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03-16-15 (2)
1505614134 EX(03-14)(FI) REV-1500 OFFICIAL USE ONLY Bureau of Individual Taxes County Code Year File Number PO BOX 280601 INHERITANCE TAX RETURN 2 1 1 4 0 1 1 6 Harrisburg, PA 17128-0601 RESIDENT DECEDENT ENTER DECEDENT INFORMATION BELOW Social Security Number Date of Death MMDDYYYY Date of Birth MMDDYYYY 0 1 2 3 2 0 1 4 0 4 1 5 1 9 3 0 Decedent's Last Name Suffix Decedent's First Name MI B O L L E N V I O L E T L (If Applicable)Enter Surviving Spouse's Information Below Spouse's Last Name Suffix Spouse's First Name MI THIS RETURN MUST BE FILED IN DUPLICATE WITH THE REGISTER OF WILLS FILL IN APPROPRIATE OVALS BELOW ❑X 1. Original Return ❑ 2.Supplemental Return ❑ 3. Remainder Return(date of death Prior to 12-13-82) ❑ 4.Agriculture Exemption ❑ 5. Future Interest Compromise(date of ❑ 6. Federal Estate Tax Return Required (date of death on or after 7-1-2012) death after 12-12-82) ❑X 7. Decedent Died Testate ❑ 8. Decedent Maintained a Living Trust 2 9.Total Number of Safe Deposit Boxes (Attach copy of will.) (Attach copy of trust.) ❑ 10. Litigation Proceeds Received ❑ 11. Non-Probate Transferee Return ❑ 12.Deferral/Election of Spousal Trusts (Schedule F and G Assets only) ❑ 13. Business Assets ❑ 14.Spouse is Sole Beneficiary (No trust involved) CORRESPONDENT-THIS SECTION MUST BE COMPLETED.ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO: Name Daytime Telephone Number D A V I D H S T O N E E S Q U I R E 7 1 7 7 7 4 7 4 3 5 First Line of Address 4 1 4 B R I D G E S T R E E T Second Line of Address City or Post Office State ZIP Code N E W C U M B E R L A N D P A 1 7 0 7 0 Correspondent's e-mail address: D S T O N E a@ S T O N E L A W • N E T REGISTER OF WILLS USE ONLY REGISTER OF WILLS USE ONLY C= 73 DATE FILED MMDDYYYY C7 r r' t'TTril C col t:r Jy C7) L.:J DATE FILE6,8TAMP C7 J c c� -73 PLEASE USE ORIGINAL FORM ONLY c7 Side 1 I Ililli(IIII VIII VIII VIII VIII VIII VIII VIII VIII IIII IIII 1505614134 1505614134 J \ oy J 1505614234 REV-1500 EX(FI) Decedent's Social Security Number Decedent's Name: VIOLET L - BOLLEN RECAPITULATION 1. Real Estate(Schedule A) . . . . . . .. . . . .. . . . . . . .. . . . . .. . . . . . . . . . . . . . . . . 1. 6 8 3 7 7 3 . ❑ 0 2. Stocks and Bonds(Schedule B) . .. . . . .. . . . .. . .. . . . . .. . . . . . . . . . . . . . . . . 2• 3. Closely Held Corporation,Partnership or Sole-Proprietorship(Schedule C) . . . . . 3. 3 4 2 4 9 . 0 0 4. Mortgages and Notes Receivable(Schedule D) . . . . . . . . . .. . . .. . . . . . . . .. . . 4. 5. Cash,Bank Deposits and Miscellaneous Personal Property(Schedule E). . . . . . . 5. 2 7 8 5 1 . 5 9 6. Jointly Owned Property(Schedule F) ❑ Separate Billing Requested . . . . . . . 6. 7. Inter-Vivos Transfers&Miscellaneous N Probate Property (Schedule G) Separate Billing Requested . . . . . . . 7. 8. Total Gross Assets(total Lines 1 through 7) . . . . . . . . . . . . . . . .. . . . .. . . . . . 8. 7 4 5 8 7 3 . 5 9 9. Funeral Expenses and Administrative Costs(Schedule H) . . . . . . .. . . . . . . . . . . 9• 1 4 2 0 3 8 . 8 0 10. Debts of Decedent, Mortgage Liabilities,and Liens(Schedule 1) . . . . . . . . . . . . . 10. 1 9 2 2 7 . 0 7 11. Total Deductions(total Lines 9 and 10) . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . 11. 1 6 1 2 6 5 . 8 7 12. Net Value of Estate(Line 8 minus Line 11) . . . . .. . . . . . . . . . . . . . . . . . . . . . . 12. 5 8 4 6 0 7 . 7 2 13. Charitable and Governmental Bequests/Sec 9113 Trusts for which an election to tax has not been made(Schedule J) . . . . . . . . . . . . . . .. . . . . . . 13. 14. Net Value Subject to Tax(Line 12 minus Line 13) . . . . . . . . . . . .. . . . . . . . .. 14. 5 8 4 6 0 7 . 7 2 TAX CALCULATION-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.0 _ 0 . 0 0 15. 0 . 0 0 16. Amount of Line 14 taxable at lineal rate x.045 5 8 4 6 0 7 . 7 2 16. 2 6 3 0 7 . 3 5 17. Amount of Line 14 taxable at sibling rate X.12 0 . 0 0 17. 0 . ❑ 0 18. Amount of Line 14 taxable at collateral rate X .15 0 . 0 0 18. 0 . 0 0 19. TAX DUE . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . 19. 2 6 3 0 7 • 3 5 20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT ❑X Under penalties of perjury,I declare I have examined this return,including accompanying schedules and statements,and to the best of my knowledge and belief, it is true,correct and complete.Declaration of preparer other than the person responsible for filing the return is based on all information of which preparer has any knowledge. SIGN!}TURE OF E N RESP NSI LE FOR FILING R TURN .3D TE / ADDRESS 2 ST H LS DRIVE HARRISBURG PA 17112 TATURE PR PA ER T HAN PERSON RESPONSIBLE FOR FILING THE RETURN ATE r1__ .2 ADDR S 414 BRIDGE STREET NEW CUMBERLAND PA 17070 111111 1I11 111111111111111111111111111111111111111111111111 Side 2 1505614234 1505614234 REV-1500 EX (FI) Page 3 File Number Decedent's Complete Address: 21 14 0116 DECEDENT'S NAME VIOLET L • BOLLEN STREET ADDRESS 812 THIRD STREET CITY STATE ZIP NEW CUMBERLAND � PA 117070- Tax Payments and Credits: I. Tax Due(Page 2,Line 19) (1) 2161307 - 35 2. Credits/Payments A. Prior Payments 40-,000 - 00 B.Discount 1,3 0 6 . 8 2 (See instructions,) Total Credits(A+B) (2) 411306 - 82 3. Interest (3) 0 . 00 4. If Line 2 is greater than Line 1 +Line 3,enter the difference.This is the OVERPAYMENT. Fill in oval on Page 2,Line 20 to request a refund. (4) 14 ,999 - 47 5. If Line 1 +Line 3 is greater than Line 2,enter the difference.This is the TAX DUE. (5) 0 . 00 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 ....................................................................... 191❑ b. retain the right to designate who shall use the property transferred or its income .............................. X : c. retain a reversionary interest ..................................................................................................... ❑ d. receive the promise for life of either payments,benefits or care? ....................................................... ❑ IZI 2. If death occurred after Dec.12,1982,did decedent transfer property within one year of death without receiving adequate consideration? ....................................................................................... ❑ ❑X 3. Did decedent own an"in trust for"or payable-upon-death bank account or security at his or her death? ......... ❑ ❑X 4. Did decedent own an individual retirement account,annuity or other non-probate property,which contains a beneficiary designation?.................................................................................................. ❑ 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 Jan. 1, 1995,the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 3 percent[72 P.S.