HomeMy WebLinkAbout05-01-08
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15056041192
REV -1500 EX (06-05)
OFFICIAL USE ONLY
PA Department of Revenue
Bureau of Individual Taxes
PO BOX 280601
Harrisburg, PA 17128-0601
County Code Yoar
File Num ber
INHERITANCE TAX RETURN
RESIDENT DECEDENT
21 07
0571
ENTER DECEDENT INFORMATION BELOW
Social Security Number Date of Death
Date of Birth
318 20 8337
06 08 2007
03 28 2006
Decedent's Last Name
Suffix
Decedent's First Name
MI
Jung
John
8
(If Applicable) Enter Surviving Spouse's Information Below
Spouse's Last Name
Suffix
Spouse's First Name
MI
Spouse's Social Security Number
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
FILL IN APPROPRIATE OVALS BELOW
c:J 1. Original Return
c:J 2. Supplemental Return
c:J 3. Remainder Return (date of death
prior to 12-13-82)
c:J 5. Federal Estate Tax Return Required
_ 6. Decedent Died Testate
(Attach Copy of Will)
c:J 9. Utigation Proceeds Received
l::J 4a. Future Interest Compromise (date of
death after 12-12-82)
l::J 7. Decedent Maintained a Living Trust
(Attach Copy of Trust)
l::J 10. Spousal Poverty Credit (date of death
between 12-31-91 and 1-1-95)
8. Total Number of Safe Deposit Boxes
c:J 4. Limited Estate
c:J 11. Election to tax under Sec. 9113(A)
(Attach Sch. 0)
CORRESPONDENT - This section must be completed. All Correspondence and Confidential Tax Information Should be Directed to:
Name Daytime Telephone Number
Elyse E. Rogers, Esquire
717 612
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2
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l + ':~:1
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Finn Name (If Applicable)
Keefer Wood Allen & Rahal, LLP
First line of address
635 North 12th Street, Suite 400
Second line of address
\0
City or Post Office
Lemoyne
State
ZIP Code
DATE FilED
PA
17043
Correspondent's e-mail address:erogers@keeferwood.com
SIGNATURE 0
urn, including accompanying schedules and statements, and to the best of my knowledge and belief,
thert ersonal representative is based on all information of which preparer has any knowledge.
~ D/TE ~
f....f.2S ~U
ADDRESS
SIGNATURE 0
DATE
- &1-0%
,
ADDRESS
moyne, PA 17043
PLEASE USE ORIGINAL FORM ONLY
Side 1
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15056041192
15056041192
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15056042193
Rev-1500 EX
Decedent's Name: John B. Jung
RECAPITULATION
1. Real estate (Schedule A) ......................................... 1.
2. Stocks and Bonds (Schedule B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 2.
3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C) . . . . .. 3.
4. Mortgages & Notes Receivable (Schedule D) . . . . . . . . . . . . . . . . . . . . . . . . . .. 4.
5. Cash, Bank Deposits & Miscellaneous Personal Property (Schedule E) . . . . . . . .. 5.
6. Jointly Owned Property (Schedule F) c:J Separate Billing Requested. . . . .. 6.
7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property
(Schedule G) c:J Separate Billing Requested . . . . .. 7.
8. Total Gross Assets (total Lines 1-7) ................................ 8.
9. Funeral Expenses & Administrative Costs (Schedule H) . . . . . . . . . . . . . . . . . . .. 9.
10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I) . . . . . . . . . . . . . .. 10.
11. Total Deductions (total Lines 9 & 10) ...... . . . . . . . . . . . . . . . . . . . . . . . . .. 11.
12. Net Value of Estate (Une 8 minus Line 11). . . . . . . . . . . . . . . . . . . . . . . . . . . .. 12.
13. Charitable and Govemmental Bequests/See 9113 Trusts for which
an election to tax has not been made (Schedule J) . . . . . . . . . . . . . . . . . . . . . .. 13.
14. Net Value Subjectto Tax (Line 12 minus Line 13) ....................... 14.
TAX COMPUTATION - SEE INSTRUCTIONS FOR APPLICABLE RATES
15. Amount of Line 14 taxable
at the spousal tax rate, or
transfers under Sec. 9116
(a)(1.2) X .00 0 .00
16. Amount of Une 14 taxable
at lineal rate X .045 1 , 9 4 5 , 7 2 3 . 71
17. Amount of Line 14 taxable
at sibling rate X .12 0 . 00
18. Amount of Line 14 taxable
at collateral rate X .15 0 . 00
19. TAX DUE .................................................... 19.
20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT
Side2
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15056042193
15.
16.
17.
18.
.
Decedent's Social Security Number
318 20 8337
0.00
376,313.66
85,440.77
0.00
213,638.78
0.00
1,291,005.65
1,966,398.86
18,791.41
1,883.74
20,675.15
1,945,723.71
0.00
1,945,723.71
0.00
87,557.57
0.00
0.00
87,557.57
CJ
15056042193
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Rev-1500 EX Page 3
File Number
Decedent's Complete Address:
21
07
0571
DECEDENT'S NAME DECEDENT'S SOCIAL SECURITY NUMBER
John a.JunQ 318-20-8337
STREET ADDRESS
431 Blacklatch Lane
CITY I STATE . I ZIP
Camp Hill PA 17011
Tax Payments and Credits:
1. Tax Due {Page 2 Line 19}
2. Credits/Payments
A. Spousal Poverty Credit
B. Prior Payments
C. Discount
(1 )
87,557.57
0.00
82,500.00
4,342.10
Total Credits (A + B + C)
(2)
86,842.10
3.
Interest/Penalty if applicable
D. Interest
E. Penalty
0.00
0.00
4.
Total Interest/Penalty (D + E)
If LIne 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT.
Fill In avalon Page 2, Une 20 to request a refund.
(3)
(4)
(5)
(SA)
(5B)
0.00
715.47
0.00
715.47
5.
If Line 1 + Une 3 is greater than Line 2, enter the difference. This is the TAX DUE.
A. Enter the interest on the tax due.
B. Enter the total of Line 5 + 5A. This is the BALANCE DUE.
Make Check Payable to: REGISTER OF WillS, AGENT
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS
1. Did decedent make a transfer and: Yes No
a retain the use or income of the property transferred; . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 0 1&1
b. retain the right to designate who shall use the property transferred or its income; ............. 0 1&1
c. retain a reversionary interest; or ................................................ 0 181
d. receive the promise for life of either payments, benefits or care? ........................ 0 IZI
2. If death occurred after December 12, 1982, did decedent transfer property within one year
of death without receiving adequate consideration? .................................... 0 ~
3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death? 0 ~
4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property
which contains a benefiCiary designation? .......................................... IZJ. 0
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
For dates of death on or after July 1, 1994 and before January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving
spouse is three (3) percent [72 P.S. Sect. 9116(a)(1.1)(i)].
For dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is zero (0)
percent (72 P.S. Sect. 9116(a)(1.1 )(ii)]. The statue does not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure
of assets and filing a tax return are still applicable even if the surviving spouse is the only benefiCiary.
For dates of death on or after July 1, 2000:
The tax rate imposed on the net value of transfers from a deceased child twenty-one years of age or younger at death to or for the use of a natural parent,
an adoptive parent, or a stepparent of the child is zero (0) percent [72 P. S. Sect. 9116(a)(1.2)].
The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is four and one-half (4.5) percent, except as noted
in 72 P.S. Sect. 9116(1.2) [72 P.S. Sect. 9116(a)(1)].
The tax rate imposed on the net value of transfers to orfor the use of the decedent's siblings is twelve (12) percent [72 P.S. Sect. 9116(a}(1.3)]. A sibling
is defined, under Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption.
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REV-1503 EX+(6-98)
COMMONWEAL TH OF PENNSYL VANIA
INH ERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE 8
STOCKS & BONDS
ESTATE OF
John B.Jung
FILE NUMBER
21 070571
All property jointly-owned with right of survlvorhslp must be disclosed on Schedule F.
ITEM
NUMBER DESCRIPTION
1 American Inti Group Inc (Wachovia Securities)
VALUE AT DATE
OF DEATH
14,258.00
Dividend on above stock declared prior to decedent's death
33.00
2 Cerner Corp (Wachovia Securities)
44,120.00
3 Constellation Brands Inc CI A (Wachovia Securities)
18,572.00
4 Federated Invts In CI 8 (Wachovia Securities)
28,027.50
5 General Electric (Wachovia Securities)
24,046.75
6 Johnson & Johnson (Wachovia Securities)
24,762.00
Dividend on above stock declared prior to decedent's death
166.00
7 Washington Mutuallnc (Wachovia Securities)
4,239.50
8 IShares S&P Midcap 400 Index Fund (Wachovia Securities)
17,801.00
9 Target Growth Allocation CI A (Wachovia Securities)
19,542.78
10 500 Index Fund Adm (Vanguard)
Per 07/17/07 letter
180,745.13
TOTAL (Also enter on line 2, Recapitulation)
376,313.66
(If more space is needed, insert additional sheets of the same size)
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Date of Death: 06/08/2007
Valuation Date: 06/08/2007
Processing Date: 06/14/2007
Shares
or Par
Security
Description
Estate Valuation
High/Ask
71.67000
55.57000
23.41000
37.60000
37.34000
89.68000
62.35000
42.71000
20000 WASHINGTON MUT BK HENDERSON NV (939379CL5)
Financial Times Interactive Data
DTD: 05/16/2007 Mat: 05/16/2008 5.05%
06/08/2007
Int: 05/16/2007 to 06/08/2007
Low/Bid
70.91000 H/L
2)
Div: 0.165 Ex: 05/30/2007 Rec: 06/01/2007 Pay: 06/15/2007
800 CERNER CORP (156782104)
COM
The NASDAQ Stock Market LLC
06/08/2007
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Estate of: John B. Jung Estate
Account: 90447
Report Type: Date of Death
Number of Securities: 13
File ID: Jung, John B. Estate
Mean and/or Div and Int Security
Adjustments Accruals Value
Page 1
54.73000 H/L
23.02000 H/L
37.14000 H/L
36.65000 H/L
88.33000 H/L
61.46000 H/L
8)
Div: 0.415 Ex: OS/24/2007 Rec: OS/29/2007 Pay: 06/12/2007
1303.721 TARGET ASSET ALLOCATION FD (87612A823)
GROWTH ALLOC A
Mutual Fund (as quoted by NASDAQ)
06/08/2007
71.290000
14,258.00
1)
200 AMERICAN INTL GROUP INC (026874107)
COM
New York Stock Exchange
06/08/2007
14.99000 Mkt
42.08000 H/L
99.62500 A/B
99.18750 A/B
33.00
55.150000
44,120.00
3)
800 CONSTELLATION BRANDS INC (21036P108)
CL A
New York Stock Exchange
06/08/2007
23.215000
18,572.00
4)
750 FEDERATED INVS INC PA (314211103)
CL B
New York Stock Exchange
06/08/2007
37.370000
28,027.50
5)
650 GENERAL ELECTRIC CO (369604103)
COM
New York Stock Exchange
06/08/2007
36.995000
24,046.75
6)
200 ISHARES TR (464287507)
S&P MIDCAP 400
New York Stock Exchange
06/08/2007
89.005000
17,801.00
7)
400 JOHNSON & JOHNSON (478160104)
COM
New York Stock Exchange
06/08/2007
61.905000
24,762.00
9)
100 WASHINGTON MUT INC (939322103)
COM
New York Stock Exchange
06/08/2007
166.00
14.990000
19,542.78
10)
11)
20000 U S CENTY BK MIAMI FLA (90343DAA6)
Financial Times Interactive Data
DTD: 05/16/2007 Mat: 05/18/2009 5%
06/08/2007
Int: 05/16/2007 to 06/08/2007
42.395000
4,239.50
99.625000
19,925.00
61. 72
99.187500
19,837.50
61. 11
This report was produced with EstateVal, a product of Estate Valuations & Pricing Systems, Inc. If you have questions,
please contact EVP Systems at (818) 313-6300 or www.evpsyS.com. (Revision 7.0.4)
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John B. Jung
531 Sleepy Hollow Rd
Richmond, VA 23229-7131
-& Vanguard"
Page > 1 of 1
Client Services: 800-662-2739
.... . .... .....-.. ........-..-..................M.._...._............M........ ..........................................._.........._......
Total report value:
(Total report value includes any accrued dividends.)
$180,745.13
* Doesn't include accrued dividends.
055567469407/17/200714:09:37
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REV-1504 EX+(6-98)
COMMONWEALTH OF PENNSYL VANIA
INHERITANCE TAX RETURN
RESIDENTDECEDENT
SCHEDULE C
CLOSEL V-HELD CORPORATION,
PARTNERSHIP OR
SOLE-PROPRIETORSHIP
ESTATE OF
John B. Jung
FILE NUMBER
21 070571
Schedule C-1 or C-Z (including all supporting information) must be attached for each closely-held corporation/partners hip interest of the decedent, other than a
sole-proprietor~ hip. See instructions for the supporting information to be submitted for sole-proprietors hips.
ITEM
NUMBER DESCRIPTION
9.07% Interest in Westshoremen Investment Club
VALUE AT DATE
OF DEATH
85,440.77
TOTAL (Also enter on line 3, Recapitulation)
85,440.77
(If more space is needed, insert additional sheets of the same size)
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REV-1506 EX+ C9-00.
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE C-2
PARTNERSHIP
INFORMATION REPORT
ESTATE OF
John B. Jung
FILE NUMBER
21-07 -0571
1. Name of Partnership West Sharemen Investment Club
Address c/o C F Merrill 12 Crain Circle
City Lemayne
2. Federal Employer l.D. Number 25-1768342
3. Type of Business Investment Club
Date Business Commenced 6/15/95
Business Reporting Year C ale nd a r
State P A
Zip Code 17043
Product/Service Investments
4. Decedent was a JgJ General 0 Limited partner. If decedent was a limited partner, provide initial investment $
5.
A. See attached.
B.
c.
D.
6. Value of the decedent's interest $
85.440.77
7. Was the Partnership indebted to the decedent?
If yes, provide amount of indebtedness $
8. Was there life insurance payable to the partnership upon the death of the decedent? ..... 0 Yes ~ No
If yes, Cash Surrender Value $ Net proceeds payable $
Owner of the policy
o Yes ~ No
9. Did the decedent sell or transfer an interest in this partnership within one year prior to death or within two years if the date of death was
prior to 12-31-82?
DYes JiCI No
If yes, 0 Transfer 0 Sale
Percentage transferred/sold
Consideration $
Transferee or Purchaser
Attach a separate sheet for additional transfers and/or sales.
10. Was there a written partnership agreement in effect at the time of the decedent's death? . . . . .. ij Yes 0 No
If yes, provide a copy of the agreement.
