,SQll!!IIQn
(NOTE: In describing securities enter in (a), ab Ole, either tho number of shares 01 stack or the face amount of
registered bands, in (b), the name of the issuing company and in (c) tho class of stack or the stated interest rate
and maturity date of registered bonds.)
ISSUED ON various dates
,and having 0 TOTAL MARKET VAWE OF S 1.~I,O.OO
(Do..)
as of the date of death of the decedent, John M. Mussel.mf1.D.____,an ,Januarv 13,1980
(Horn. of Oeeod.n') (Dat. 0' doath)
who was late of 49 Skyline Drive
(Street and Humber)
Mecha n lcmb'u .rq,____!'_lli!)'Qgrland
(Po..Offlc.' (Coun'y)
pennsylvania
(Sto'.)
The securities are registered as fallows:
John M. Musselman
(Nom. or namlll In which nr,HleD'" aft' ,.gl'for.d)
-.-.p.------.-.,.---.---
~~H~1~1~) Lois M.
EXECUTOR )
Musselman , 4 9 Sk.Y_Un~,..,QrJc.Yo ,....Meehan icsburq ,
(Nom.) (Add....)
NAME OF APPLICANT J.lpjJLi1.....J1w.BQ1man
COUNTY FILE NUMBER :).,,/, ~"'l' ... r; , ( ADDRESS OF APPLICANT _Ji.Dme as "bove
BUREAU FILE NUMBER SIGNA TURE OF APPLICANT drt ( 'L)/ 'J)}a 'I i2~..i1;.tc0c./
NOTICE: IF YOU FAIL TO PROPERLY FILL IN ANY PORTION OF THIS APPLICATION, IT WILL NOT BE
CONSIDERED COMPLETE AND WILL BE RETURNED TO YOU FOR COMPLETION.
FA 17055
COMMONWEALTH OF PENNSYLVANIA - DEPARTMENT OF REVENUE )4\" (3, Iqgr
CONSENT TO T~ANSFER SECURITIES DA TE i ,S) /. 'f"~ if'
I hereby consent to the transfer of the above securities noW registered in the name of the aforesaid
Decedent and waive the filing of a certificate certifying to the pa~monl of the transfer inheritance tax to which
the property of said Decedent is made subject pursuant to tho provisions of the Act of June 20, 1919, P.L. 521,
as amended and the Act of June 15, 1961, P.L. 373, as amended. This Is also in accordance with the provisions
of the Act of April 9, 1929, P.L. 343,
This Consent to Transfer tho herein described property operotes only in reference to the estate of the
above-named Decedent.
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Slgnod lor the Secretary of Revenue
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INSTRUCTIONS
To insure proper credit to your occount, the name of the estale and file number should be
clearly printed on the check or money order,
This determination ond ossessment is made in accarelnnce with Section 421 and Section 732
of the Inheritance and Estote Tox Act of 1961,72 P,S, 2485-421,732,
The estate tax imposed by Section 421 is due 01 the date of the decedent's death but sholl
not become delinquent until the expiration of eighteen (18) months after decedent's death provided
that any estate tax accosianed by a final change in the Federal return or of the lax due thereon
shall not become delinquent until the expiration of one (1) monlh afler the person liable to pay
the tax receives linal notice of the increase, Calculate interest from the delinquent date shawn
on the face of this form to the date of poyment using the following interest tab'e:
----------------------------------------------------------------------------------
1 month .005 4 month s ,020 7 months ,035 10 months .050
2 months ,010 5 months .025 8 months .040 11 months .055
3 months .015 6 months .030 9 months .045 12 months .060
1 day .00017 11 days .00186 21 days .U0352
2 days .00034 12 days .00203 22 days .00369
3 days .00051 13 days .00220 23 day s .00386
4 days .00068 14 days .00237 24 days .00403
5 days .00085 15 days ,00250 25 do ys .00420
6 days .00101 16 days .00267 26 days .00437
7 days .00118 17 days .00284 27 days .00454
8 days .00135 18 days .00301 28 days .00471
9 days .00152 19 days .00318 7!1 days .00488
10 days .00169 20 days .00335 30 days .00500
,--- ------ -------------------- --- -- -------- --- ------ - --- ---- ---- -- --- ------- ------
Any party in interest, including the Commonwealth and the personal representative, not
satisfied with the assessment may object thereto within sixty (60) days after receipt of this
notice as provided by Section 1001 of the Inheritance and Estate Tax Act of 1961 (72 P.S.
9 2485-1001)
Make check or money order payable to:
"Register of Wills, Agent"
Mail to the address listed below:
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