§9116(a)(1.1)(i)]. For dates of death on or after Jan. 1, 1995,the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 0 percent [72 P.S. §9116(a)(1.1)(ii)].The statute 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 21 years of age or younger at death to or for the use of a natural parent,an adoptive parent or a step-parent of the child is 0 percent[72 P.S.§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 4.5 percent, except as noted in [72 P.S. §9116(a)(1)]. • The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12 percent[72 P.S.§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. REV-1502 EX+(12-12) pennsylvania SCHEDULE A DEPARTMENT OF REVENUE REAL ESTATE INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF: FILE NUMBER: VIOLET L . BOLLEN 21 14 0116 All real property owned solely or as a tenant in common must be reported at fair market value.Fair market value is defined as the price at which property would be exchanged between a willing buyer and a willing seller,neither being compelled to buy or sell,both having reasonable knowledge of the relevant facts. Real property that is jointly-owned with right of survivorship must be disclosed on Schedule F. Attach a copy of the settlement sheet if the property has been sold. ITEM Include a copy of the deed showing decedent's interest if owned as tenant in common. VALUE AT DATE NUMBER OF DEATH DESCRIPTION Property at 124 Hillside Dr, Mifflintown, Walker Twp, 210 ,000 . 00 Juniata County, PA, titled vested in Stanley F . Bollen and Violet L . Bollen, his wife - Stanley F . Bollen died on March 19, 1992, thus by operation of law vesting title in Violet L . Bollen, dec . Sold property to Homer A . Troyer and Emma A . Troyer, husband and wife, on December 11, 2014 2 Property at 213 Geary Ave New Cumberland, Cumberland 87,500 .00 County, PA , titled vested in Stanley F. Bollen and Violet L. Bollen, his wife . Stanley F. Bollen died on March 19, 1992, thus by operation of law vesting title in Violet L . Bollen . Sold property to Molly K . Nace on September 8, 2014 3 Property at 215 Eutaw St, New Cumberland, Cumberland 156,461 . 00 County, PA at assessed value $161,300 times CLR ( - 97) equals $156,461 .00 sold to Frederick L . Bollen on March 31, 2014 as per Item III of will 4 Property at 504 Third St New Cumberland, Cumberland 75,000 . 00 County, PA title vested in Stanley F . Bollen and Violet L -Bollen, his wife - Stanley F . Bollen died on March 19, 1992, thus by operation of law vesting title in Violet L . Bollen - Sold property to Brian Semuta on June 4, 2014 5 Property at 812 Third St New Cumberland, Cumberland 154 ,812 . 00 County, PA at assessed value $159,600 times CLR ( - 99) equals $158,004 sold to Frederick L . Bollen on October 30, 2014 6 Property at 317-319 Bridge St, New Cumberland , 0 . 00 Cumberland County, PA sold on March 31, 2014 to Frederick L . Bollen as per Item IV of will NOTE : Real estate valued as part of West Shore Theatre Partnership as mentioned on Schedule C and C-2 - See attached valuation report . TOTAL(Also enter on Line 1,Recapitulation.) $ 683,773- 00 If more space is needed,use additional sheets of paper of the same size. REV-1504 EX+(9-12) SCHEDULE C pennsylvania DEPARTMENT OF REVENUE CLOSELY-HELD CORPORATION, INHERITANCE TAX RETURN PARTNERSHIP OR RESIDENT DECEDENT SOLE-PROPRIETORSHIP ESTATE OF FILE NUMBER VIOLET L . BOLLEN 21 14 0116 Schedule C-1 or C-2(including all supporting information)must be attached for each closely-held corporation/partnership interest of the decedent, other than a sole-proprietorship. See instructions for the supporting information to be submitted for sole-proprietorships. ITEM VALUE AT DATE NUMBER DESCRIPTION OF DEATH 1 10% interest of West Shore Theatre Partnership 341249 . 00 located at 317-319 Bridge Street, New Cumberland, Pennsylvania. See valuation report attached TOTAL(Also enter on line 3,Recapitulation) $ 341249- 00 (If more space is needed,insert additional sheets of the same size) REV-1506 EX+(12-11) pennsylvania SCHEDULE C-2 DEPARTMENT OF REVENUE PARTNERSHIP INHERRESIDENT EDENAX TURN INFORMATION REPORT RESIDENT DECEDENT ESTATE OF FILE NUMBER VIOLET L . BOLLEN 21 14 0116 1, Name of Partnership WEST SHORE THEATRE Date Business Commenced 12/19/19 8 6 Address PO B O X 684 Business Reporting Year 2 013 City NEW CUMBERLAND State PA Zip Code 1?0?0 2. Federal Employer ID Number 23-2436686 3. Type of Business MOVIE Product/Service THEATRE 4. Decedent was a ® General ❑ Limited partner.If decedent was a limited partner,provide initial investment $ 5. PARTNER NAME PERCENT PERCENT BALANCE OF OF INCOME OF OWNERSHIP CAPITAL ACCOUNT A• FREDERICK L . BOLLEN 90% 90% 90% B. VIOLET L . BOLLEN 10% 10% 10% C. D. 6. Value of the decedent's interest $ 34 ,249 -00 7. Was the partnership indebted to the decedent? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ❑ Yes ® No If yes,provide amount of indebtedness $ 8. Was there life insurance payable to the partnership upon the death of the decedent? . . . . . . . . ❑ Yes ® No If yes,Cash Surrender Value $ Net proceeds payable $ Owner of the policy 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? ❑ Yes ® No If yes,❑ Transfer ❑ Sale Percentage transferred/sold Transferee or Purchaser Consideration $ Date 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?. . . . . . . . ® Yes ❑ No If yes,provide a copy of the agreement. 11. Was the decedent's partnership interest sold? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ❑ Yes ® No If yes,provide a copy of the agreement of sale,etc. 12. Was the partnership dissolved or liquidated after the decedent's death? . . . . . . . . . . . . . . . . . ❑ Yes IR 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? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ® Yes ❑ No If yes,explain partner, Frederick Bollen is son of deceased Violet L. Bollen 14. Did the partnership have an interest in other corporations or partnerships?. . . . . . . . . . . . . . . . . ❑ Yes ® No If yes,report the necessary information on a separate sheet,including a Schedule C-1 or C-2 for each interest. THE FOLLOWING INFORMATION 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 four 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. REV-1508 EX+(6-98) SCHEDULE E COMMONWEALTH OF PENNSYLVANIA CASH, BANK DEPOSITS, & MISC. INHERITANCE N RESIDENT ED DECEDETAX NT PERSONAL PROPERTY ESTATE OF FILE NUMBER VIOLET L . BOLLEN 21 14 0116 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 Schedule F. ITEM VALUE AT DATE NUMBER DESCRIPTION OF DEATH t. Credit card cash advance 750 . 