Date
11. Was the decedent's partnership interest sold? ....................................... ij Yes 0 No
If yes, provide a copy of the agreement of sale, etc.
12. Was the partnership dissolved or liquidated after the decedent's death? ................... 0 Yes ICI No
If yes, provide a breakdown of distributions received by the estate, including dates and amounts received.
13. Was the decedent related to any of the partners? .................................... 0 Yes ICI No
If yes, explain
14. Did the partnership have an interest in other corporations or partnerships? .. ...... '" ... I&J Yes 0 No The partnership
ffyes, report the necessary information on a separate sheet, including a Schedule C-1 or C-2 for each inter~t. iJly~sted indadvarietv
ot pubL1cly tra e stockS.
THE FOLLOWING INFORMATION MUST BE SUBMITTED WITH THIS SCHEDULE
A. Detailed calculations used in the valuation of the decedent's partnership interest.
B. Complete copies of financial statements or Federal Partnership Income Tax returns (Form 1065) for the year of death and 4 preceding years.
C. If the partnership owned real estate, submit a list showing the complete address/es and estimated fair market value/s. If real estate appraisals have
been secured, attach copies.
D. Any other information relating to the valuation of the decedent's partnership interest.
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Schedule K-1
(Form 1065)
~@07
Department at the Treasury
Internal Revenue Service
For calendar year 2007, or tax
,2007
,20_
year beginning
endIng
Partner's Share of Income, Deductions,
Credits, etc. ~ See back of form and separate instructions.
"nitQ1im~tipgJmfC)yJi[tmatrdt~~;
A Partnership's employer identification number
25-1768342
B Partnership's name, address, city, state, and ZIP code
Westshoremen Investment Club
%C.F.Merrill, 12 Crain Circle
Lemoyne, Pa.
C IRS Center where partnership filed return
Cincinnati, OH
o
o Check if this is a publicly traded partnership (PTP)
E
.lntQiliill'ti~(11),Ufol{tit>>l'I'
Partner's identifying number
318-20-8337
F Partner's name, address, city, state, and ZIP code
JOHN JUNG
431 BACKLATCH LANE
CAMP HILL PA 17011
G
o Limited partner or other LLC
member
o Foreign partner
H
General partner or LLC
member-manager
~ Domestic partner
.
2
Net rental real estate income (loss
651107
OMS No. 1545-0099
3 Other net rental incomE': (loss) 16 Foreign transactions
4 Guaranteed payments
5 Interest income
6a Ordinary dividends
264.30
6b Qualified dividends
243.95
7 Royalties
8 Net short-term capital gain {loss}
338.50
9a Net long-term capital gain (loss) 17 Alternative minimum lax (AMT) items
3,683.84
9b Collectibles (28%) gain (loss)
9c Unrecaptured section 1250 gain
10 Net section 1231 gain 0085) 18 Tax-exempt income and
nondeductible expenses
11 Other income (loss)
12
Section 179 deduction
What type 01 entity is this partner? Individual 13 Other deduct'lons
J Partner's share of profit, loss, and capItal: .~.8.~.4
Beginning Ending
Profit % %
Loss 9.09 % 0.00 %
Ga ital 9.09 % 0.00 %
14 Self-employment earnings (loss)
K Partner's share of liabilities al year end:
Nonrecourse . $
Qualified nonrecourse financing . $
Recourse . . $
L Partner's capital account analysis:
Beginning capital account . . $
Capital contributed dunng the year . $
Current year increase (decrease) . $
Withdrawals & dIstributions . $ (
Ending capital account . $
o Tax basis 0 GAAP
o Other (explain)
o SectIon 704(b) book
For Paperwork Reduction Act Notice, see Instructions for Form 1065.
19
Distributions
B 37,060.01
20 Other information
A 264.30
B 28.64
*See attached statement for additional information.
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Cat. No. 11394R
Schedule K-1 (Form 1065) 2007
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Schedule K-1
(Fonn 1066)
~@06
Department of the Treasury
Internal Revenue ServIce
For calendar year 2006, or tax
year beginning
ending
Partner's Share of Income, Deductions,
Credits, etc. .. See back of form and separate Instructions.
'!giilfif~_i8lOUtt"~,'N.,:fHtrrShl""~;~;:;~'5;~';\k.:,'.2;;['.':
A Partnership's employer identification number
,2008
,20_
25-1788342
B Partnership's name, address, city, state, and ZIP code
WESTSHOREMEN INVESTMENT CLUB
%CF Merrill, 12 Crain Circle
Lemoyne, PA 17043
C IRS Center where partnership filed retum
Cincinnati, OR
D 0 Check If this is a publicly traded partnership (PTP)
E 0 Tax shelter registration number, If any
F 0 Check if Fonn 8271 is attached
f..:;,~.J~Qn::AbQ,,*J."';:~.;'i' ',,':,".
o Partner's identifying number
318208337
H Partner's name. address, city, state, and ZIP code
JOHN JUNG
431 BACKLATCH LANE
CAMP HILL PA 17011
.
o Amended K-l OMS No. 1546-0099
.'~'~'~I~~.il~:I!~g
1 Ordinary business income Oou} 16 Credits
I
i
I
651106
2 I Net rental real estate income (losS
I
~
3 ! Other net rental Income (loBS) 16
4 I GU8ran~ payments
i
5 I Interest income
8a I Ordinary dividends
110.14
6b ! Qualified dividends
651.65
7 Royalties
Foreign transactions
8 i Net short-term cap/tal gain (loss)
. 25.33
98 . Net long-term capital gain (loss) 17 Alternative minimum tax (AMl) items
:. 4.753.69
9b : Collectibles (28%) gain (loss)
~"i::- :
9c ~ Unrecaptured section 1250 gain
10 ; Net section 1231 gain (loss)
Tax-exempt Income and
nondeductible expenses
11 . Other income ~oss)
145.23
General partner or U.c
member-manager
J ~ Domestic partner
o Umlted partner or other LL.C
member
o Foreign partner 12 i SectIon 179 deduction
19
K What type of entity Is this partner? Xndiviclual
L Partner's share of profit, loss, and C!lpltal:
B.glnnlng =1 EndIng
Proflt :.:: :.~: %
Loss %
Capital 9.09 9.09 %
M Partner's share of liabllltieA at year end:
Nonrecourse , . . .. . $
Qualified nonrecourse financing . . $
Recourse . , . . . . , ,$
N Partner's capital account analysis:
BegInning capital accoum. . .
Capital contributed during the year
Current year Increase (decrease) .
W1thdraW!lls & distributions
Ending capital account
.$
.$
.$
.$ (
. . . $
o Tax baBle 0 GAN1
o Other (explain)
For PrIvacy Ac:t and Paperwork Reduction Act Notice, 8M InstnIctIons for Form 1065.
o Section 704(b) book
13 i Other deductions
J "_...._~_.3..~._,.... ".
n' .L,..__~-__. __,.._.....
710.14
14 Self-employment earnings (loss)
44.36
*See attached statement for additional information.
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Cat. No. 11394R
Schedule K-1 lForm 1085} 2006
.
Schedule K-1
(Fonn 1065)
~@05
Department of the Treasury
Internal Rewmue Servlee
For calendar year 2005. or tax
year beginning
ending
Partner's Share of Income, Deductions,
CredIts, etc. to- See back of farm and IIepIII'8te Instructions.
"!h'lnro~AbCJUtthePartileJjfi :':....
A Partnershlp's employer IdentI1Icatlon number
25-1768342
B Partnership's name, address. city, state, and ZIP code
WESTSHOREMEN INVESTMENT CLUB
%C.F .Merrlll, 12 Crain Circle
Lemoyne, PA, 17043
C IRS Center where partnership filed retum
Cincinnati, OH
D 0 Check if this is 8 publicly 1raded partnership ~)
E 0 TBlt shelter registration number, If any
F 0 Check If Form 8271 is attached
. \JnfOnnation'1d>OUt.1hePirtn~.: ....
G Partner's Identifying number
318208337
H Partner's name, address, city, state, and ZJP code
JOHN JUNG
431 BACKLA TCH LANE
CAMP HILL PA 17011
.2005
.20_
. b51105
DAnaI K-1 0 Amended K-1 OMS No. 1545-0099
RIll Partnef:'ttl;'~b~~ qf,~ijn'entYearlncome,
. DeductiOl1a;:~"andOtherltems
Ordinary buslness income OOS$} 1& Credits & credit recapture
2 Net rental real estaIe income ~
3 Other net rental income (loss) 18 ForeIgn 1l'anaactlona
4 Guaranteed payments
--~ -, ,--________ ___. ~__ ,___. ..____..~ ..u.______ - ---. ...--- --~-_.
5 Interest Inoome
18.94
68 Ordinary dividends
645.41
8b Ouallfled dividends
614.16
7 RoyaltieS
.. -'.'-~- ~---------~.- -------- ---~---.. .._---.-
8 Net short-1erm capital gain (loss)
"6.11
Sa Net long-term capital gain Ooss) 17 Atemative minimum tax (AMTl items
7,247.73
Db Collectibles (28%) gain (loss)
9c UnrecaptUrud section 1250 gain
10 Net sectlon 1231 Qaln (lOSS) 18 Tax-exempt Income and
nondeductible expenses
11 Other Income (loss)
C 76.82
A 3'7.23
General partner or LLC
member-manager
J ~ Domestic partner
o Umlted partner or other lLC
member
o foreign partner 12 SectIon 179 deduction
19 OIstrlbutions
o Tax basis 0 aMP 0 Section 704(b) book
o Other (explain)
For Prlvacy Act and Pa~ Reductlon Act Notice, see Instructions for Fonn 1066.
Individual
K What type of entity Is this partner?
L Partner's share of profit, loss. and capital:
Beginn&1g :1 Ending
prom 9 Og 9 Og
loss 9.09 9.09
Capital 9.09 9.09
M Partner's share of liabilities at year end:
Nonrecourse . . . . . . . $
Qualified nonrecourse financing . $
Recourse . . . . . . . .$
N Partner's c:apItaI account analysis;
Beginning capital account. . .
Capital contributed dur1ng the year
Current year Increase (decrease)
Withdrawals & dis1ributions
Ending capital aca)unt
.$
.$
.$
. $ (
. . $
13 . Other deductions
1t~'?h~~~'"
20 Other information
%
%
"
A
701.58
14 SeIHmployment earnings (loss)
B
47.45
- ------~~--~---~__ ~_____~~~__~__~_..~_ h__~_~~._ _ ~. ~ _ _. '__. __ .... __'._ .__.~ __ _ _ . _ _ _ .. __ _ ___ .._. __
"See attached statement for additional information.
>-
8
I
::>
en
~
~
o
lL.
Cat. No. 11394R
Schedule K-1 {Form 1066) 2006
.
.
Schedule K-1
(Fonn 1086)
~(Q)04
6511
o FInaJ K-1 0 Amended K-' OMS No. 1545-0099
... Partner'S Share of Current Year Income,
Deductions, Credits, and Other Items
Ordinary business income (loss) 16 Credit=l & credit recapture
OgparlmGnt of the Treasury
ImamsJ Revenue Service
.2004
,20_
Tax year beginning
and ending
Partner's Share of Income, Deductions,
Credits, etc. ~ See back of form and aepiW8te Instructions.
2 Net rental resI estate Income Ooss)
Lemayne, PA 17043
3 Other net rental Income (loss) 18 foreign transaotlons
4 Guaranteed payments
5 Interest income
1.64
&a Ordinary dIVIdends
373.03
6b Qualified dividends
369.10
7 Royalties
Information About the Partnershi
A Partnership's employer identificatIOn number
25-1768342
B Partnership's name. address, olty. state. and ZIP COde
WESTSHOREMEN INVESTMENT CLUB
Westshoremen Investment Club
C IRS Center where partnership flied retum
Philadel hia, PA
D D CheCk if this is a publicly traded partnership (PTP)
E 0 Tax shelter registration number, if any
F D Check if Form 8271 Is attached
Information About the Partner
G Partner's identifying number
318-20-8337
H Partner's name, address, oity, state. and ZiP code
8 Net shan-term capital gain ~oss)
(201.09)
Sa Net long-term capIta\ gain (loss) 11 Altemative minimum tax (AMl) items
1174.96
9b Collectibles (28%) gain (lOSS)
9c Unreoaptured section 1250 gain
JOHN B. JUNG
10 Net section 1231 gain (loss)
18 Tax-exempt Income and
nondeductible expenses
431 BACKLATCH LANE
CAMP HILl, PA 17011
11 Other Income (loss)
c
73.49
General partner or uc
member-manager
J ~ Domestic partner
o Umlled partner or other UC
member
o Foreign partner
18 Distributions
12 Section 179 deduotlon
K What type of entity is this partner?
Individual
13 Other deduotlons
L Partner's share of profit. loss, and capital: G 27.60 20 Other Information
Beglnni1g Ending A 374.67
Profit 8.61 % .09 %
loss 8.61 % 9.09 %
C ltal 8.61 % 9.09 % B 27.60
14 SeIf-fln1p1oyment earnings (loss)
M Parmer's share of liabilities at year end:
Nonrecourse . . . .. . $
Qualified nonrecourse financing . $
Recourse . . , , " .$
*See attached statement for additional Infonnation.
N Partner's capital account analysis:
Beginning capital account. . .
Capital contributed during the year
Current year increase (decrease)
Withdrawals & distributions
Ending capital aooount
.$
.$
,$
. ,$ (
. .$
>-
'2
o
~
:::>
~
~
o T fIX basis 0 aMP
o Other- (explain)
For Privacy Act .-xl P.perwork Rllduatton ACt NotIoe, see ln8trUctiona for Fonn 1085.
o Sectlon 70$) book
Cat. No. 11394R
SchedUle K-1 (Form 1085) 2004
.
.
b511
SCHEDULE K-1 Partner's Share of Income, Credits, Deductions, etc. OMB No. 1545-0099
(Fonn 1065) .. See separate instructions. 0>'IT'''3
=:-- -:: ~ For c:a...... year ZOO3 ...181 inning , 2003. ... ending . zo & \WV
Partnel"s id number ~ 318-20-8337 Partnershi 's id number. 25 1768342
Partner's name. address, and liP code Partnership's name. address. and liP code
JOHN B. JUNG WESTSHOREMEN INVESTMENT CLUB
431 BACKLATCH LANE % C.F.Merrilf,12 Crain Circle
CAMP HILl. PA 17011
A This partner is a general partner 0 limited partner
o limited liability company member
B What type of entity is this partner? ~ -~~~-~!.~~~..---..
C Is this partner a fi2( domestic or a 0 foreign panner?
Lemoyne, PA. 17043
F Partner's share of liabilities (see instructions):
Nonrecourse. . . . . . .. $ ..._................
Qualified nonrecourse financing S ... eo U . .. eo " _ _ _ .. _
Other . . . . . . . . .. S ___.________........
D
(l) Before Change (i0 End of
or terrnin8tlon year G Tax shelter registration number . ~ __ _ _ _ _ _ . _ . . _ _ _ _ __ _ _ _ _ .. _ _ .
E
J
__~:.~~u % .!_._~~-- % H Check here if this partnership is a publicly traded
--~:_~~-- % -'!-._~~-- % partnership as defined in section 469(k)(2). . . . . 0
I Check applicable boxes: (1) 0 Final K-1 (2) 0 Amended K-'
(II) Capil'sl account at
beginning of year
(b) Capital contributed
during year
(c) Partner's share of Bnes
3,4, and 7, Form 1065,
Schedule M-2
(d) WIthdrawals and
distributions
(a) Distnbutive share item
Ordinary income Ooss) from trade or business activities
Net inmme (loss) from rental real estate activities .
Net income (loss) from other rental activities.
Portfolio income 0055):
8 Interest income. . . .
b (1) Qualified dividends _ .
(2) T olal ordinary dividends . . . .
c Royalty income. . . . . . . -
d (1) Net short-term capital gain Ooss) (post-May 5. 2003) .
(2). Net short-term capital gain (loss) (entire year) . . .
e (1) Net long-term capital gain Ooss) (post-May 5, 2003)
(2) Net long-term capital gain (loss) (entire year)
f Other portfolio income (loss) (attach schedule) .
5 Guaranteed payments to partner . . . . .
6a Net section 1231 gain (loss) (post-May 5, 2003).
b Net section 1231 gain (loss) (entire year). . . .
7 Other income Ooss} (attach schedule). . . . . .
U en 8 Charitable contributions (see instructions) (attach schedule) .
i & 9 Section 179 expense deduction. . . . . . . . .
~ = 10 Deductions related to portfolio income (attach schedule). . .
11 Other deductions (attach schedule). . . . . . . . _
12a Low-income housing credit: (1) From section 42(j){5) partnerships
(2) Other than on line 12a(1). . . . . . . . . . . .
b Qualified rehabilitation expenditures related to rental real estate
activities . . . . . . . . . . . . . . . . . .
c Credits {other than credits shown on lines 12a and 12b} related
to rental real estate activities. . . . .
d Credits related to other rental activities . . . . _ _
13 Other credits _ . . . . . . . . . . . . . _
For Paperwork Reduction Act Notice, see Instructions for Form 1065.
1
2
3
4
-u;-
ell
o
e
J
!J
i
()
(b) Amount
1
2
3
0.55
296.64
299.74
(1137.86)
(1165.91
(2758.68
(2028.93)
4f
5
6a
6b
7
8
9
10
11
121(1)
121(2)
9.17
22.14
12c
12d
13
Cat No. 11394R
(8) Capital account at end of
year (combine columns (a)
t/lrOugh (d))
(c) 1040 fliers enter the
amount In column (b) on:
} See page 6 of Partner's
Instructions for Schedule K-l
(Form 1065).
Form 1040. line Sa
Form 1040. line 9b
Form 1040. Dne 98
Sch. E. Part I. line 4
Sch. D. Hne 5, col. (g)
Sch. D. line 5, col. (f)
Sch. 0, line 12, col. (g)
Sch. 0, line 12, cot. (f)
See pages 6 and 1 of
Partner's Instructions for
Schedule K.1 (Form 1065).
Sch. A. line 15 or 16
} See page 8 of Partner.s
Instructions for SchedUle K-1
(For~ 1065).
}Fonn 8586, line 5
See page 9 or Partner's
InstrUCtions for Sctwdule K.'
(Form 1065).
Schedule K-1 (Form 1065) 2003
168 Depreciation adjustment on property placed in service after 1986
b AQjustedgainorloss. . . . . . . . . . . '.
C Depletion (other than oil and gas) . . . . . . . . . .
d (1) Gross income from oil. gas, and geothermal properties . .
(2) Deductions allocable to 011. gas, and geothermal properties
e Other ad'ustments and tax reference items (attach schedule
1,. Name of foreign country or U.S. possession ~ .......u._._..__
b Gross income from aU sources. . . . . . .
c Gross income sourced at partner level . . . . . . . .
d Foreign gross income sourced at partnership level:
(1) Passive . . . . . . . . .
(2) Usted categories (attach schedule)
(3) General limitation . . . . . . .
e Deductions allocated and apportioned at partner level:
(1) Interest expense . . . . . . . . . . .
(2) Other. . . . . . . . . . . . . . .
f Deductions allocated and apportioned at partnership level to
foreign source income:
(1) Passive . _ . . . . . . . . .
(2) listed categories (attach schedule)
(3) General limitation . . . . . . . . . . . .
g Total foreign taxes (check one): .. 0 Paid 0 Accrued .
h Reduction in taxes available for credit (attach schedule) .
18 Section 59(e)(2) expenditures: a Type .. _.___u..._....._____._..
b Amount . . . . . . .
19 Tax-exempt interest income.
20 Other tax-exempt income. .
21 Nondeductible expenses. .
22 Distributions of money (cash and marketable securities)
23 Distributions of property other than money .
24 Recapture of low-income housing credit:
a From section 4~6)(5) partnerships . . . . } Form 8611. line 8
b Other than on hne 24a . . . . . . . . 24b
25 Supplemental information required to be reported separately to each partner (attach additional schedules if more space Is
needed):
_ _ _~:- ~~~~ _~~p'~~~;1:. _~~~~~_:. _ !~,~ ~_?~._..... - u___ _. __. _ __. "_.'_ _....... _ _. ___ 0.. _ _. _ .'_'" _ ..... _.. _, _ __m __ _.. _. _ __ _ _ __ _._...
.
Schedule K.' (Form 1065) 2003
(a) Distributive share Item
.....
:&)
51
~-
'1
iJ
II
~
1_
b
Interest expense on investment debts. . . . . . . . .
(1) Investment income included on Bnes 4a. 4b(2). 4c. and 4f
Investment e nses included on line 10.
Net earnings (loss) from self-employment .
Gross farming or fishing income. . . . .
Gross nonfarm income. . . . . . . .
158
b
c
en
=
~
c:
tJ)
'f
o
LI.
'-
Q)
.c
o
c
.2
-
<<I
E
s
.5
S
c
Q)
E
G:l
15.
a.
:J
V)
.
JOHN B. JUNG ,318-20-8337
(b)Amounl
6512
Page 2
(e) 1040 filers enter me
amount in column (b) on:
148
1411(1)
14b(2)
1Sa
15b
15c
168
1Gb
lie
1Gd(1)
16d(2)
16e
300.29
22.14
Fonn 4952. line 1
} See pY 9 of Partner's
In51nJctions for Schedule K-'
(Form 1065).
Sch. SE. Section A or B
} see page 9 of Partner's
Instructions for Schedule K- 1
(Form 1065).
) See pages 9 and 10 d
Partner's Instn.IctIons
for Schedule K.'
(farn 1065) and
Instructions for Form 6251,
Form 1116, Part I
Form 1116. Part n
Form 1116. line 12
} See ~ 10 of Partner's
Instructibns for Schedule K-l
(Form 1065).
Form 1040. line Bb
} See ~ 10 of Partner's
InstructiOnS for Schedule K- 1
(Form 1(65).
_ _ . _ _ ... _ ... ... ... .. ... _ _ ... _ .. .. .. ~ .. .. .. . r" ... ... .. . "'._ . .. ... ... .. . ... ... .. ... .. ...... .. _ .. _ .. ... _ _ .. .. ... ... ... ... ... _ _ ... _ -.. ...... .. .. .. ... .. ... ... ... .. .. ... ... . _ . .. "''''''' .. ..... ... _ ... ... _ .... _ _ ~ _ _ _ _ _... .. ... .. .. .. ... .. .. .. .. ... .. "''' .. .. ... ... #> .. ... .. ..... .. ... .. ... .. _ ... .
e
Schedule K-1 (Form 1065) 2003
.IVI\JII\.4Cll}"'J ......"... ,...., ~\J\J, ....... rlVI
.
"-'flip IVIt'lIll1 ( I (- (..:)"I-.,;)~O~
.
p.U:'::
Weltshoremen InvestmeDt Club
%C.F.MerrHI
12 Crain Circle
Lemoyne) P A 17043
717-731-9378
6/] 812007
Corrected Copy
Brian D. McCarver, Financial Consultant
Wachovia Secuitics, LLC
Three Lemoyne Square
Lemoyne, P A 17043
Dear Brian
The Westshoremen Investment Club, at their regular meeting of June 13,2007 approved
the distribution of 100% of 101m lung's interest in the partnership based on the 6113/2003
Valuation which retlectS the closing prices oftbe securities in the portfolio as of the close of
business 6/1212007(copy of the Valuation is attached).
As outlined in the partnership agreement (copy attached) we request that payment be
made to the Estate of John B. lung account, which, we understand) is maintained with Wachovia
Securities in Lemoyne.
The Valuation statement reflects a total value of S942,41 0.97 with John's 9.07% share
having a value ofS85,440.17(See Member Status Report which is attached).
Again, using the attached VaJuation W determine value, we ask that the following be
distributed to the Estate:
Webex COlllD1umcations
Gamestop Corp.
Cash
Total Value
1000 shares
782 shares
$56,980.00
28,433.52
27.25
85,440.77
If you have any question.~ please let us know.
s:;;~
f~b;'"
cka;~: F. M mll, Trct1S~
cc: Elyse E. Rogers
Keefer Wood & Allen
635 N.12tb Street
Lemoyne, PA 17043
.ESTSHOREMEN INVESTMENT,UB
ValuatioD Statement as of 06/13f ..
BED BATII & BEYOND I BBBY 06/17/04 1000.000000 38.1883 38188.28 37.43 37430.00 3.97 -0.900-10
BAKER HUGHES INC BID 10/20/06 300.000000 71.3698 21410.95 82.81 24843.00 2.64 26.86%
BARNES & NOBLE INe BKS 04/26/04 350.000000 20.5693 7199.25 40.38 14133.00 1.50 20.420/0
BIO:MET INC. BMET 08/21/03 950.000000 33.0985 31443.55 45.48 43206.00 4.58 14.01%
BARR LABORATORIES I BRL 02/18/99 750.000000 54.5359 40901.90 52.46 39345.00 4.17 45.080,4
CEPHALON INC. CEPH 01/12/06 700.000000 64.5961 45217.30 81.91 57337.00 6.08 23. 400,10
CERNER CORP CERN 04/16/96 1000.000000 14.4869 14486.95 54.85 54850.00 5.82 22.3 2<<'.4
CVS CAREMARK CORP CVS 03/26/04 1100.000000 21.3158 23447.40 37.15 40865.00 4.34 24.99010
DOVER CORP. DOV 10/29/00 700.000000 32.5726 22800.85 50.64 35448.00 3.76 10.44%
EMC CORP-MASS EMC 07/16/96 2100.000000 8.4549 17755.26 16.30 34230.00 3.63 100.31%
FISERVE INC. FISV 05/19/05 600.000000 44.0278 26416.70 56.49 33894.00 3.60 13.41%
GENERAL ELECTRIC CC GE 10/17/02 650.000000 30.3383 19719.90 37.05 24082.50 2.56 8.66%
GAMESTOP CORP CLAS GMB 01/13/05 1800.000000 14.5777 26239.85 36.36 65448.00 6.94 67.10%
GARMlNLTD GRMN 04/19/07 400.000000 55.2649 22105.95 65.67 26268.00 2.79 214.4)010
HCC INSURANCE HOLD: HCC 09/22/05 1000.000000 28.6499 28649.90 33.50 33500.00 3.55 13.45%
HELIX ENERGY SOLUTI HLX 12/21/06 700.000000 33.1592 23211.43 38.92 27244.00 2.89 39.9~1O
INGERSOLL RAND CO C IR 01112/06 500.000000 41.6399 20819.95 50.20 25100.00 2.66 15.95%
LOWES COMPANIES IN( LOW 07/22/04 1800.000000 27.3093 49156.75 31. 36 56448.00 5.99 8.16%
PHARMACEUTICAL PRC PPDI 12/18/03 1600.000000 18.6353 29816.54 36.04 57664.00 6.12 35.30%
STANDARD & POORS Dl SPY 11/20/03 185.000000 132.6253 24535.68 149.65 27685.25 2.94 11.6SO./o
SUNTECH POWER HOLl: STP 12/21/06 350.000000 32.8856 11509.95 31.67 11084.50 1.18 -7.600./0
TYCO INTERNATIONAL TYC 12/16/99 500.000000 25.9599 12979.95 33.40 16700.00 1.77 -5.92%
UCBH HLDGS INC. UCBH 04/20/06 750.000000 19.4699 14602.45 18.42 13815.00 1.47 -4.19%
WEBEX COMMUNICATI WEBX 08/18/05 1000.000000 29.6154 29615.41 56.98 56980.00 6.05 58.030./0
EXXON MOBR. CORP. XOM 10/18/01 600.000000 50.9006 30540.35 82.00 49200.00 5.22 16.6~,4
ZlMMER HOLDINGS INC ZMH 12/21/06 350.000000 77.4756 27116.45 84.37 29529.50 3.13 19.60%
Total This Date 659888.90 936329.75 99.35 35.99010
AlJ-inclusive Club Return: 13.02%
Cash in Bank 0.00 0.00 0.00
Cash in Broker 6,081.22 6,081.22 0.65
Cash in Suspense 0.00 0.00 0.00
Cash in WD Liability Account 0.00 0.00 0.00
Total Cash Accounts this Date 6081.22 6081.22 0.65
Total Secllritiefl and (;sulh Accounts this Date 665970.12 942410.97 100.00
Total Number of Valuation Units to Date 9,255.823575
Value of Each Unit Tbis Date 101. 82
Number of Units Each S10.00 Will Purchase 0.098214
Page 1 of 1
Printed on 06/15/07
..J.:J,..:I .I.. ..:I..LI. V ""...Iloll" .Leil., .1J.,. . ~j,:) .I. ll'.Lei!".1. .\J D
\tember Status Report as of 6/13/2
FEAREN, WILLIAM 0.00 36,482.67 57,763.20 0.000000 841.667302 85,697.02 9.090,10 12.88%
GOONREY, CHARLES 0.00 36,482.67 57,763.17 0.000000 841.667302 85,697.02 9.090,10 12.88%
GROSS,JR., JOHN W. 0.00 36,482.67 57,763.22 0.000000 841.667302 85,697.02 9.09% 12.88%
JENKINS, EVAN R 0.00 36,482.67 57,763.16 0.000000 841.667302 85,697.02 9.0901c. 12.88%
JUNG, JOHN B. 0.00 36,232.67 57,513.17 0.000000 839.150555 85,440.77 9.07% 12.87%
MERRILL, CHARLES I 0.00 36,482.67 57,763.23 0.000000 84i.667302 85,697.02 9.090.10 12.88%
OAKLEY, DONALD E. 0.00 36,482.67 57,763.23 0.000000 841.667302 85,697.02 9.0g% 12.88%
OLSON, DONALD E. 0.00 36,482.67 57,763.24 0.000000 841.667302 85,697.02 9.090.10 12.88%
SAVIDGE, BENJAMIN 0.00 36,482.67 57,763.25 0.000000 841.667302 85,697.02 9.09% 12.88%
SIMS, DAVID C. 0.00 36,482.67 57,763.24 0.000000 841.667302 85,697.02 9.0golc. 12.88%
WILLIAMSON, CRAIG 0.00 36,482.67 57,763.23 0.000000 841.667302 85,697.02 9.09% 12.88%
Totals 0.00 401,059.37 635,145.34 0.000000 9,255.823575 942,410.97 100.00% 13.020/0
Page 1 of 1
Printed on 06/15/07
.