00 2 Donegal Ins Group-refund of premium 229 . 03 3 Donegal Insurance-refund on insurance at property 852 . 00 4 Foremost Insurance-Refund on prop insurance 128 . 00 5 Net proceeds for personal property sold 1,591 . 11 by Cordier Auctions in January 2015 6 Optimum Rx-refund on medication 57 . 89 7 PA Dept of Treasury-checks received 556 . 24 8 PNC Bank-Checking Acct #5140082151 4,341 . 18 Princ $4 ,341 . 18, Int $ • 03 9 PNC Bank-Checking Acct #5140082151 - Accrued Int 0 . 03 10 PPL-refund for services at 213 Geary Ave property 69 . 11 11 Senior Health Ins Co of PA-long term care ck rec 4374 . 90 12 The Hartford-Annuity #710920802 11,635. 90 w/beneficiary being the estate 13 US Liability Co-refund on insurance 276 . 00 14 VA Benefit received 2,990 . 20 15 1989 Ford F150 Econoline - Title No . 41972080002BO 0 . 00 with no value TOTAL(Also enter on line 5,Recapitulation) $ 2 7,8 51 • 5 9 (If more space is needed,insert additional sheets of the same size) REV-1511 EX+(08-13) pennsylvania SCHEDULE H DEPARTMENT OF REVENUE FUNERAL EXPENSES AND INHERITANCE TAX RETURN RESIDENT DECEDENT ADMINISTRATIVE COSTS ESTATE OF FILE NUMBER VIOLET L. BOLLEN 21 14 0116 Decedent's debts must be reported on Schedule 1. ITEM NUMBER DESCRIPTION AMOUNT A. FUNERAL EXPENSES: Stone & Murray Funeral Home-funeral expenses 11,787 . 15 B. ADMINISTRATIVE COSTS: 1. Personal Representative Commissions: Name(s)of Personal Representative(s) K A T H L E E N I F R A L E Y 31,3 7 6 .0 0 Street Address 2323 FOREST HILLS DRIVE City HARRISBURG State PA Zip 17112 Year(s)Commission Paid: 2015 p, AttomeyFees: David H Stone, Esquire 311376 .00 3, Family Exemption:(If decedent's address is not the same as claimant's,attach explanation.) Claimant Street Address City State ZIP Relationship of Claimant to Decedent 4. Probate Fees: See 03 below 6 Accountant Fees: 6. Tax Return Preparer Fees: I Foremost Ins-premium for Juniata County prop 767 . 00 2 Check written by decedent prior to death 21700 . 00 3 Stone LaFaver & Shekletski-Reimb for probate 993 . 50 4 Stone LaFaver & Shekletski-Reimb for advertising 75 . 00 5 The Sentinel-advertising grant of letters 190 . 54 6 Asset Protection Unit Inc-Reimb of It care funds 1,020 . 81 7 PSERS-Reimb of funds due back 148 . 87 8 Commonwealth of PA-duplicate title fee 22 . 50 9 Stone LaFaver & Shekletski-rec two deeds to Fred 147 . 00 10 US Treasury-Reclaimed social security funds 2,990 .20 11 Stone LaFaver & Shekletski-Complaint/mailing fees 129 . 98 12 Stone LaFaver & Shekletski-Corman eviction fees 275 . 74 TOTAL(Also enter on Line 9,Recapitulation) $ 142,038 - 80 If more space is needed,use additional sheets of paper of the same size. Continuation of REV-1500 Inheritance Tax Return Resident Decedent VIOLET L. BOLLEN 21 14 0116 Decedent's Name Page 1 File Number Schedule H -Funeral Expenses &Administrative Costs -67. ITEM NUMBER DESCRIPTION AMOUNT 13 Stone LaFaver & Shekletski-mailings & short cert 17 .96 14 Stone LaFaver & Shekletski-Reimb for filing ITR 30 . 00 15 Fred Bollen-Reimb for various exp on properties * 8,450 . 00 16 Kelly Financial Services-prep fee for appraisal 1,012 . 50 17 John Kahley-locksmith services on property 238 . 50 18 Albert J . Hykes-clean out of 504 Third St prop 350 . 00 19 Keystone Oil-service repairs at 504 Third St prop 557 . 32 20 Keystone oil-service agrmt paymt at Geary Ave 249 . 99 21 Dennis Yetter-mowing grass at Juniata County prop 250 . 00 22 Dennis Yetter-fixing weed Wacker is Juniata Co prop 100 .00 23 Dennis Yetter-mowing grass at Juniata County prop 250 .00 24 L & R Roofing-service at Juniata County prop 6,200 . 00 25 Robin Gasperetti-real est taxes at Geary Ave prop 1,250 . 30 26 Shirley K Hostler-taxes due on Juniata County prop 264 . 41 27 PA American Water-service at Geary Ave prop 54 . 05 28 PPL Electric-service at Geary Ave prop 242 . 95 29 PPL Electric-service at Geary Ave property 168 .60 30 PA American Water-service at Geary Ave prop 42 .26 31 PA American Water-service at Geary Ave prop 16 . 02 32 PA American Water-service at Geary Ave prop 24 . 19 33 PPL Electric-service at Geary Ave property 95. 07 34 PPL Electric-service at Geary Ave property 101 . 04 35 PA American Water-service at Geary Ave prop 37 . 27 36 PA American Water-service at Geary Ave prop 40 . 33 37 Keystone Oil-service at Geary Ave prop 3,444 . 52 38 PPL Electric-service at Geary Ave property 144 . 23 39 PPL Electric-service at Geary Ave property 121 . 01 40 PA American Water-service at Geary Ave prop 40 . 21 41 Boro of New Cumberland-sewer & trash at Geary 230 . 48 42 PPL Electric-service at Geary Ave property 118 . 03 43 Stone LaFaver & Shekletski-Reimb on termite sery 318 . 00 44 PA American Water-service at Geary Ave prop 43 .11 45 PPL Electric-service at Geary Ave property 12 . 62 46 Selling costs ($12,092 . 43) less reimb ($706 . 13) 11,386 . 30 47 Selling costs ($9,233 . 37) less reimb ($1,280 . 78) 7,952 . 59 48 Selling costs ($13,657 . 89) less reimb ($737 . 11) 12,920 . 78 49 PPL Electric-service at 812 Third St prop 261 . 81 50 PPL Electric-service at Juniata County prop 139 . 82 51 PPL Electric-service at Juniata County prop 54 . 75 52 PPL Electric-service at Juniata County prop 44 . 93 53 PPL Electric-service at Juniata County prop 94 . 56 54 PPL Electric-service at Juniata County prop 53 . 75 55 PPL Electric-service at Juniata County prop 38 . 30 SUBTOTAL SCHEDULE H-B7 57,462 - 56 Continuation of REV-1500 Inheritance Tax Return Resident Decedent VIOLET L. BOLLEN 21 14 0116 Decedent's Name Page 2 File Number Schedule H -Funeral Expenses &Administrative Costs - 137. ITEM NUMBER DESCRIPTION AMOUNT 56 PPL Electric-service at Juniata County prop 44 . 56 57 PPL Electric-service at Juniata County prop 27 . 96 58 PPL Electric-service at Juniata County prop 77 . 23 59 PPL Electric-service at Juniata County prop 40 . 53 60 PPL Electric-service at Juniata County prop 40 . 17 61 Stone LaFaver & Shekletski-Reimb for e-recording 145 . 50 deed $85. 50, exemplified copies $40 tax cert $20 62 Reserve for closing expenses 200 . 