.
Third Amendment to Partnership Agreement
Of the Westshoremen Investment Club
THIS PARTNERSHIP AGREEMENT IS HEREBY'AMENDED, effective as of April
18, 2007 by and between the undersigned, to wit:
William Fearen
Charles W. Goonrey
John W. Gross, Jr.
Evan R. Jenkins
John B. Jung
Charles F. Merrill
Donald E. Oakley
Donald E. Olson
Benjamin Savidge
David C. Sims
Craig A. Williamson
NOW, THEREFORE, IT IS AGREED:
1. Formation. The undersigned constitute a General Partnership in accordance
with and subject to the laws of the Commonwealth of Pennsylvania.
2. Name. The name of the partnership is the Westshoremen Investment Club.
3. Term and Fiscal Year. The partnership began on June 15, 1995 and shall
continue until, as hereinafter provided. The fiscal year of the partnership for tax
purposes shall commence on January 1 and end on December 31 of each calendar
year.
4. Purpose. The only purpose of the partnership is to invest the assets of the
partnership solely in stocks, bonds and other securities for the education and benefit of
the partners.
5. Organization.
a. The officers of the Club shall be the President, a Vice- President, a Secretary,
a Treasurer and an Assistant Treasurer.
b. The officers shall be elected at the June meeting, shall take office the day of
the election and shall serve for a term of one year, or until new officers are elected.
c. Should a vacancy occur in any office an election to fill said vacancy shall be
held at the monthly meeting following the occurrence of the vacancy. The member
elected shall serve in said office from the date of the election until the regular election
at the June meeting. .
Docum ent # 1205
.
.
d. It shall be the duty of the President to preside at the meetings, to appoint
committees and to oversee the Club activities. The Vice-President shall perform the
duties as determined by the President. The Secretary shall keep the minutes of the
Club, keep attendance records and be the corresponding officer for the Club. The
Treasurer shall collect and disburse funds, place buy and sell orders, maintain records
showing each member's account and showing other Club assets and obligations. The
Treasurer shall further maintain records showing the investments of the Club, and at
each monthly meeting shall present a statement showing the market value of the Club's
holdings as of the last business day preceding the date of the monthly meeting. The
Assistant Treasurer shall assist and act in accordance with instructions of theTreasure
as well as function in the absence or incapacity of the Treasurer.
6. Meetings. Periodic meetings shall be held as determined by the partnership,
at which a quorum for the conduct of business shall be a majority of the partners.
Except as otherwise determined, the majority of the partners shall make all decisions.
7. Capital Contributions. The partners shall make capital contributions to the
partnership on the date of each periodic meeting in such amounts as the partnership
sh~1I determine.
8. Value of the Partnership. The current value of the assets of the partnership,
less the current value of the liabilities of the partnership (hereinafter referred to as
uvalue of the partnership"), shall be determined as of a regularly scheduled date and
time ("valuation date") preceding the date of each periodic meeting determined by the
Club. -'-
9. Capital Accounts. A capital account shall be maintained in the name of each
partner. Any increase or decrease in the value of the partnership on any valuation date
shall be credited or debited, respectively, to each partner's capital account in
proportion to the sum of all partner capital accounts on that date. Any other method of
evaluating each partner's capital account may be substituted for this method, provided
the substituted method results in exactly the same valuation as previously provided
herein. Each partner's capital contribution to or capital withdrawal from the partnership
shall be credited, or debited, respectively, to that partner's capital account.
10. Management. Each partner shall be entitled to one vote in the management
and conduct of the affairs of the partnership. Except as otherwise determined, the
majority of the partners shall make all decisions.
11. Sharing of Profits and Losses. Net profits and losses of the partnership
shall inure to, and be borne by the partners in proportion to the value of each of their
capital accounts.
12. Transaction Records. Records bf'tne transactions of the partnership shall
be kept and at all times .be available and open to inspection and examination by any
partner.
13. Annual Review of Accounting Procedures. A member of the Club other
than the Treasurer shall review the records and procedures of the Treasurer and report
his findings to the partners at the May meeting. If reque$ted by a majority of the
2
.
.
Partners, the President shall cause the review to be conducted by an independent
auditing firm.
14. Cash Management Account. The partnership may select a depository for
the purpose of opening a cash management account. Funds in the account shall be
withdrawn by checks signed by any officer. The Treasurer shall 'from time to time
submit statements from the depository for inspection by the members
15. Broker Account.
a. None of the partners of this partnership shall be a broker. The partnership may
enter into such agreements with such brokers as required for the purchase or sale of
securities. Securities owned by the partnership shall be held in the partnership name
untess another name shall be designated by the partnership.
b. Any corporation or transfer agent called upon to transfer any securities to or
from the name of the partnership shall be entitled to rely on instructions or assignments
signed by any officer without inquiry as to the authority of the person(s) signing such
instructions or assignments, or as to the validity of any transfer to or from the name of
the partnership.
c. At the time of a transfer of securities, the corporation or transfer agent ;s
entitled to assume: (1) that the partnership is still in existence, and (2) that this
Agreement is in full force and effect and has not been amended unless, the corporation
or trans~r~~ent has received written notice to the contrary.
16. No Compensation. No partner shall be compensated for services rendered
to the partnership except reimbursement for expenses.
17. Additional Partners. Additional partners may be admitted at any time, upon
the unanimous consent of all the partners, so long as the number of partners does not
exceed 15 (fifteen).
18. Transfers to a Trust. A partner may, after giving written notice to the other
partners, transfer his interest in the partnership to a revocable living trust of which he is
the grantor and sole trustee.
19. Removal of a Partner. Any partner may be removed by agreement of a
majority of the partners. Written notice of a meeting where removal of a partner is to be
considered shall include a specific reference to this matter. The removal shall become
effective upon payment of the value of the removed partner's capital account, which
shall be in accordance with the provisions on full withdrawal of a partner noted in
paragraphs 21 and 23. The vote action shall be treated as receipt of request for
withdrawal; provided that a partner whose removal shall have been 50 approved shall
have no further right to commit the partnership or to sign partnership checks, and the
appropriate persons sha,1I be immediately so advised in writing.
20. Termination of Partnership and Amendment to Partnership Agreement.
a. The partnership may be terminated by agreement of a majority of the partners.
Written notice of the meeting where termination of the partnership is to be considered
3
.
.
shall include a specific reference to this matter. the partnership shall terminate upon
a majority vote of all partners. Written notice of the decision to terminate the
partnership shall be given to all the partners. Payment shall then be made of all the
liabilities of the partnership and a final distribution of the remaining assets either in
cash or in kind, shall promptly be made to the partners or their personal
representatives in proportion to each partner's capital account.
b. Amendments to and waivers of the provisions of this Agreement shall require
the consent of seventy five percent (75) of the partners.
21. Voluntary Withdrawal (Partial or Full) of a Partner.
a. Any partner may withdraw a part or all of the value of his capital account in the
partnership and the partnership shall continue in existence. The partner withdrawing a
portion or all of the value of his capital account shall give notice of such intention in
writing to the Secretary. Written notice shall be deemed to be received as of the first
meeting of the partnership at which it is presented. If written notice is received between
meetings it will be treated as received at the first following meeting.
b. In making payment, the value of the partnership, as set forth in the valuation
statement prepared for the first meeting following the meeting at which written notice is
received from a partner requesting a partial or full withdrawal, will be used to determine
the value of the partner's capital account.
c. The partnership shall pay the partner who is withdrawing a portion or all of the
value of his capital account in the partnership in. accordance with paragraph 23 of this
Ag reement.
22. Death or Incapacity of a Partner. In the event of the death or adjudication of
i~~pacity of a partner (or the death or incapacity of the grantor and sole trustee of a
revocable living trust if such trust is a partner pursuant to Paragraph 18 hereof) receipt
of notice of such an event shall be treated as notice of full withdrawal. In the event of
the death of a partner, any payment due the deceased partner shall be made to his
estate, unless he shall have filed with the Secretary a form approved by the partnership
in which he has designated a beneficiary to whom his entitlement shall be paid.
23. Terms of Payment.
a. Payments to withdrawing partners, whether voluntary (partial or full) or
involuntary (death or disability) shall be make in cash, stock or mix of each, at the
discretion of the remaining partners. Where securities are distributed, the remaining
partners shall select the securities.
b. Where the withdrawal is voluntary (partial or full) the partnership shall transfer
to the partner (or other appropriate entity) withdrawing a portion or all of his interest in
the partnership an amourt equal to the value of the capital account being withdrawn,
less one percent (1 %) to defray the estimated costs to the partnership (e.g. brokerage
commissions or fees as well as SEe fees) of liquidating the departing partner's interest
in the partnership. Where the withdrawal is involuntary (death or incapacity), there shall
4
.
.
be 'no deduction for commissions or fees. The amount being withdrawn shall be paid
within 10 days after the valuation date used in determining the withdrawal amount.
c. If a partner withdrawing a portion or all of the value of his capital account in the
partnership desires an immediate payment, the partnership at it$ earliest convenience
may pay eighty percent (800/0) of the estimated value of his capital account and settle
the balance in accordance with the valuation and payment procedures set forth in
paragraphs 21 and 23.
24. Forbidden Acts. No partner shall:
a. Have the right or authority to bind or obligate the partnership to any extent
whatsoever with regard to any matter outside the scope of the partnership purpose.
b. Except as provided in paragraph 18, without the unanimous consent of all the
other partners assign, transfer, pledge, mortgage or sell all or part of his interest in the
partnership to any other partner or other person whomsoever or enter into any
agreement as the result of which any person or persons not a partner shall become
interested with him in the partnership.
c. Purchase an investment for the partnership where less than the full purchase
price is paid for same.
d. Use the partnership name, credit or property for other than partnership
purposes. .--
e. Do any act detrimental to the interests of the partnership or which would make
it impossible to carry on the purpose of the partnership.
This Agreement of Partnership shall be binding upon the respective heirs,
executors, trustees, administrators and personal representatives of the partners
The partners have caused this Third Amendment to the Agreement of Partnership to be
executed effective as of the date indicated above. Upon approval of this Third
Amendment to the partnership Agreement, the initial Partnership Agreement dated
June 15, 1995 and all prior amendments thereto, shall be superceded and become null
and void.
Name:
I
! / ,I.-j'
~. l. /,.
!. '\ ..', -,. I ' .' ,.<"1' . ,_ ..X ,r},,'" 'J' J.~) '1.(;': ~ "
Charles W. Goonrey /J
\'
/\
J '\
Name:
Name:
1..'1
v~ J)
i" John B. Jung
i,.......
i/'r~
.,.../
5
Name:
Name:
Name:
.
~L_
CHartas F. Merrill
Mc.~
Donald E. Olson
Name:
. ;'. ~ ;'.
tk:u~_. ~,41YYW
David C. Sims
Nanle:
Craig A. Williamson
t?
.
.
.
REV-1508 EX+(e-9S)
COMMONWEAL TH OF PENNSYL VANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE E
CASH, BANK DEPOSITS, & MISC.
PERSONAL PROPERTY
ESTATE OF
John B.Jung
FILE NUMBER
21 070571
Include the proceeds of litigation and the date the proceeds were received by the estate.
All property jointly-owned with right of survivorship must be disclosed on Scheduel F.
ITEM
NUMBER
DESCRIPTION
VALUE AT DATE
OF DEATH
Coins from Safe Deposit Box
Per D&S Coins appraiser
89.95
2 M& T Bank Checking Account 49893467
Per 06/18/07 letter
7,002.20
Interest on above item accrued as of decedent's death
0.17
3 Wachovia Securities Money Market 4582-0651
419.16
4 Dreyfus Municipal Money Market Fund
Per 07/12/07 letter
41,274.47
5 $20,000 Washington Mutual Bank CD 5.05% due 05/16/08 (Wachovia
Securities)
19,925.00
Interest on above item accrued as of decedent's death
61.72
24,929:69
6 $25,000 Stillwater Natl Bk & Tr CD 5.1 % due 01/24/08 (Wachovia Securities)
Interest on above item accrued as of decedent's death
474.58
7 $25,000 Pinnacle 5.05% due 01/26/09 (Wachovia Securities)
24,843.75
Interest on above item accrued as of decedent's death
42.08
8 $20,000 US Centy Bank CD 5.0% due 05/18/09 (Wachovia Securities)
19,837.50
Interest on above item accrued as of decedent's death
61.11
9 M&T Bank CD 031003913385033
Per 06/18/07 letter
45,000.00
Interest on above item accrued as of decedent's death
1,858.36
10 Accrued income to date of death from Jung Trust A
11,755.36
11 US Treasury, final Form 1040 refund
995.00
12 Harold Altman Print- Balustrade
900.00
TOTAL (Also enter on line 5, Recapitulation)
850.00
13,318.68
213,638.78
13 Harold Altman Print- November 1979
Total from continuation Schedule(s)
(If more space is needed, insert additional sheets of the same size)
.
.
Page 2
Estate of: John B. Jung
21 070571
Schedule E - Cash, Bank Deposits, and Misc. Personal Property
Item Value at Date
Number Description of Death
14 Sterling Silver 2,500.00
15 Dining Room Furniture 600.00
16 Misc Household Furnishings 270.00
17 Harold Altman Print 600.00
18 Harold Altman Print 800.00
19 Florida Dr. Refund 287.42
20 Marsh Rebate 220.51
21 Mayo Refund 15.75
22 2000 Lincoln Sedan LS 8,025.00
Per KBB.com
TOTAL. (Carry forward to main schedule) . . . . . .
13,318.68
.