00 *See copy of bills attached (Note that this was only a partial payment) SUBTOTAL SCHEDULE H-67 5 7 5 . 9 5 REV-1512 EX+(12-12) pennsylvania SCHEDULE DEPARTMENT OF REVENUE DEBTS OF DECEDENT, INHERITANCE TAX RETURN MORTGAGE LIABILITIES & LIENS RESIDENT DECEDENT ESTATE OF FILE NUMBER VIOLET L. BOLLEN 21 14 0116 Report debts incurred by the decedent prior to death that remained unpaid at the date of death,including unreimbursed medical expenses. ITEM VALUE AT DATE NUMBER DESCRIPTION OF DEATH The Bridges-services rendered 16 .00 2 Credit card online payment 582 . 00 3 PNC Bank- Online Credit card payment 916 .00 4 PNC Bank-Online credit card payment 585 .00 5 PNC Bank-Credit card Acct #4311963109092523 filed 10,043 . 54 with Court of Common Pleas of Cumberland County PA 6 dcm services-debt from Bank of America-FIA Card ?,084 -53 101Services NA filed with Court of Common Pleas of Cumberland County, PA TOTAL(Also enter on Line 10,Recapitulation) $ 19,227- 07 If more space is needed, insert additional sheets of the same size. REV-1513 EX+(01-10) pennsylvania SCHEDULE J DEPARTMENT OF REVENUE BENEFICIARIES INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF: FILE NUMBER: VIOLET L . BOLLEN 21 14 0116 RELATIONSHIP TO DECEDENT AMOUNT OR SHARE NUMBER NAME AND ADDRESS OF PERSON(S)RECEIVING PROPERTY Do Not List Trustee(s) OF ESTATE j TAXABLE DISTRIBUTIONS (Include outright spousal distributions and transfers under Sec.9116(a)(1.2).) 1. FREDERICK L . BOLLEN Item II, III Lineal 584 ,60?• ?2 812 THIRD STREET IV and V NEW CUMBERLAND, PA 1?0?0 ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18 OF REV-1500 COVER SHEET,AS APPROPRIATE. NON-TAXABLE DISTRIBUTIONS: A.SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT TAKEN: 1. B.CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS: 1. TOTAL OF PART If -ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET. $ If more space is needed,use additional sheets of paper of the same size. STONE, LAFevER & SHEKLETSHI ATTORNEYS AT LAW _.r•4►•. 414.9RIOGE STREET -%; ' .u.■+■..+.+� a NEW CUMBERLAND PA 17070 LAST WILL AND TESTAMENT OF VIOLET L. BOLLEN I, VIOLET L. BOLLEN, of the Borough of New Cumberland, Cumberland County, Pennsylvania, declare this to be my last will and revoke any will previously made by me. ITEM I : I direct that my Executor hereinafter named shall pay all my just debts and funeral expenses as soon as conveniently may be done after my decease from the residue of my estate. ITEM II : I bequeath my automobiles, household and personal effects and other tangible personalty of like nature (not including cash or securities) together with any existing insurance thereon to my son, FREDERICK L. BOLLEN, provided he survives me. ITEM III : I devise my real estate known and numbered as 215 Eutaw Street, Borough of New Cumberland, Cumberland County, Pennsylvania, free and clear of any encumbrance thereon, to my son, FREDERICK L. BOLLEN, provided he survives me. ITEM IV: I devise and bequeath my real estate known and numbered as 317-319 Bridge Street, Borough of New Cumberland, Cumberland County, Pennsylvania, subject to any encumbrances thereon, together with my interest in the West Shore Theater Partnership, to my son, FREDERICK L. BOLLEN, provided he survives me. Page 1 of 4 ITEM V: I devise and bequeath all the rest, residue and remainder of my estate, of every nature and wherever situate, to the Trustee hereinafter named, IN TRUST, for the following uses and purposes : A. To pay the net income therefrom to my son, FREDERICK L. BOLLEN, for and during the term of this trust in such periodic installments as Trustee shall find convenient but at least as often as quarter annually. B. To pay or apply so much of the principal of the trust as Trustee shall consider advisable in Trustee' s sole discretion for the support of my son, FREDERICK L. BOLLEN, or during illness or emergency, after taking into consideration his other readily available assets and sources of income. C. Commencing three (3) years after my death, and every three (3) years thereafter, Trustee shall distribute a portion of the principal of the trust to my son, FREDERICK L. BOLLEN. The amount to be distributed shall be a fraction of the principal with the numerator of said fraction being one (1) and the denominator for the first distributiLon being ten (10) , a.nd decreasing by one .(i) for each successive distribution until the final and tenth distribution which shall be a distribution of the entire remaining balance of principal and undistributed income . D. Should my son, FREDERICK L. BOLLEN, die before receiving the balance of the trust principal, any remaining principal and undistributed income shall be distributed to THE GREATER HARRISBURG Page 2 of 4 FOUNDATION, as Trustee, IN TRUST NEVERTHELESS, for charitable, educational, scientific or civic uses according to the plan known as THE GREATER HARRISBURG FOUNDATION specifically for addition to or to establish the VIOLET L. AND STANLEY FREDERICK BOLLEN FUND as an endowment fund of The Greater Harrisburg Foundation. The fund shall provide two annual scholarships for graduates of high schools of the West Shore School District, one for a student pursuing the field of medicine or nursing and one for a student pursing the field of teaching . Criteria for recipients of the scholarships will be as determined by the Distribution Committee of The Greater Harrisburg Foundation but may be based on academic scholarship, financial need and interest in the fields of medicine and/or teaching. Recipients of the scholarships may continue to be eligible for each of their four years of college as determined by the committee. ITEM VI : I appoint KENNETH FRY, Trustee of the trust created for the benefit of my son, FREDERICK L. BOLLEN, under this my Last Will and Testament . KENNETH FRY, in his sole discretion, shall have the right and authority" to appoint a successor Trustee to be effective at 'his resignation or death . In the event he fails to choose a successor Trustee, at the death or inability of KENNETH FRY to serve as Trustee, I appoint PNC BANK, N .A. , successor Trustee of the trust created for the benefit of my son, FREDERICK L. BOLLEN, under this my Last Will and Testament . Page 3 of 4 ITEM VII : I appoint KATHLEEN I . FRALEY, Executrix of this my last will . Should KATHLEEN I . FRALEY fail to qualify or cease to act as Executrix, I appoint SUSAN FRY, Executrix of this my last will . ITEM VIII : I direct that my Executrix and Trustee retain the services of David H. Stone, Esquire, to aid in the administration of my estate and trust. ITEM IX: No fiduciary acting hereunder shall be required to post bond or enter security for the faithful performance of his/her duties in any jurisdiction. IN WITNESS WHEREOF, I, VIOLET L. BOLLEN, have hereunto set my hand and seal this day of �1I�� 2011 . VIOLET L. BOLLEN SIGNED, SEALED, PUBLISHED and DECLARED by VIOLET L. BOLLEN, the Testatrix above named, as and for her Last Will and Testament, and in the presence of us, who at her request, in her presence and in the presence ch other, have subscribed our names as witnesses. Wi ness Address V i ness Address (-/ Page 4 of 4 REV-485 EX(05-04) 48500041046 SAFE DEPOSIT�* BOX INVENTORY PA Department of Revenue PLEASE USE ORIGINAL FORM ONLY Social Security or Death Certificate Number Date of Death County Code Year File Number 01/23/2014 21 14 0116 Decedent's Last Name Suffix First Name MI Bollen Violet L ©ADDRESS OF DECEDENT STREET. CITY: STATE: ZIP CODE: 812 Third Street New Cumberland PA 17070 NAME AND ADDRESS OF PERSON REQUESTING THE OPENING OF THE SAFE DEPOSIT BOX NAME: David H. Stone, Esquire STREETADDRESS: CITY: STATE: ZIP CODE: 414 Brid a Street New Cumberland PA 17070 NAME,ADDRESS AND RELATIONSHIP(IF ANY)TO DECEDENT,OF PERSON(S)PRESENT AT THE BOX OPENING a. NAME: RELATIONSHIP: Kathleen I. Fraley sister/executrix of estate STREETADDRESS: CITY: STATE: ZIP CODE: 2323 Forest Hills Drive Harrisburg PA 17112 b. NAME: RELATIONSHIP: STREETADDRESS: CITY: STATE: ZIP CODE: c. NAME: RELATIONSHIP: STREET ADDRESS: CITY: STATE: ZIP CODE: NAME AND ADDRESS OF FINANCIAL INSTITUTION WHERE THE SAFE DEPOSIT BOX IS LOCATED NAME: PNC Bank STREET ADDRESS: CITY: STATE: ZIP CODE: 331 Bridge Street New Cumberland PA 17070 NAME OF PERSON MAKING LAST ENTRY DATE AND TIME OF LAST ENTRY Frederick L. Bollen 8/10/11 3:40 am DATE OF CONTRACT TO RENT BOX NUMBER OF BOX ---]UTITLE UNDER WHICH BOX IS REQUESTED 12/31/1981 02228 Stanley F. Bollen/Violet L. Bollen/Frederick L NAME AND ADDRESS OF PERSON(S)HAVING ACCESS TO BOX a. NAME: b. NAME: Violet L. Bollen Frederick L. Bollen STREETADDRESS: STREET ADDRESS: 812 Third Street 812 Third Street CITY: STATE: ZIP CODE: CITY: STATE: ZIP CODE: New Cumberland PA 17070 New Cumberland PA 17070 NAME AND TITLE OF EMPLOYEE TAKING THE INVENTORY Roxanne Crater WAS A WILL IN THE BOX? ❑ YES ® NO If yes, a. Date of will: b. Name and address of personal representative,If named in the will NAME: STREETADDRESS: CITY: STATE: ZIP CODE: C. Name and address of attorney,If any NAME: STREETADDRESS: CITY: STATE: ZIP CODE: L 48500041046 48500041046 REV-485 EX SAFE DEPOSIT BOX INVENTORY Page of INSTRUCTIONS (1) Cash:Report total only. (2) Stocks:List in detail every common or preferred certificate,warrant or other rights found in box.Stocks are to be designated by name of company,certificate number,date of certificate,name in which stock is registered,and number of shares and class of stock. (3) Obligations of U.S.Government: Number of items,date of issue,face value,names in which registered and type of ownership, i.e.,jointly held,payable on death,etc. (4) Bonds: Designate by name,amount,serial number,or other designation.(Bearer Bonds) (5) Bank and Savings and Loan Passbooks:State name of depositor,number of book,last date appearing in book,name of bank and branch,and balance. (6) Jewelry,Coins,Stamps,Manuscripts,etc:List and describe as fully as possible. (7) Deeds,Mortgages,Current Insurance Policies or other evidences of indebtedness:List and describe as fully as possible. (8) All other contents. (9) Return completed form to: DEPARTMENT OF REVENUE INHERITANCE TAX DIVISION DEPT.280601 HARRISBURG,PA 17128-0601 ITEM NO. ITEM DESCRIPTION EMPTY I CERTIFY UNDER P ALTY OF PER RY HAT HE ABOVE RECORD IS PERSON RECEIVING COPY OF CORRECT AN THE EIST FNY KNOWLEDGE AND BELIEF. SAFE DEPOSIT BOX INVENTORY: SIGNATURE SIGNATURE PRINT NAME PRINT NAME AND CHECK APPROPRIATE BOX BELOW: David H. Stone Esquire PRINT TITLE DATE CHECK APPROPRIATE BOX: Attorney for Estate ❑Executor(tdx) [:]Administrator(lrix) C -2{ -1 o Estate Representative ❑Joint owner of safe deposit box NOTE:Attach additional 81/2"x 11"sheet(s) if necessary or use duplicates of this page of form. The Department is authorized by law,42 U.S.C.§405(c)(2)(C)(i),to require disclosure of Social Security numbers in connection with administering state tax laws.The Department uses the Social Security number to identify the decedent and personal representatives of the estate.The Commonwealth may also use the information in exchange of tax information agreements with Federal and local taxing authorities.The state law prohibits the Commonwealth's personnel from disclosing confidential tax information excet for official u ses. REV-485 EX(05-04) 48500041046 SAFE DEPOSIT 4$ BOX INVENTORY PA Department of Revenue PLEASE USE ORIGINAL FORM ONLY Social Security or Death Certificate Number Date of Death County Code Year File Number 01/23/2014 21 14 0116 Decedent's Last Name Suffix First Name MI Bollen Violet L ©ADDRESS OF DECEDENT STREET: CITY: STATE: ZIP CODE: 812 Third Street New Cumberland PA 17070 NAME AND ADDRESS OF PERSON REQUESTING THE OPENING OF THE SAFE DEPOSIT BOX NAME: David H. Stone, Esquire STREETADDRESS: CITY: STATE: ZIP CODE: 414 Brid a Street New Cumberland PA 17070 NAME,ADDRESS AND RELATIONSHIP(IF ANY)TO DECEDENT,OF PERSON(S)PRESENT AT THE BOX OPENING a. NAME: RELATIONSHIP: Kathleen I. Fraley sister/executrix of estate STREETADDRESS: CITY: STATE: ZIP CODE: 2323 Forest Hills Drive Harrisburg PA 1711'2 b. NAME: RELATIONSHIP: STREET ADDRESS: CITY: STATE: ZIP CODE: c. NAME: RELATIONSHIP: STREET ADDRESS: CITY: STATE: ZIP CODE: NAME AND ADDRESS OF FINANCIAL INSTITUTION WHERE THE SAFE DEPOSIT BOX IS LOCATED NAME: PNC Bank STREET ADDRESS: CITY: STATE: ZIP CODE: 331 Bridge Street New Cumberland PA 17070 NAME OF PERSON MAKING LAST ENTRY DATE AND TIME OF LAST ENTRY Frederick L. Bollen 8/10/11 3:40 am DATE OF CONTRACT TO RENT BOXNUMBER OF BOX 1 TITLE UNDER WHICH BOX IS REQUESTED 11/20/1984 525-T Stanley F. Bollen/Violet L. Bollen/Frederick L NAME AND ADDRESS OF PERSON(S)HAVING ACCESS TO BOX a. NAME: b. NAME: Violet L. Bollen Frederick L. Bollen STREETADDRESS: STREET ADDRESS: 812 Third Street 812 Third Street CITY: STATE: ZIP CODE: CITY: STATE: ZIP CODE: New Cumberland PA 17070 New Cumberland PA 17070 Is NAME AND TITLE OF EMPLOYEE TAKING THE INVENTORY Roxanne Crater WAS A WILL IN THE BOX? ❑ YES ® NO If yea, a. Date of will: b. Name and address of personal representative,If named In the will NAME: STREETADDRESS: CITY: STATE: ZIP CODE: c. Name and address of attorney,if any NAME: STREETADDRESS: CITY: STATE: ZIP CODE: L 48500041046 48500041046 J REV-485 EX SAFE DEPOSIT BOX INVENTORY page of INSTRUCTIONS (1) Cash:Report total only. (2) Stocks:List in detail every common or preferred certificate,warrant or other rights found in box.Stocks are to be designated by name of company,certificate number,date of certificate,name in which stock is registered,and number of shares and class of stock. (3) Obligations of U.S.Government:Number of items,date of issue,face value,names in which registered and type of ownership, i.e.,jointly held,payable on death,etc. (4) Bonds:Designate by name,amount,serial number,or other designation.