.
Estate of John B. Jung
Coins
~.. ,v 2 - 1971 Dwight D. Eisenhower Memorial Dollars
{ ~ 1 - 1972 Dwight D. Eisenhower Memorial Dollar
· fset uncirculated coins Philadelphia Mint (half dollar, quarter, dime,
fl ~ <a~ .. penny & nickel) - 1964 .
o , L1-set uncirculated coins Denver Mint (half dollar, quarter, dime, penny
& nickel) - 1964
10. t"fr 10 - 1977 Liberty (Dwight D. Eisenhower) Dollars
p.1 (" 1 - 1925 Liberty Quarter
;loll\' 1 - 1926 Liberty Quarter
"" ","'" 3 - 1927 Liberty Quarters
t9 If 1 - 1928 Liberty Quarter
~3 0 2 - 1930 Liberty Quarters
Jf; 2-\/ 1 - 1944 Liberty Half Dollar
1f.1,( 1 - 1951 Liberty (Ben Franklin) Half Dollar
J.f:'Lt' 1 - 1954 Liberty (Ben Franklin) Half Dollar
lJ. '2.-,/ 1 - 1962 Liberty (Ben Franklin) Half Dollar
,;zs: n 6 - 1964 Liberty (Kennedy) Half Dollars
I. ",.... 1 - 1965 Liberty (Kennedy) Half Dollar
J. '7-\ 1 - 1966 Liberty (Kennedy) Half Dollar
J. t.-( 1 - 1967 Liberty (Kennedy) Half Dollar
;2.. ~"} 2 - 1968 Liberty (Kennedy) Half Dollars
.$1' 1 - 1971 Liberty (Kennedy) Half Dollars
I. (>'7 2 - 1972 Liberty (Kennedy) Half Dollars
,. tH 2 - 1973 Liberty (Kennedy) Half Dollars
.1'1 1 - 1974 Liberty (Kennedy) Half Dollars
.
F:! M&fBank
.
499 Mitchell Road, MiIlsboro, DE 19966 Mail Code DE-MB-12
Phone (888) 502-4349
Fax (302) 934-2955
June 18,2007
Keefer Wood Allen & Rahal LLP
Attorneys At Law
635 North 12th Street, Suite 400
Lemoyne, Pennsylvania 17043
Re: Estate of: John B Jung
Social Security: 318-20-8337
Date of Death: June 08, 2007
Dear Sir or Madam:
Per your inquiry dated June 13,2007, please be advised that at the time of death, the above-named decedent had on deposit
with this bank the following:
1.
Type of Account
Checking Account
Account Number
49893467
Ownership (Names of)
Barbara B Jung, John B lung *
Opening Date
08/28/64
Balance on Date of Death
$7,002.20
Accrued Interest
$
0.17
Total
--$-7 :O(jj~37 -- -- - - ------ -- ------ ------ __h__h. --.- ----..--- -- ---------- ----------
.__~... __ __ H_ __ _.. __ __ __ __ __ ___..._...~_ ____~___ __ ________ __..oO'...... _......_..... ..___...... __.... _... __ ____ ____ ___.
2.
Type of Account
Certificate of Deposit
Account Number
0310039/3385033
Ownership (Names of)
John B lung *
Opening Date
08/19/05
Balance on Date of Death
$45,000.00
$ 1,858.36
Accrued Interest
Total
...h.......~.............._................. .. ....................._..................._ ....... ._ ....._ .. . _._. .............................,.. ......................................._.....
$46,585.36
.
.
3.
Type of Account
Certificate of Deposit
Account Number
031003915142192
Ownership (Names oj)
John B Jung *
Opening Date
12/14/05 Closed 01/23/07
Balance on Date of Death
$ 0.00 ** Closed prior to the date of death
2.
Type of Account
Certificate of Deposit
Account Number
031003915142431
Ownership (Names oj)
John B Jung *
Opening Date
04/07/06 Closed 05/09/07
Balance on Date of Death
$ 0.00 * * Closed prior to the date of death
Please be advised, there was no safe deposit box found for the above decedent.
** Please contact the Highland Park Branch for all questions on closed accounts.
* If upon reviewing. the information above, you believe there are additional accounts not referenced, please
provide us with an account number and/or the name of any possible joint account holder. For any additional
information on the above accounts, including ownership and any changes, closures and/or reimbursement of
funds, please call the Highland Park Office # 717-737-3322.
Sincerely,
~~
Nancy Clagett
Records Management
. .
Dreyfus Family of Funds
P.O. Box 55263
Boston, MA 02205-8501
July 12/ 2007
ELYSE E ROGERS
635 NORTH 12TH ST STE 400
LEMOYNE PA 17043
REFERENCE: 03279366 - 20070711112926
DREYFUS MUNICIPAL MONEY MARKET FUND
FUND:0000910-ACCOUNT:03360147295
JOHN B JUNG JR EXECUTOR
ESTATE OF JOHN B JUNG
Dear Ms. Rogers:
We are writing to you at the request of John B. Jung
regarding the referenced account within the Dreyfus Family
of Funds.
We would like to confirm that the referenced account was
established following a transfer of shares from account
number 910-3351553353.
Our records indicate that on June 8/ 2007 account number
910-3351553353 had 41/274.47 shares with a net asset value
of $1.00 per share. The total dollar balance on that date
was $41,274.47. The balance was calculated by multiplying
the total number of shares by the price (net asset value)
per share.
We hope this information is helpful. If you have any
questions, please call a Dreyfus Business Service
Representative toll-free at 1-800-645-6561/ Monday through
Friday, 8AM to 6PM, Eastern Time.
Sincerely,
~ ifJWtn..
Janet Buccella
Investor Service Specialist
.
Date of Death; 06/0S/2007
Valuation Date; 06/0S/2007
Processing Date: 06/14/2007
~
~
Shares
or Par
security
Description
Estate Valuation
High/ASk
71.67000
55.57000
23.41000
37.60000
37.34000
89.68000
62.35000
42.71000
Page 1
Low/Bid
70.91000 H/L
2)
Div: 0.165 Ex: 05/30/2007 Rec: 06/01/2007 Pay: 06/15/2007
800 CERNER CORP (156782104)
COM
The NASDAQ Stock Market LLC
06/06/2007
.
Estate of: John B. Jung Estate
Account: 90447
Report Type: Date of Death
Number of securities: 13
File ID: Jung, John B. Estate
Mean and/or Div and Int Security
Adjustments Accruals Value
54.73000 H/L
23.02000 H/L
37.14000 H/L
36.65000 H/L
88.33000 H/L
61.46000 H/L
8)
Div: 0.415 Ex: OS/24/2007 Rec: OS/29/2007 Pay: 06/12/2007
1303.721 TARGET ASSET ALLOCATION FD (S7612AS23)
GROWTH ALLOC A
Mutual Fund (as quoted by NASDAQ)
06/0S/2007
71.290000
14'25S.00
1)
200 AMERICAN INTL GROUP INC (026S74107)
COM
New York Stock Exchange
06/0S/2007
14.99000 Mkt
42.0S000 H/L
99.62500 A/B
99.16750 A/B
33.00
55.150000
44,120.00
3)
800 CONSTELLATION BRANDS INC (21036PI06)
CL A
New York Stock Exchange
06/06/2007
23.215000
18,572.00
4)
750 FEDERATED INVS INC PA (314211103)
CL B
New York Stock Exchange
06/08/2007
37.370000
28,027.50
5)
650 GENERAL ELECTRIC CO (369604103)
COM
New York Stock Exchange
06/0S/2007
36.995000
24,046.75
6)
200 ISHARES TR (464287507)
S&P MIDCAP 400
New York Stock Exchange
06/08/2007
89.005000
17,801.00
7)
400 JOHNSON & JOHNSON (478160104)
COM
New York Stock Exchange
06/08/2007
61.905000
24,762.00
9)
100 WASHINGTON MUT INC (939322103)
COM
New York Stock Exchange
06/0S/2007
166.00
14.990000
19,542.76
20000 WASHINGTON MUT BK HENDERSON NV (939379CL5)
Financial Times Interactive Data
DTD: 05/16/2007 Mat: 05/16/2008 5.05%
06/0S/2007
Int: 05/16/2007 to 06/08/2007
20000 U S CENTY BK MIAMI FLA (90343DAA6)
Financial Times Interactive Data
DTD: 05/16/2007 Mat; 05/18/2009 5%
06/08/2007
Int: 05/16/2007 to 06/08/2007
42.395000
4,239.50
99.625000
19,925.00
61.72
99.187500
19,837.50
61. 11
This report was produced with EstateVa1, a product of Estate Valuations & Pricing Systems, Inc. If you have questions,
please contact EVP Systems at (818) 313-6300 or www.evpsys.com. (Revision 7.0.4)
.
.
Date of Death: 06/08/2007
Valuation Date: 06/0S/2007
Processing Date: 06/14/2007
Estate of: John B. Jung Estate
Account: 90447
Report Type: Date of Death
Number of Securities: 13
File ID: Jung, John B. Estate
Shares
or Par
Security
Description
High/Ask
Low/Bid
Mean and/or Div and Int
Adjustments Accruals
Security
Value
12)
25000 PINNACLE BK NASHVILLE TENN (72345SCJS)
Financial Times Interactive Data
DTD: 01/26/2007 Mat: 01/26/2009 5.05%
06/0S/2007
lnt: OS/26/2007 to 06/08/2007
25000 STILLWATER NATL BK & TR OKLA (S60773MP2)
Financial Times Interactive Data
DTD: 01/24/2007 Mat: 01/24/200S 5.1%
06/0S/2007
lnt: 01/24/2007 to 06/08/2007
99.37500 A/B
99.375000
24,843.75
42.08
13)
99.71875 A/B
99. 71S750
24,929.69
474.58
Total Value:
Total Accrual:
Total: $285,743.96
$284,905.47
$838.49
Page 2
This report was produced with EstateVal, a product of Estate Valuations & Pricing Systems, Inc. If you have questions,
please contact EVP Systems at (B1S) 313-6300 or www.evpsys.com. (Revision 7.0.4)
LEMONT EDITION'P.O. BOX 777 - 729 BERRY S'LEMONT PA 16851
Tel 814.234.4164 - Fax 814.234.9833 - Email tbaltman@haroldaltman.com
ITEM NO
E0104
LO 112
E0126
L0024
L0054
E0149
E0161
E024 0
E0242
L0244
L0271
L0314
L0330
L0340
L0356
L0359
L038S
L0390
L0562
L0565
L0640
E0661
L0678
E0682
E0693
L0721
E0729
L0734
L0742
HAROLD ALTMAN'S 1981 PRINTS
TITLE
Child and Chairs
Children Pare Montsouris
Conversation 1981 IT
Anna
*'- Balustrade
Couple 1981
December Day
Five Figures 1981
Five Pigeons 1981
Flowers Luxembourg
Hyde Park
Leaves Luxembourg
Luxembourg November 1981
Man and Woman Luxembourg
Market Late Afternoon
Market Rue Mouffetard
Nine Francs Eighty
November 1981 SS (Suite of4)
Seated Man 1981
Seated People Pare Montsouris
Sunny Day Luxembourg
The White Bag
Three Walking Figures 1981
Trees and Figures 1981
Tuileries 1981
Waiting 1981
Walking Figures 1981
Walking Figures Luxembourg 1981
Walking Woman 1981
Last Updated: Wednesday, October 11~ 2006
Prices subject to change without notice.
N.A.: Not Available
Please include item numbers as well as title when ordering.
http:/; . J)ldac I 0"' 'n~i,mJHrML1PriceSheets/PSPrintsl~,O,\,~~\" J T JI'"
RETAIL PRICE
$650.00 N.A.
450.00
525.00
585.00
900.00
325.00
285,00
185.00
385.00
585.00
685,00
1,750.00
2,500.00
525.00
685,00
685.00
685.00
1,250.00
685,00
750.00
850,00
485.00
485.00
185.00
225.00
585.00
165.00
1,750.00
585.00
f\ ,,., A ,,., f\ (\ "7
,Y\n"
1976 L 0387 November . 2. $350.00 10 l/S"
~19i9 L 0386 November 1979 225 $850.00 16 3/4"
~81 L 08/9 .
November 1981 285 ~325.00 7 7/8 rr
1981 L 0389 November 1981 (Suite of 4) 285 ~1/250.00 7 7/8"
1981 L 0880 November 1981 II 285 $325.00 7 7/8"
1981 L 0881 November 1981 III 285 $325.00 7 7/811
1981 L 0882 November 1981 IV 2aS ~325.00 7 7/8"
1981 L 0883 November 1981 55 285 $325.00 7 7/8"
1981 L 0390 November 1981 5S (Suite of 4} 285 ~1,250.00 7 7/8"
1981 L 0884 November 1981 SS II 285 ~325.00 i 7/8"
1981 L Oe8S NoV'ember. 1981 5S III 285 $325.00 7 7/8"
1981 L 0886 November 1981 SS IV 285 $325.00 7 7/8"
1983 L 0391 November 1983 (Suite of 4) 285 $950.00 9 1/4"
1983 L OB87 November 1983 I 285 $250~00 9 1/4"
1983 L OB88 November 1983 II 285 ~250~OO 9 1/4"
1983 L 0889 November 1983 III 285 $250.00 9 1/4"
1983 L 0890 November 1983 IV 285 S250.00 9 1/4"
1984 L 0392 November 1984 (Suite of 4) 285 $950.00 B 1/4"
1984 L 0891 ~o",ember 1984 I 285 $250.00 8 1/4"
1984 L 0892 November 1984 II 285 $250.00 8 1/4 ,.
1984 L 0893 November 1984 III 285 $250.00 8 1/4"
1984 L 0894 November 1984 IV 285 $250.00 a 1/4"
1983 L 0395 November Da.y 285 $585.00 18" x 2
1977 L 0396 November I1 225 Q125.aO 10 3/411
1980 L 0397 November Shadows 265 $650000 14 'I x 2
1976 L 1513 November SS 70 ~60.00 10 1/8"
1980 E 0394 November, Allee Lux~mbourg 1980 185 $550.00 12" x 1
1980 E 0393 November, Allee Luxembourg 1980 II 115 $550.00
~ L-re. ~~lJc.-fl..
-, 11 ~ 12- 5'50 S
http:/(' . j)ldacO, () I .~ li1mIHTML/PriceSheetsJPSAll.htr,:;' 11 ., \I \11/111 .,,, IT" I ^ I V\""
o I'M. n (\{\7
Kelley Blue Book - Private PTcing Report - Lincoln, LS
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Page 1 of3
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httn' j j'''TUJUT lrhh l'{)l'l'l/T('RRIT T(lpifr~r,dPr1"'ln(T~ P1"\l"\rt ~C'1"\v?\l ""h;1" l",,{"'ll~C'C'=T T c,oorU..........P? 1\ If ..._.,.t"~
,., II") C II") f\{V'7
REV-1510 EX... (6-98)
COMMONWEAL TH OF PENNSYL VANIA
INH ERITANCE TAX RETURN
RESIDENT DECEDENT
.
SCHEDULE G
INTER-VIVOS TRANSFERS Be
MISC. NON-PROBATE PROPERTY
.
FILE NUMBER
21 070571
ESTATE OF
John B.Jung
This schedule must be completed and filed ifthe answerto any of questions 1 through 4 on the reverse side of the REV-1500 COVER SH EETis yes.
DESCRIPTION OF PROPERTY
ITEM INCLUDE NAME OFTRANSFEREE, RELATIONSHIP TO DECEDENT & DATE OF DEATH 'roOF DEC'S EXCLUSION TAXABLE
NUM DATEOFTRANSFER. AlTACH COPYOF DEED FOR REAL ESTATE VALUE OF ASSET INTEREST (IF APPLlCABL E) VALUE
1 Jung Trust A taxable portion - see attached 329,167.05 100% 329,167.05
sheet.
2 Brown Advisory IRA Account 4573-5137 961,838.60 100% 961,838.60
Beneficiaries: Decedent's children, John B.
Jung, Jr. and Linda L. Jung
Per Brown Advisory Estate Valuation
TOTAL (Also enter on tine 7, Recapitulation) 1,291,005.65
(If more space is needed, insert additional sheets of the same size)
.
.
Estate of John B. Jung
Date of Death: June 8, 2007
SSN: 318-20-8337
Background:
Barbara B. Jung died March 28, 2001.
One of the beneficiaries reported on the inheritance tax return for the Estate of
Barbara B. Jung was a trust, Jung Trust A. An election under Section 9113 A of
the Pennsylvania Inheritance Tax Act was made for a fraction of Jung Trust A.
As of Barbara B. Jung's date of death, the gross value of Jung Trust A was
$687,517.32. The executor of the Estate of Barbara B. Jung elected to pay
inheritance tax on the portion of Jung Trust A which resulted in a Pennsylvania
inheritance tax of $9,493.42. The Section 9113 A election was made for 55.0745% of
the total value of Jung Trust A, or $378,869.
This fractional share of Jung Trust A is not subject to Pennsylvania Inheritance
Tax in the Estate of John B. Jung. The balance, being specifically 44.9255% is
subject to inheritance tax in the Estate of John B. Jung.
The calculation as to the amount subject to tax in the Estate of John B. Jung
follows on the next page.
.
.
Securities (per attached spreadsheet) $ 499,454.35
Cash $ 28,476.11
Real Estate located at 431 Blacklatch Lane, Camp Hill, PA
(appraised in the Estate of Barbara B. Jung $190,000) Based on $ 239,210.00
Gross Sales price of $240,000, less $790 Seller Concession
Refund for Prepaid County/Township Taxes on real estate $ 302.73
Less accrued but undistributed income (reported as Item 1, $ (11,755.36)
Schedule E
Subtotal - Assets $ 755,687.83
Less:
Administrative Expenses in connection with sale of 431 $ (19,820.00)
Blacklatch Lane
Maintenance Expenses, 431 Blacklatch Lane, from date of John $ (1,672.48)
B. Jung's death to date of sale
Trust Termination Expenses (Legal/Accounting) $ (1,500.00)
Total Deductions $ (22,992.48)
Net Value of Jung Trust A $ 732,695.35
Taxable Portion - 44.9255% $ 329,167.05
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A Settlement Statement-
-
u.s. Department of Housing and Urban Developrrent
B. Tvce of Loan OMS No. 2502-0265 REV. HUD-1 (3186) ESTIMATED
1. OFHA 2. OFmHA 3. ~COI1V. Unins. I 6. RIe Number I 7. Loan Number 18. Mortgage Insurance Case Number
4. OVA 5. OConv. Ins. 5122n4 8014908696 512768
C. Note: ,'illS orm/5 /UfI1IsnealO gIVe you 8 U.. se..","",~~. AmOUnlS plll~'O ana pY mese re ""","", I TilleExpress Settlement System
hems morked "(P.o.c.)" were P8KI outside 1IIe dosing; Ihey are shown hete lor inlormltion purposes _ara no! inc:luded in the lotals.
=:-~~f':"=~ne~~~F~~~':~~8"'0.~IC"o:'~~a;'&~~S1=0~1~anallles upon Printed 0811512007 at 16:12 A1S
D. NAME OF BORROWER: BRIAN R BALDUS and KIMBERLY A L BALDUS
ADDRESS: 945 MATTERHORN DRIVE. REYNOLDSBURG OH 43068
E. NAME OF SELlER: JOHN B. JUNG, JR I S",(.a~~....- ~ 1:l <-
ADDRESS:
F. NAME OF LENDER: NAVY FEDERAL CREDIT UNION
ADDRESS: 820 FOLLIN LANE VIENNA VA 22180
G. PROPER1Y ADDRESS: 431 BLACKLATCH LANE, CAMP HILL, PA 17011
H. SElTLEMENT AGENT: NFRES, LLC . A Navy Federal Company
PLACE OF SETTLEMENT: 8 North Baltimore Street. DlIIsbura. PA 17019
I. SElTLEMENT DATE: 08117/2007
J. SUMMARY OF BORROWER'S TRANSACTION: K SUMMARY OF SELLER'S TRANSACTION:
100. GROSS AMOUNT DUE FROM BORROWER 400. GROSS AMOUNT DUE TO SELLER
101. Contract sales Drice 240.000.00 401. Contract sales oric:e 240 000.00
102. Personal Prooertv 402. Personal Prooertv
103. Settlemenl charoes 10 borro~r (line 140m 4 508.75 403.
104. 404.
105. 405. I
Adiustn'ents for items paid by seller in advance Adiustrrents for items caid bv seller in advance
100. QtvJtO'Wfllaxes 08117/07 to 12/31/07 141.30 406. Cilv/lO'Mllaxes 08117/07 to 12/31/07 141.30
107. County taxes 08/17/071012/31/07 161.43 407. Countv taxes 08117/07 to 12/31/07 161.43
109. 409.
110. 410.
111. 411.
112. 412.
120. GROSS AMOUNT DUE FROM BORROVI/ER 244 811.48 420. GROSS AMOUNT DUE TO SELLER 240 302.73 .
200. AMOUNTS PAID BY OR ON BEHALF OF BORROVI/ER 500. REDUCTIONS IN AMOUNT DUE TO SELLER
201. Deoosit or earnest money 2 000.00 501. Excess Oeoosit (see instructions)
202. Principal arrount of new loans 240 000.00 502. Settlement charaes to seller Oine 14001 19,820.00
203. Existina Ioan(sl taken subiect to 503. Existina loanls) laken subiect to
204. 504. PaYoff of Rrst Mortoaae Loan
205. 505.
206. 506.
'2!J7. 507.
208. 508. WATER BILL ESCROW 84.00
NFRES, Ll..C
209. SELLER CONCESSION 790.00 509. SELLER CONCESSION 790.00
Adiustments for items unpaid bv seller Adlustments for items unoaid bv seller
212. School Taxes 07/01/071008117/07 239.95 512. School Taxes 07/01/07 to 08117/07 239.95
213. 513.
214. 514.
215. 515.
216. 516.
217. 517.
218. 518.
219. 519.
220. TOTAL PAID BY/FOR BORROWER 243.029.95 520. TOTAL REDUCTION AMOUNT DUE SELLER 20.933.95
300. CASH AT SETTLEMENT FROM OR TO BORROWER 600. CASH AT SETTLEMENT TO OR FROM SELLER
301. Gross amount due from ~r (line 120) 244.811.48 601. Gross amount due 10 seller /line 420) 240 302.73
302. Less amounts oaid bvlfor bol'l'O'Mll' (line 220l 243.029.95 602. Less reduction amounl due seller IIine 520l 20 933.95
303. CASH FROM BORROWER 1 781.53 603. CASH TO SELLER 219,368.78
U.S. DEPARTMENT OF HOUSING A.AN DEVELOPMENT
LMN NT
File Number: 5122774 .
ESTIMATED
PAGE 2
8m E E T 8TATEME REV. HUD-1 (3/86) TItleExoress Settlement System Printed 00/1512007 at 16:12AIS
L SEfTLEMENT CHARGES PAID FROM PAID FROM
700. TOTAL SALESIBROKER'S COMMISSION based on price $240.000.00 @ 7.000 = 16800.00 BORROVlER'S SELLER'S
Division of oommission (line 7(0) as follows: FUNDS AT FUNDS AT
701. $ 9 625.00 10 CENTURY 21 PISCIONERI SETTLEMENT SETTLEMENT
702. $ 7175.00 to COLDWELL BANKER
703. Commission oaid at Settlement 14.800.00
704. $ 2,000.00 POC Earnest Money retained as cart of oommission bY CENTURY 21 PISCIONERI 2.000.00
705. SERVICE FEE to CENTURY 21 PISCIONERI 195.00
BOO. ITEMS PAYABLE IN CONNECTION WITH LOAN
801. Loan Oriaination Fee %
802. Loan Discount %NAVY FEDERAL CREDIT UNION
803. AooraisaJ Fee
804. Credit RePOrt to EQUIFAX 14.00
805 Lender's Insoection Fee
BOG. Mortaaae AooIication Fee
807. Assumolion Fee
BOB. FLOOD DETERMINATION 10 FLOOD DATA SERVICES. INC. 7.00
809. TAX SET-UP FEE 10 1 ST AMERICAN RE. TAX SVC, INC 5.00
B10. TAX SERVICE FEE to 1ST AMERICAN RE. TAX SVC,INC 45.00
B11. PROP. I NSPEC WAIVER
900. ITEMS REQUIRED BY LENDER TO BE PAlO IN ADVANCE
~1. Interest From to ~ {day
~2. Mortoaae Insurance Premium for to
~3. Hazard Insurance Premium for to
904.
005.
1000. RESERVES DEPOSITED WITH LENDER FOR
1001. Hazard Insurance mO.@$ {mo
1002. Mortoaae Insurance mo.@$ (me
1003. Gitv Prooerty Taxes mo.@$ 31.37 /me
1004. COunty Property Taxes mO.@$ 35.84 /mo
1005. Annual Assessments mo.@$ 155.29 /roo
1009. Pooreoate Analvsis .Adiustment 0.00 0.00
1100. TITLE CHARGES
1101. Settlement or dosina fee
1102. Abstract or title search
11 03. TItle examination
1104. Title insurance binder
1105. Deed Preoaration
1106. CLOSING PROTECTION LETTEi! NFRES LLC 35.00
1107. AIlomev's fees
lindudes above items No: )
1100. TIUe Insurance to NFRES. LLC 1.558.75
(indudes above items No: )
1109. Lenders Coveraae $ 240.000.00 -1.558.75
1110. OMle(s Coveraae $ 240.000.00 -
1111. EPA ENDORSEMENT ALTA8.1 to NFRES. LLC 50.00
1112. RESTRICTIONSALTA9 to NFRES LLC 50.00
1113. SURVEY ENDORSEMENT to NFRES LLC 50.00
1200. GOVERNMENT RECORDING AND TRANSFER CHARGES
1201. Rerordino Fees lRed $38.50 . MortQaQe $ 60.50 . Release $ 99.00
1202. Gitv/Countv lax/stamos Deed $ . Mortoaoe $
1203. State IaxIstamps Deed $ ; Mortgage $
1204. STATE REAL TV TRANSFER TAiO RECORDER OF OEEDS 1.200.00 1.200.00
1205. LOCAl REAL TV TRANSFER T~ RECORDER OF DEEDS 1.200.00 1.200.00
1300. ADDmONAl SEfTLEMENT CHARGES
1301. Survey
1302. Pest Insoection to ENVlRO QUEST (P.O. C.) 55.00 Buver
1303. HOME WARRANTY to AMERICAN HOME SHIELD 425.00
1304. ADMIN FEE to COLDWELL BANKER 195.00
1305.
1306.
1307.
1308.
1400. TOTAL SEITLEMENT CHARGES (enter on lines 103, Section J and 502, Section K) 4.508.75 19.820.00
tlI'(JANI"(.Dl"\i...LlUb
I h1we ..IIeUly reviewed the HUD-1 SelDe".,t statement and to the best of my knowledge and bei.r. it is a t
and disbursaments made on my acx:ount In this Iransaction. I further certify that I have "'C81ved a copy of th
r\1~t::t"(L T A. L tll"\U.lUb
The HU).1 SelIIement SIaIement which I have prepared is a Irue and accurate account of this Iransaction. I have C8U$ed or will cause tuncls 10 be asbursed
10 accordance 'With this statement.
;:.ememenl Agen:
uate
WARNING: illS 8 crime to knOi'Mr:gtv ~ke false statements 10 the Ulnad States on tBs ~r any other 5irrilar form. Penatties upon
conviction cen include a fine and I/T~sonment. For details..... TIlle 18 U. S. Coo. Section 1001 and Section 1010
Administration Expenses (Prin)
07/02/2007 Weed Man
07/02/2007 PPL
.
.
$
07/03/2007 HB Mcclure
07/05/2007 Pennsylvania American Water
07/06/2007 Mark S. Ulsh Lawn Service
07/10/2007 PP&L
07/18/2007 Verizon Arc
07/20/2007 Good's Tree Care
07/23/2007 Mark S. Ulsh Lawn Service
07/25/2007 PA American Water
07/25/2007 CitiBank- autopay payment
07/30/2007 Comcast
08/03/2007 H.B. McClure Refund
08/03/2007 Encompass Ind Co Check Payment
08/07/2007 PP&L
08/09/2007 Lower Allen Township
08/21/2007 Mark's Lawn Service
08/22/2007 AT&T
08/28/2007 PA American Water Company
09/05/2007 PP&L
09/05/2007 P A American Water
09/24/2007 Mark S. Lawn Service
204.00
65.85
252.52
42.01
152.00
124.04
46.94
60.42
76.00
25.22
7.11
6.73
(109.00)
105.88
119.41
87.50
114.00
34.77
13.82
106.03
23.23
114.00
.
.