(Bearer Bonds) (5) Bank and Savings and Loan Passbooks:State name of depositor,number of book,last date appearing in book,name of bank and branch,and balance. (6) Jewelry,Coins,Stamps,Manuscripts,etc:List and describe as fully as possible. (7) Deeds,Mortgages,Current Insurance Policies or other evidences of indebtedness:List and describe as fully as possible. (8) All other contents. (9) Return completed form to: DEPARTMENT OF REVENUE INHERITANCE TAX DIVISION DEPT.280601 HARRISBURG,PA 17128-0601 ITEM ITEM DESCRIPTION NO. EMPTY I CERTIFY UND PE J Y HAT HE ABOVE RECORD IS PERSON RECEIVING COPY OF CORRECT AN OMPLIE TO BETW1KNOWLEDGE AND BELIEF. SAFE DEPOSIT BOX INVENTORY: SIGNATURE SIGNATURE PRINT NAME PRINT NAME AND CHECK APPROPRIATE BOX BELOW: David H. Stone, Esquire PRINT TITLE DATE CHECK APPROPRIATE BOX: nExecutor(trix) n Administrator(trix) Attorney for Estate 2 jt Estate Representative ❑Joint owner of sate deposit bog NOTE:Attach additional 81/:"x 11"sheet(s) if necessary or use duplicates of this page of form. The Department is authorized by law,42 U.S.C.§405(c)(2)(C)(i),to require disclosure of Social Security numbers in connection with administering state tax laws.The Department uses the Social Security number to identify the decedent and personal representatives of the estate.The Commonwealth may also use the information in exchange of tax information agreements With Federal and local taxing authorities.The state law prohibits the Commonwealth's personnel from disclosing confidential tax information except for official purposes. Z:\RE\DED\Bollen.Violet—124 Hillside Dr. o.5 L'1 y 1 Tax Parcel 1t:17-08-008 Address:124 11111side Drive Mifflintown,PA 17054 DEED THIS INDENTURE made the day of , in the year 2014, between KATHLEEN 1. FRALEY, Executrix of the Last Will and Testament of VIOLET L. BOLLEN, late of New Cumberland Borough, Cumberland County, and Commonwealth of Pennsylvania, of the first part, hereinafter called the Grantor, -AND - HOMER A. TROYER and EMMA A. TROYER, husband and wife, of the second part, hereinafter called the Grantee; WHEREAS, the said VIOLET L. BOLLEN became in her lifetime seised, as of fee, of and in a certain tract of land, together with the improvements thereon erected, situate in New Cumberland Borough, Cumberland County, and Commonwealth of Pennsylvania, and more particularly described hereinafter; and being so thereof seised, died on January 23, 2014, having first made her Last Will and Testament in writing dated July 19, 2011, duly probated and registered in the Office of the Register of Wills of Cumberland County on February 7, 2014, wherein and whereby she appointed as Executrix, the said Kathleen I. Fraley, to whom Letters Testamentary were duly issued by said Register of Wills on February 7, 2014, wherein and whereby said premises hereinafter described were not specifically devised, all as in and by said Will and the records of said Register of Wills, recourse thereunto being had, appears: NOW THIS INDENTURE WITNESSETH, that the said Grantor, for and in consideration of the sum of TWO HUNDRED TEN THOUSAND AND 00/100 ($210,000.00) Dollars, which has been paid to they by the said Grantees at or before the sealing and delivery hereof, receipt whereof is hereby acknowledged, has granted, bargained, sold, aliened, released and confirmed, and by these presents does grant, bargain, sell, alien, release and confirm unto the said Grantees, ALL THAT CERTAIN tract of land situate in Walker Township, Juniata County, Pennsylvania, together with the improvements erected thereon, bounded and described as follows, to wit: I3EGINNING at an existing iron pin and stones at the northwestern corner of the tract hereby conveyed where same corners with lands now or formerly of Carroll Curtis, lands now or formerly of Kathleen Adams and lands now or formerly of Wilbur K. Hockenbrought; thence along lands now or formerly of Wilbur K. Hockenbrought North sixty-nine (69) degrees thirty-five (35) minutes fifteen (15) seconds East five hundred sixty-seven and forty one- hundredths (567.40) feet to an existing iron pin; thence along lands now or formerly of Kenneth W. Kester North sixty-nine (69) degrees thirty-five (35) minutes fifteen (IS) seconds East one hundred thirty-six and eighty-two one-hundredths (136.82) feet to a forty-eight (48) inch oak tree; thence along same lands South six (6) degrees fifty-one (51) minutes five (5) seconds East -1., ~ ^� ^' ^ ~3~ COMMONWEALTH OF PENNSYLVANIA SS: COUNTY OF CUMBERLAND On this, the day of 201,4, before me a Notary Public, the undersigned officer, personally appeared KATHLEEN I. FRALEY, Executrix of the Last Will and Testament of VIOLET L. BOLLEN, known to me or satisfactorily proven to be the pet-son whose name is subscribed to the within instrument, and acknowledged that she executed the same for the purposes therein contained, IN WITNESS WHERE-OF, I have hereto set my hand and notarial seal, COMMONWEALTH OF PENNSYLVANIA NOTARIAL SEAL JENNIFER A. MEARKLE, Notary Public Notary- :t �b4 Ne,w Cumberland Boro.CumbeHand Co. My Commission Expires July 7,2016 I hereby Cp1ify that the precise address of the Grantee is CAye! LW. DATE: 4torney for C(m)eejr 4- Inst. # 201420203 - Page 1 of 4 CERTIFIED PROPERTY IDENTIFICATION NUMBERS 25-25-0006-217 - NEW CUMBER-ANDI ZAREOEMBollen.Violet—213 Geary Avenue CCGIS REGISTRY 04/08)2014 BY TS Tax Parcel#:25-25-0006-217 Address:213 Geary Avenue New Cumberland,PA 17070 DEED THIS INDENTURE made the day of � �--- , in the year 2014, between KATHLEEN I. FRALEY, Executrix of the Last Will and Testament of VIOLET L. BOLLEN, late of New Cumberland Borough, Cumberland County, and Commonwealth of Pennsylvania,of the first part,hereinafter called the Grantor, -AND- MOLLY K.NACE,of the second part,hereinafter called the Grantee; WHEREAS, the said VIOLET L. BOLLEN became in her lifetime seised, as of fee, of and in a certain tract of land, together with the improvements thereon erected, situate in New Cumberland Borough, Cumberland County, and Commonwealth of Pennsylvania, and more particularly described hereinafter; and being so thereof seised, died on January 23, 2014, having first made her Last Will and Testament in writing dated July 19, 2011, duly probated and registered in the Office of the Register of Wills of Cumberland County on February 7, 2014, wherein and whereby she appointed as Executrix, the said Kathleen I. Fraley, to whom Letters Testamentary were duly issued by said Register of Wills on February 7, 2014, wherein and whereby said premises hereinafter described were not specifically devised, all as in and by said Will and the records of said Register of Wills,recourse thereunto being had,appears: NOW THIS INDENTURE WITNESSETH, that the said Grantor, for and in. consideration of the sum of EIGHTY SEVEN THOUSAND FIVE HUNDRED AND 00/100 {581,500.00} Dollars, which has been paid to they by the said Grantee at or before the sealing and delivery hereof, receipt whereof is hereby acknowledged, has granted, bargained, sold, aliened, released and confirmed, and by these presents does grant, bargain, sell, alien, release and confirm unto the said Grantee, ALL THAT CERTAIN lot or tract of land in the Borough of New Cumberland, Cumberland County, Pennsylvania, more particularly bounded and described as follows,to wit: BEGINNING at a point on the east side of Geary Avenue, said point being 100 feet south from the southern line of Taylor Avenue; thence in an Easterly direction at right angles with Geary Avenue, 165 feet to an alley; thence in a Southerly direction along said alley, 25 feet to a point; thence in a Westerly direction at right angles with Geary Avenue, 165 feet to Geary Avenue; thence in a Northerly direction along Geary Avenue to the place of BEGINNING. BEING Lots No, 18, Block B of the Buttorff Plan of Lots recorded in the Cumberland County Recorder's Office in Deed Book 5-N, Page 500. Inst. # 201420203 - Page 2 of 4 HAVING thereon erected a three story frame dwelling house known as and numbered 213 Geary Avenue,New Cumberland,Pennsylvania. BEING the same premises which Kenneth R. Keller, single person, by Deed dated August 1, 1975, and recorded August 1, 1975, in the Office of the Recorder of Deeds of Cumberland County at Deed Book "E", Volume 26, Page 385, granted and conveyed unto Stanley F. Bollen and Violet L. Bollen, his wife. Stanley F. Bollen died on March 19, 1992, thus by operation of law vesting title in Violet L. Bollen, deceased. TOGETHER with all and singular the buildings, improvements, ways, streets, alleys, passages, waters, water-courses, rights, liberties, privileges, hereditaments and appurtenances whatsoever, thereunto belonging or in any wise appertaining and the reversions and remainders, rents, issues and profits thereof, and all the estate, right, title, interest, property, claim and demand whatsoever of her, the said VIOLET L. BOLLEN, at and immediately before the time of her decease, in law, equity,or otherwise howsoever, of,in, to or out of the same. TO HAVE AND TO HOLD the said lot or piece of ground above described, with the buildings and improvements thereon erected, hereditaments and premises hereby granted or mentioned, and intended so to be, with the appurtenances unto the said Grantee, to and for the only proper use and behoof of the said Grantee, forever. AND the said Grantor, for herself and her respective heirs, executors and administrators, does covenant, promise and agree to and with the said Grantee, his heirs and assigns, that they, the said Grantor, has not heretofore done or committed any act, matter or thing whatsoever whereby the premises hereby granted, or any part thereof, is, are, shall or may be impeached,charged,or encumbered in title,charge, estate or otherwise howsoever. IN WITNESS WHEREOF, the said Grantor has hereunto set her hand and seal the day and year first above written. Signed, Sealed, and Deli ere in the P esence of (SEAL) W i tnes KATHLEEN I. FRALEY, Aecutrix of the Last Will and Testament of VIOLET L. BOLLEN 2" Inst. # 241420203 - Page 3 of 4 COMMONWEALTH OF PENNSYLVANIA SS: COUNTY OF CUM1BBEERLAND On this, the "�i ' day of� f , 2014, before me a Notary Public, the undersigned officer, personally appeared KATHLEEN 1. FRALEY, Executrix of the Last Will and Testament of VIOLET L. BOLLEN, known to me or satisfactorily proven to be the person whose name is subscribed to the within instrument, and acknowledged that she executed the same for the purposes therein contained. IN WITNESS WHEREOF,I have hereto set my hand and notarial seal. l I Notary Public COMMONWEALTH OF PENNSYLVANIA NOTAR!AL SEAL CAROL L.TROXELL, notary Public New Cumberland Bolo. Gamberland Co. My Commission Expires Dec. 27, 2017 I hereby certify that the precise address of the Grantee is t, New Cumberland PA 17070 . DATE: s Attorney for "3" ~ ` COMMONWEALTH OF PENNSYLVANIA COUNTY OF CUMBERLAND On this, the day of 2014, before me a Notary Public, the undersigned officer, personally appeared KATHLEEN I. FRALEY, Executrix of the Last Will and Testament of VIOLET L. BOLLEN, known to me or satisfactorily proven to be the per=hose name is subscribed to the within instrument, and acknowledged that she executed tj he for the purposes therein contained. IN WITNESS WHEREOF, I have hereto set my hand and notarial sea). COMMONWEALTH OF PENNSYLVANIA Notary Public JENNIFER A. MEARKLE, Notary Public New Cumberland Boro.Cumbedand Co. My Commission Expires July 7, 2016 � I hereby certify that the precise address of the Grantee is ' DATE: Atton -3- Inst. # 201411900 - Page I QZ--4- CERTIFIED PROPERTY IDENTIFICATION MRABERS 25-25-0006-185 — NEW CUMBERLANDI 504 3"Street CCGIS REGISTRY 06/05/2014 BY DC TAX PARCEL NO.:25-25-0006-I85 ADDRESS:504 3"Strect New Cumberland,PA 17070 THIS DEED THIS INDENTURE made the 7'zttl- day of in the year 2014, between KATHLEEN 1. FRALEY, Executrix ofthe Last Will and Testament of VIOLET L. BOLLEN, late of New Cumberland Borough., Cumberland County, and Commonwealth of Pennsylvania, of the first part, hereinafter called the Grantor, - AND - BRIAN SEMUTA, of the second part, hereinafter called the Grantee; WHEREAS, the said VIOLET L. BOLLEN became in her lifetime seised, as of fee, of and in a certain tract of land, together with the improvements thereon erected, situate in New Cumberland Borough, Cumberland County, and Commonwealth of Pennsylvania, and more particularly described hereinafter; and being so thereof seised, died on January 23, 2014, having first made her Last Will and Testament in writing dated July 19, 2011, duly probated and registered in the Office of the Register of Wills of Cumberland County on February 7, 2014, wherein and whereby she appointed as Executrix, the said Kathleen I. Fraley, to whom Letters Testamentary were duly issued by said Register of Wills on February 7. 