Estate Valuation
Date of Death: 06/08/2007
Valuation Date: 06/08/2007
Processing Date: 08/07/2007
Estate of: John B. Jung
Report Type: Date of Death
Number of Securities: 10
File 10: Jung8337 080707
Shares
or Par
Security
Description
High/Ask
Low/Bid
Mean and/or Div and Int Security
Adjustments Accruals Value
1)
3727.279 AMERICAN BALANCED FD INC (024071102)
COM
-Mutual Fund (as quoted by NASDAQ)
06/08/2007
19.77000 Mkt
19.770000
73,688.31
2) 561.187 DWS INSTL FDS (23339C305)
EQT500IDX INVT
Mutual Fund (as quoted by NASDAQ)
06/08/2007 169.60000 Mkt
169.600000 95,177.32
3) 3027.571 EURO PAC GROWTH FD (298706102)
SH BEN INT
Mutual Fund (as quoted by NASDAQ)
06/08/2007 50.79000 Mkt
50. 790000 153,770.33
4) 5068.292 FIDELITY CONTRAFUND INC (316071307)
ADV NEW INSG T
Mutual Fund (as quoted by NASDAQ)
06/08/2007 19.80000 Mkt
19.800000 100,352.18
5) 1966.812 FORUM FDS INC (349903245)
BRW AD SCP VAL
Mutual Fund (as quoted by NASDAQ)
06/08/2007 15.46000 Mkt
15.460000 30,406.91
6) 3179.013 GROWTH FD AMER INC (399874106)
COM
Mutual Fund (as quoted by NASDAQ)
06/08/2007 35.66000 Mkt
35.660000 113,363.60
7) 3702.844 LORD ABBETT MID CAP VALUE FO (543919104)
CL A
Mutual Fund (as quoted by NASDAQ)
06/08/2007 24.51000 Mkt
24.510000 90,756.71
8) 3098.75 DAVIS NY VENTURE FD INC (239080104)
CL A
Mutual Fund (as quoted by NASDAQ)
06/08/2007 41.52000 Mkt
41. 520000 128,660.10
9)
1974.853 WASHINGTON MUT INVS FD INC (939330106)
COM
Mutual Fund (as quoted by NASDAQ)
06/08/2007
37.35000 Mkt
37.350000
73, 760. 76
10)
2927.388 WELLS FARG FDS TR (949915326)
ADV SMCP VAL A
Mutual Fund (as quoted by NASDAQ)
06/08/2007
34.81000 Mkt
34.810000
101,902.38
Total Value:
Total Accrual:
Total: $961,838.60
$961,838.60
$0.00
Page 1
Information has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. The
above report does not in any way supercede the proper use of your client statements and trade confirmations, which we
consider the only official and accurate records of your account activity. This report was produced by Wachovia
Securities, LLC using Estate Val, a product of Wachovia Securities, LLC. Wachovia Securities does not render tax or legal
advice. If you have any questions please consult with your tax and legal advisors. Wachovia Securities, LLC, member
NYSE/SIPC, and wachovia Securities Financial Network, LLC, member NASD/SIPC.
.
.
REV-1511 EX+(10-06)
COMMONWEAL TH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE H
FUNERAL EXPENSES &
ADMINISTRATIVE COSTS
ESTATE OF
John B.Jung
FILE NUMBER
21 070571
Debts of decedent must be reported on Schedule I.
ITEM
NUMBER DESCRIPTION
AMOUNT
A FUNERAL EXPENSES:
Parthemore Funeral Home
5,686.78
B. ADMINISTRATIVE COSTS:
1. Personal Representative's Commissions
Name of Personal Representative(s)
Street Address
aty
State
Zip
Year(s) Commission Paid:
2.
Attorney Fees
11,000.00
3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation)
Oaimant
Street Address
aty
State
Zip
Relationship of Oaimant to Decedent
4.
Probate Fees
568.00
5. Accountant's Fees
6. Tax Return Preparer's Fees
See schedule attached
1,536.63
TOTAL (Also enter on line 9, Recapitulation)
18,791.41
(If more space is needed, insert additional sheets of the same size)
.
.
Estate of: John B. Jung
Schedule H, Part 8 - Administrative Costs
Miscellaneous Expenses
Item
Number
Description
7 John B. Jung, Jr., reimbursement for payment to Register of Wills for probate
fee
8 CitiBank- autopay payment
9 Encompass Ind Co Check Payment
10 Cumberland Law Journal, legal advertising
11 The Sentinel, legal advertising
12 Brown Schultz Sheridan Fritz, preparation of final income tax returns
TOTAL. (Carry forward to main schedule) . . . . . .
Page 2
21 070571
Amount
568.00
7.11
105.88
75.00
150.64
630.00
1,536.63
.
.
REV-1512 EX+(12-03)
COMMONWEAL TH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE I
DEBTS OF DECEDENT,
MORTGAGE liABiliTIES, & LIENS
ESTATE OF FILE NUMBER
John B. Jung 21 07 0571
Report debts Incurred by decedent prior to death which remained unpaid as of date of death, Including unrelmbursed medical expenses.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1 CitiBank- autopay payment 1,262.74
2 PA Department of Revenue, final PA-40
621.00
TOTAL (Also enter on line 10, Recapitulation)
(If more space is needed, insert additional sheets of the same size)
1,883.74
.
.
REV-1513 EX+(9-00)
COMMONWEALTH OF PENNSYL VANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE J
BENEFICIARIES
ESTATE OF
John B.Jung
FILE NUMBER
21 07 0571
RELATIONSHIP TO DECEDENT AMOUNT OR SHARE
NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY Do Not Ust Trusteels) OF ESTATE
I TAXABLE DISTRIBUTIONS [include outright spousal distributions, and
transfers under Sec. 9116(a)(1.2)]
John B. Jung, Jr. Son 972,861.86
210 Kinloch Road
Manakin Sabot, VA 23103
Linda L. Jung Daughter 972,861.85
5 Roberts Avenue
San Rafael, CA 94901
ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15THROUGH 18, AS APPROPRIATE, ON REV-1500 COVER SHEET
II NON-TAXABLE DISTRIBUTIONS:
A. SPOUSAL DISTRIBUTIONS UNDER SEC. 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
TOTAL OF PART II - ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET
(If more space is needed, insert additional sheets of the same size)
~~r:'-!''':'r~t_;)."~>jl'-''.'''''''C",~",!,,t'i' .
'c ~":~0:.'~-r';~""~~(\~"...~~-~8~""/f:.~'~',' -,
.
.
Last Win and Testament
OF .
JOHN B. JUNO
I, JOHN B. JUNG, of Lower Allen Township, Cumberland County,
Pennsylvania, do nlake, publish and declare this to be my Last Will and Testament,
hereby revoking all Wills and Codicils by lUG hel'etofore Inade.
ITEM I: Familv Information. I am a widower, having
been nlarried to Barbara B. Jung. I have two living children: JOHN B. JUNG, JR.
and LINDA L. JUNG. These are described in this Will as limy children," or as "a
child of Inine." I also had one son, Andrew P. Jung, who predeceased me and who
has no living issue. ...4..ny person born to or adopted by issue of lnine is to be included
as issue of mine. Provided, however, no adopted person shall benefit under this
V\Till unless the order or decree of adoption is entered before the adopted person
attains the age of twenty-one (21) years.
ITEM II: Death Taxes. I direct that all inheritance
and estate taxes beconling due by reason of my death, whether payable by my
estate or by any recipient of any property, shall be paid by the Executor out of the
residue of my estate, as an expense and cost of adlninistration of my estate, except
that no taxes shall be charged against any gift qualifying for the charitable
deduction in my estate. The Exe<;_ut.ol' shall have no dut.y or obligation to obtain
reilllbursen1ent for any such tax so paid, even though on proceeds of insurance or
other property not passing under this Will.
ITEl\1 III: Debts and Final Expenses. I direct the
Executor to pay the expenses of ll1Y last illness, Iny legally enforceable debts, and
my funeral expenses from the residue of my estate as an expense and cost of
adlninistratioll of my estate.
Page 1
~
.
.
ITEM IV;
Tane-ihle Personal Property.
(a) vVritten List. I may leave a written list in ms safe deposit
box or elsewhere disposing of certain itelns of my tangible personal
property. The Executor shall dispose of items of my personal property
as specified in the written list. If no written list is found in lllY safe
deposit box or elsewhere and properly identified by the Executor
within thirty (30) days after the probate of my Will, it shall be
presuuled that there is no other statement or list. Any subsequently
discovered list shall be ignored.
(b) To Children. I give all of my household furniture and
furnishings, books, pictures, jewelry, silverware, automobiles, wearing
apparel and all other articles of household or personal use 01'
adornment and all policies of insurance thereon which is not set forth
in a written list to my children, to be divided between them as they
shall agree.
ITEM V: Residue. I give the residue of my estate, not
disposed of in the preceding portions of this Will, to my children, in equal shares. If
either of my children is not living at lny death, the share of my deceased child shall
be paid to his or her then living issue, per stirpes. If any issue of a deceased child
has not attained the age of thirty (30) years at the time of distribution, the share of
the beneficiary 'who has not attained that age (each the "Beneficiary" of the Trust
established for his or her benefit) shall be held by JOHN B. JUNG, JR., as Trustee,
IN TRUST NEVERTHELESS ani shall be administered and distributed as follows:
(a) Net Income. The Trustee shall pay to the Beneficiary in
convenient, at least annual, installments so much of the net income as
the Trustee, in the discretion of the Trustee, considers necessary for
the reasonable support, lnaintenance, health care and education,
including college or other post-secondary education, of the Beneficiary.
Inconle not distributed shall be accumulated and added to principal.
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(b) Principal. The Trustee shall also pay to the Beneficiary
so much of the principal as the Trustee, in the discretion of the
Trustee, considers necessary for the reasonable support,
maintenance, health care and education, including co~lege or other
post-secondary education, of the Beneficiary.
(c) Termination. Upon the attainlnent of t.he age of twenty-
five (25) years by the Beneficiary, the Trustee shall distribute one-half
of the principal of the Trust to the Beneficiary. Upon the attainlnent
of the age of thirty (30) years by the Beneficiary, the Trust shall
ternlinate and the Trustee shall distribute to the Beneficiary the
remaining asset.s of the Trust.
(d) Death Before Terlnination. Should the Beneficiary die
before final distribution of the assets of his or her Trust, the Trust
shall terminate and the Trustee shall pay the assets of the Trust to the
then living issue of the Beneficiary, per stirpes. However, if any issue
has not attained the age of twenty-five (25) years at the time of
distribution, the Trustee shall continue to hold the share for that issue
as Custodian under the Pennsylvania Uniform Transfers to Minors Act
for the benefit of that issue.
(e) Trust Without Beneficiaries. lfbefore final distribution of
the assets of this Trust, there is no living beneficiary of the Trust, it
shall terminate. The assets of the Trust shall be paid to the then
living issue, on a per stirpital basis, of the nearest deceased ancestor
(with issue living at the time of distribution) of the Beneficiary who is
me or my issue. However, if there is then in existence any trust
created under this Will for the benefit of that issue, the share which
would have heen distributed to .that issue shall be added to the
principal of his or her trust, to be adlninistered and distributed as
provided in this Will.
(f) Rule Ae-ainst Perpetuities. Notwithstanding any other
provision of this Will, each Trust arising under this Will shall
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ternlinate no later than twenty (20) years after the death of the last to
die of my issue living at the time of my death. Upon terlllination, the
principal shall be distributed to the then income beneficiary of the
Trust.
(g) Failure of Issue. In the event I am not survived by any
issue, or if there are no issue of 111ine surviving upon the termination of
any trust, the residue (or principal) shall be paid to those persons who
would then be entitled t.o illY estate under the intestate laws of
Pennsylvania then in effect as if I had then died intestate.
ITE]\fI VI: Spendthrift Clause. No part of the income or
principal of any Trust created by this \\Till shall be subject to attachment, levy or
seizure by any creditor, spouse, assignee or trustee or receiver in bankruptcy of any
beneficiary prior to his or her actual receipt of inCOllle or principal distributed. The
Trustee shall pay the net income and the principal to the beneficiaries specified by
me, as their interests may appear, without regard to any attempted anticipation,
pledging or assignlnent, and without regard to any claim or attelnpted levy,
attachlnent, seizure 01' other process against the beneficiary.
ITEM VII: Adlninistrative Powers. In addition to the
powers granted at law, the Executol' and the Trustee shall each possess the
following powers, each of which shall be construed broadly and may be exercised
without court approval, but in a fiduciary capacity only:
(a) Retain Investments. To retain any investments I have at
my death, including specifically those consisting of stock of any bank
even if I have named that bank as the Executor or Trustee.
(b) \Tary Investments. To vary investments, to make loans,
and to invest in bonds, stocks, notes, real estate mortgages or other
securities or in other property, real or personal, without being
restricted to so-called "legal investments", and without being limited
by any statute or rule of law regarding investments by fiduciaries.
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(c) Division of Assets. In order to divide the principal of a
Trust or for any other purpose, including final distributions, the
Executor and Trustee; are a.uthorized to divide and distribute personal
property and real property, partly or wholly in kind, and to allocate
specific assets among beneficiaries and Trusts so long as the total
I1181'ket value of each share is not affected by the division, distribution
or allocation in kind. The Executor and Trustee are each authorized to
11lake, join in and consummate partitions of lands, voluntarily or
involuntarily, including giving of mutual deeds, or other obligations,
with as wide powers as an individual owner in fee si111ple.
(d) Sell Assets. To sell either at public or private sale real
and personal property severally or in conjunction with other persons,
and to conSUlnmate sale(s) by deed(s) or other instrument(s) to the
purchaser(s), conveying a fee simple title. No purchaser shall be
obligated to see to the application of the purchase 1110ney or to make
inquiry into the validity of any sale(s). The Executor and Trustee are
authorized to execute, acknowledge and deliver deeds, assignnlents,
options or other writings as necessary or convenient to any of the
power conferred upon the Executor and Trustee.
(e) Encumber Real Estate. To mortgage real estate, and to
make leases of real estate.
(f) Borrow Money. To borrow money froln any person,
including the Executor or T.1.ustee, to pay indebtedness of mine or of
my estate, expenses of administration or inheritance, legacy, estate
and other taxes, and to assign and pledge assets of Iny estate or any
Trust established by this Will.
(g) Pay Costs. To pay all costs, taxes, expenses and charges
In connection with the administration of my estate or any Trust
established under this Will.
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(h) Distributions without Court Order. To make
distributions of inC0111e and of principal to the proper beneficiaries,
during the adlninistr~tion of my estate, with 01' without court order, in
such Inanner and in such amounts as the Executor deems prudent and
appropriate.
(i) \1 ate Stock. To vote shares of stock which form a part of
n1Y estate or any Trust. established under this Will, and to exercise all
the powers incident to the ownership of stock.
(j) Reorg-anize. To unite with other owners of property
silnilar to property in my estate to carry out plans for the
reorganization of any company whose securities fonn a part of Iny
estate.
(k) Disclailn. To disclain1 any interest in property which
would devolve to me or my estate by whatever means, including but
not limited to the following means: as beneficiary under a will, as an
appointee under the exercise of a power of appointnlent, as a person
entitled to take by intestacy, as a donee of an inter vivos transfer, and
as a donee under a third-party beneficiary contract.
(1) Tax Returns. To prepare, execute and file tax returns of
any type required by applicable law, including but not limited to filing
a joint tax ret.urn \\Tith nlY surviving spouse, and to make all tax
elections authorized by law:
(n1) Emplov Advisors. To employ custodians of property,
investment or business advisors, accountants and attorneys as the
Executor or Trustee deems appropriate, and to compensate these
persons from assets of my estate or trust, without affecting the
conlpensation to which the Executor and Trustee are entitled.
(n) Divide Trusts. To divide any Trust created in this Will
into two or more separate Trusts so that inclusion ratio for purposes of
the generation-skipping transfer tax shall be either zero or one, in
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order that an election under Section 2652(a)(3) of the Internal Revenue
Code may be made with respect to one of the separate Trusts, or for
any other reason.
(0) Allocate Expenses. To allocate administrative expenses
to income or to principal, as t.he Executor or Trustee deems
appropriate. I-Iowever, no allocation to incolne shall be nlade if the
effect of the allocation is to cause a reduction in the amount of any
estate tax marital deduction or estate tax charitable deduction.
(P) Adiust Basis. To make any adjustment to basis
authorized by law, including, but not limited to increasing the basis of
any property included in my estate, whether or not passing under this
Will, by allocating any amount by which the bases of assets may be
increased. The Executor shall be under no duty and shall not be
required to allocate basis increase exclusively, primarily, or at all to
assets which pass as part of my probate estate as opposed to other
property for which a basis adjustInent is allowable. The Executor shall
allocate basis increase equitably among those beneficiaries receiving
property as a result of my death, but shall not be liable to any person,
nor subject to removal or surcharge, for any reasonable allocation of
basis increase.
(q) Compromise Clainls. To compromise claims.
(1') Ternlinate Trust. To terminate any trust, if in the
opinion of the Trustee, the expense of adnlinistration of the trust is not
justified. Upon termination, the Trustee shall distribute the trust
property to the person(s) then entitled to receive or have the benefit of
the income therefrom. If there is more than one current income
beneficiary, the Trustee shall distl'ibute trust assets to the income
beneficiaries in the proportion in which they receive income, or if no
proportion is designated, in equal shares to the inC0111e beneficiaries.
This power may only be exercised by a Trustee who is an independent
Trustee, and this power shall be ineffective to the extent that the effect
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of the power is to vest in any Trustee or beneficiary a general poV\rer of
appointlnent.
(s) Other ll.ctS. To do all other acts in his or her judg111ent
necessary or desirable fOl; the proper and advantageous management,
investment and distribution of the estate and Trusts established under
this '''ill.
ITEM VIII: Accounting. The Trustee, on an annual
basis, shall provide each income beneficiary who has attained the age of eighteen
(18) years, and the Guardian of the person of any income beneficiary who has not
attained the age of eighteen (18) years, statements showing transactions of each
Trust established for the benefit of that beneficiary. The beneficiary, or the
Guardian of the person of such beneficiary, may waive this right to receive an
annual accounting. The Trustee may, at any time, settle any account, or questions
concerning the adluinistration of any Trust established under this Will, by
agreement with the then current inCOll1e and remainder beneficiaries of the Trust, if
legally COlupetent, or if not legally conlpetent, \\rith the Guardian of the person of
the beneficiary, the legally competent spouse of the beneficiary, or the oldest legally
cOIUIJetent relative of the beneficiary who would take a portion of the estate of the
beneficiary were the beneficiary to die at that time intestate under the laws of the
COll1111onwealth of Pennsylvania. Any settlement 111ade in accordance with this
Iteln shall bind all persons who have an interest in the Trust, and shall constitute a
release and discharge of the Trustee with respect to t.ransactions specified in the
settlement.
ITEM IX: Distributions to or for Beneficiaries. The
Trustee is authorized to distribute principal and/or income in anyone or lnore of the
following \J\rays if the Trustee, in the discretion of the Trustee, considers the
beneficiary unable to apply distributions to the beneficiary's own best interests, or if
the beneficiary is under a legal disability:
(a) To Beneficiary. Directly to the beneficiary;
(b) To Guardian. To the legal guardian or conservator of the
beneficiary;
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(c) To Trustee or Custodian. To the Trustee, or to another
person selected by the Trustee, as custodian under the Pennsylvania
lJ niform Transfers to :Minors ...t\ct as to a beneficiary under the age of
twenty-five (25) years;
(d) To a Relative. To a relative of the beneficiary, to be
expended by that relative for the benefit of the beneficiary; or
(e) By Direct Expenditure. By directly applying distributions
for the benefit of the beneficiary.
ITEM X: Survival. Any person who has died within
thirty (30) days of my death, or under such circumstances that the order of our
deaths cannot be established by proof, shall be deemed to have predeceased me.
Any person (other than myself) who has died at the Sa111e time as any beneficiary
under this Will, or in a comnlon disaster with that beneficiary, or under such
circuDlstances that the order of deaths cannot be established by proof, shall be
deemed to have predeceased that beneficiary.
ITEl\1 XI: Trust Situs. The initial situs of each Trust
created under this Will shall be the county of my domicile at my death. The
Trustee may deterlnine, froln tilne to ti1ne, to change the situs of any Trust
established under this Will. However, no change in situs shall be effective until
. written notice is provided to the living beneficiaries of the Trust.
ITEM XII: Executors and Trustees. I Inake the
following provisions with respect to Executors and Trustees:
(a) Initial Executor. I appoint my son, JOHN B. JUNG, JR.,
to be the Executor.
(b) Successor Executor. In the event that JOHN B. JUNG,
JR. is unable or refuses to serve as Executor, my daughter, LINDA L.
JUNG shall serve as Executor.
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(c) Initial Trustee; Power to Appoint Additional Trustees. I
appoint JOHN B. JUNG, JR. to serve as Trustee of the Trusts created
hereunder. Each per~on serving as a sole Trustee shall have the power
to appoint a Co-Trustee. Each Trustee shall have the power to appoint
his or her successor in office. In the event of a complete vacancy in the
office of Trustee, LINDA L. JUNG shall serve as Trustee.
(d) Power to Remove Trustee. Any Co-Trustee appointed by
a Trustee may be removed by that Trustee.
(e) l\1ethod of Appointn1ent and RelTIOval. Each appointment
or relnoval of a Trustee shall be in writing and shall be filed with the
court in the jurisdiction which is the situs of the Trust. The written
instrument shall be signed by the perSall having the power to luake the
appointlnent or removal.
(f) Acceptance of Office. A Trustee shall be deemed to have
accepted the office of Trustee as to Trust property only to the extent it
accepts that property by \vritten instrument. delivered to the Executor.
Should a Trustee refuse to accept property, the Executor shall have the
power to select another person to serve as Trustee, or to divide any
Trust created by this Will so as to permit one person (or persons) to
serve as Trustee with respect to some Trust property and another
person (or persons) to serve as Trustee with respect to other Trust
property.
(g) TelTIOOrarv Trustee. Each Trustee shall have the power
to designate a temporary Trustee by an instrul11ent in writing
delivered to such temporary Trustee. The tenlpOl'ary Trustee shall
serve as such only during the legal incapacity of the appointing
Trustee, or, during such period of tilne as the appointing Trustee in
writing designates, and upon the expiration of that time, or at such
time as the legal incapacity of the appointing Trustee ceases, the
appointing Trustee shall once again become the Trustee.
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(h) Delegation. Any Trustee ll1ay delegate investInent and
related nlanagement functions to another Trustee, provided the other
Trustee accepts the d~legation in "rriting. To the extent accepted, the
delegating Trustee shall be relieved of responsibility for the
investment decisions of the Trustee to w honl investlnent and related
nlanagelnent functions were delegated.
(i) Resig-nation. Any Trustee may resign upon ninety (90)
days written notice to the t.hen income beneficiary and each adult sui
juris relnainder beneficiary of the Trust; provided, however, that the
resignation shall not become effective until and unless at least one
person is then serving as Trustee of the affected Trust.
(j) Responsibilitv. No Trustee shall be responsible for the
acts or omissions of any other Trustee.
(k) Duty to Investigate. In the absence of actual knowledge'
of a breach of trust, or information concerning a possible breach of
trust that would cause a reasonable person to inquire, a successor
Trustee is under no duty to exalnine the accounts and records of any
predecessor Trustee, or to inquire into the acts or 0111is8ions of such
predecessor, is not liable for any failure to seek redress for any act or
0111ission of such predecessor, shall have responsibility only for
property which is actually delivered to the Trustee by such predecessor
and shall have all of the powers conferred upon a Trustee hereunder.
(1) Compensation. The Executor and Trustee shall have the
right to receive reasonable conlpensation for services rendered and
reiulbursement for reasonable expense8.
(111) Standard of Care. The Trustee shall not be liable or
accountable for any loss that lnay result from the good faith exercise of
the authority granted in this Will. This shall specifically include
decisions of the Trustee with respect to discretionary distributions of
income and/or principal to any beneficiary.
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(n) Securitv. The Executor and Trustee are specifically
relieved froll1 the duty of filing bond or entering security.
IN ViITNESS WHEREOF, I have set my han~ and seal to this, my
Last \NiB and Testal11ent, consisting of this and the preceding eleven (11) pages, at
the end of each page of which I~ave also set my initials for greater security and
better identification this .J/~ day of 11.# j ,20 . Z. D ~ b
~~ 13 B~ ):;51 S EAL)
JOHN JUNG
We, the undersigned, hereby certify that the foregoing Will was signed,
sealed, published and declared by the above-named Testator as and for his Last
Will and Testalnent, in the presence of us, who, at his request and in his presence
and in the presence of each other, have hereunto set our hands and seals the day
and year first above written, and we certify that at the time of the execution
thereof, the said Testat.or was of sound and disposing l1lind and memory.
~ tl. d d.i:Iv (SEAL) Residing at g/; 4~
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(SEAL) Residing at ~<).; .s . ~ /J.--
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ACKNOWLEDGMENT
COIVIMONWEALTH OF PENNSYLVANIA )
) ss:
COUNTY OF )
I, JOHN B. JUNG, Testat.or, whose nanle is signed to the attached or
foregoing instruluent, having been duly qualified according to law, do hereby
acknowledge that I signed and executed the instruulent as my Last Will and
Testament; that I signed it willingly; and that I signed it as my free and voluntary
act for the purposes therein expressed.
A~ rL8 ~AL)
JOH . JUNG ' ,.'
Sworn to and subscribed before
me this 3 J A:::t day of f\lJL.:t-
, 200~. q
~CJ:~
l\1y Conlluission Expires:
(SE~t\L)
COMMONWEALTH OF PENNSYLVANIA
NOTARIAL SEAL
CYNTHIA J. RULE. Notary Public
Camp Hill Boro., Cumberland County
My Commission Expires February 3, 2008
.
.
AFFIDA VIT
COMMONVIEALTH OF PENNSYL'T..t\NIA )
) ss:
COUNTY OF )
We, I j)!/J ,~ tA'1t-7/1 and
2. /<20 e( S
the Witnesses whose names are signed to the attached or fore oing instrument,
being duly qualified according to law, do depose and say that we were present and
saw Testator, JOHN B. JUNG, sign and execute the instrument as his Last Will
and Testament; that Testator signed willingly and that he executed said Will as his
free and voluntary act for the purposes therein expressed; that each of us in the
hearing and sight of the Testator signed the Will as Witnesses; and that to the best
of our kno,"7ledge the Testator ",Tas at that time eighteen (18) or Inore years of age,
of sound nlind and under no constraint or undue influence.
;}/LIk II. a/4/--.-
Witness
0k!:1&
Sworn to and subscribed before
nle this 31,Aj- day of ~
) 20D4. (j
~~LL.
Notary Pub Ie
My Commission Expires:
(SEAL)
COMMONWEALTH OF PENNSYLVANIA
NOTARIAL SEAL
CYNTHIA J. RULE, Notary Public
Camp Hill Boro., Cumberland County
My Commission Expires February 3, 2006
.
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COMMONWEALTH OF PENNSYLVANIA
DEPARTMENT OF REVENUE
BUREAU OF INDIVIDUAL TAXES
DEPT. 280601
HARRISBURG. PA 17128-0601
.'
.
REV-1162 EX( 11-96)
RECEIVED FROM:
PENNSYLVANIA
INHERITANCE AND ESTATE TAX
OFFICIAL RECEIPT
ROGERS ELYSE EVELYN ESQUIRE
KEEFER WOOD ALLEN & RAHAL
635 N 12TH STREET STE 400
LEMOYNE, PA 17043
-------- fold
EST A TE INFORMATION: SSN: 318-20-8337
FILE NUMBER: 2107-0571
DECEDENT NAME: JUNG JOHN 8
DA TE OF PAYMENT: 03/06/2008
POSTMARK DATE: 03/05/2008
COUNTY: CUMBERLAND
DATE OF DEATH: 06/08/2007
NO. CD 009382
ACN
ASSESSMENT
CONTROL
NUMBER
AMOUNT
101 I $772.00
I
I
I
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I
I
I
I
TOTAL AMOUNT PAID:
REMARKS: JOHN JUNG JR
CHECK#1037
SEAL
INITIALS: OM
RECEIVED BY:
TAXPAYER
$772.00
GLENDA FARNER STRASBAUGH
REGISTER OF WILLS
.
~
COMMONWEALTH OF PENNSYLVANIA
DEPARTMENT OF REVENUE
BUREAU OF INDIVIDUAL TAXES
PO Box 280601
HARRISBURG, PA 17128-0601
MAR 1 7 2008
March 13, 2008
Telephone
(717) 787-3930
FAX (717) 772-0412
";
Keefer Wood Allen & Rahal, LLP
635 North 12th St., 8te. 400
Lemoyne, PA 17043
Re: Estate of JOHN B. JUNG
File Number 2107-0571
Dear Sir or Madam:
This is in response to your request for an extension of time to file the Inheritance Tax Return for
the above estate.
In accordance with Section 2136 (d) of the Inheritance and Estate Tax Act of 1995, the time for
filing the return is extended for an additional period of six months. This extension will avoid the
imposition of a penalty for failure to make a timely return. However, it does not prevent interest from
accruing on any tax remaining unpaid after the delinquent date.
The return must be filed with the Register of Wills on or before 09/08/08. Because Section 2136
(d) of the 1995 Act allows for only one extra period of six (6) months, no additional extension(s) will be
granted that would exceed the maximum time permitted.
Sincerely,
~~~ ''f1f~
Claudia Maffei, Supervisor .~{J
Document Processing Unit
Inheritance Tax Division