2014, wherein and whereby said premises hereinafter described were not specifically devised, all as in and by said Will and the records of said Register of Wills, recourse thereunto being had, appears: WITNESSETH, that in consideration of SEVENTY-FIVE THOUSAND and NO/100----($75,000.00)-----Dollars, in hand paid, the receipt whereof is hereby acknowledged, the said Grantor does hereby grant and convey to the said Grantee, his heirs and assigns, ALL THAT CERTAIN lot or piece of land situate in the Borough of New Cumberland, County of Cumberland and State of Pennsylvania, being part of Lots Nos. I and 2, Block C, in the General Plan of George W. Buttorfrs addition to New Cumberland, as recorded in the Recorder's Office of Cumberland County in Book N, Volume 5, Page 500, said lot being bounded and described as follows: BEGINNING at a point 27 feet 8 inches from the southwest comer of Third Street and Geary Avenue., to the center of double brick wall separating the double brick house which is erected thereon, thence Southwardly along the center of brick wall separating double brick house 140 feet to Taylor Avenue; thence Westwardly along Taylor Avenue 22 Feet 4 inches to the dividing line between Lots Nos. 2 and 3; thence Northwardly along said dividing line between Lots Nos. 2 and 3, 140 feet to Third Street, thence Eastwardly along said Third Street 22 feet 4 inches to center of double brick wall separating double brick house, the place of BEGINNING. HAVING THEREON ERECTED the West side of a double brick house known as No. 504 Third Street, New Cumberland, Pennsylvania, 17070. �I Inst. # 201411900 - Page 2 of 4 BEING, THE SAME PREMISES which Betty A. Sattler, single woman, by Deed dated January 7, 1984, and recorded January 11, 1984, in the Office of the Recorder of Deeds of Cumberland County, Pennsylvania, in Deed Book "N". Volume 30, Page 343, granted and conveyed unto Stanley F. Bollen and Violet L. Bollen, his wife. Stanley F. Bollen died on March 19, 1992, thus by operation of law vesting title in Violet L. Bollen, deceased. TOGETHER with all and singular the buildings, improvements, ways, streets, alleys, passages, waters, water-courses, rights, liberties, privileges, hereditarnents and appurtenances whatsoever, thereunto belonging or in any wise appertaining and the reversions and remainders, w rents, issues and profits thereof, and all the estate, right, title, interest, property, claim and dernand whatsoever of her, the said VIOLET L. BOLLEN, at and immediately before the time of her decease, in law, equity, or otherwise howsoever, of, in, to or out of the same. TO HAVE AND TO HOLD the said lot or piece of ground above described, with the buildings and improvements thereon erected, hereditaments and premises hereby granted or mentioned, and intended so to be, with the appurtenances unto the said Grantee, to and for the only proper use and behoof of the said Grantee, forever. AND the said Grantor, for herself and her respective heirs, executors and administrators, does covenant, promise and agree to and with the said Grantee, his heirs and assigns, that she, the said Grantor, has not heretofore done or committed any act, matter or thing whatsoever whereby the premises hereby granted, or any part thereof, is, are, shall or may be impeached, charged, or encumbered in title, charge, estate or otherwise howsoever, I IN WITNESS WHEREOF, the said Grantor has hereunto set her hand and seal the day and year first above ritten. Sign Del er the Pre n e o -- (SEAL) Wit KATHLEEN [. FRA.LEY, Ex trix of the Last Will and Testament of VIOL ,T L. BOLLEN COMMONWE:AI.T I OF PENNSYLVANIA SS: COUNTY OF C Eu�p On this, the 4t'' day of 4U_- 2014, before me a Notary Public, the undersigned officer, personally appeared KATHLEEN I. FRALEY, Executrix of the Last Will and Testament of'VIOLET L. BOLLEN, known to me or satisfactorily proven to be the person whose name is subscribed to the within instrument, and acknowledged that she executed the same for the purposes therein contained. IN WITNESS WHEREOF, I have hereto set my hand and notarial seal. COMMONWEALTH OF PENNSYLVANIA Notarial Seal Candy M.Burk,Notary Public Deny Twp.,Dauoln County notary Public l j My Cornnnisston"res July 3,2015 MEMKIZ,PENNSYLVANIA ASSOCIATION OE NOTARIES -2v {I 1 Z:\RE\DED\Bollen.Violet—812 Third Street Tax Parcel#:25-25-0008-113 Address:812 Third Street New Cumberland,PA 17070 DEED THIS INDENTURE made the 3o day of 0c--z-Qt-A- , in the year 2014, between KATHLEEN I. FRALEY, Executrix of the Last Will and Testament of VIOLET L. BOLLEN, late of New Cumberland Borough, Cumberland County, and Commonwealth of Pennsylvania, of the first part, hereinafter called the Grantor, - AND - FREDERICK L. BOLLEN, married man, of the second part, hereinafter called the Grantee; WHEREAS, the said VIOLET L. BOLLEN became in her lifetime seised, as of fee, of and in a certain tract of land, together with the improvements thereon erected, situate in New Cumberland Borough, Cumberland County, and Commonwealth of Pennsylvania, and more particularly described hereinafter; and being so thereof seised, died on January 23, 2014, having first made her Last Will and Testament in writing dated July 19, 2011, duly probated and registered in the Office of the Register of Wills of Cumberland County on February 7, 2014, wherein and whereby she appointed as Executrix, the said Kathleen I. Fraley, to whom Letters Testamentary were duly issued by said Register of Wills on February 7, 2014, wherein and whereby said premises hereinafter described were not specifically devised, all as in and by said Will and the records of said Register of Wills, recourse thereunto being had, appears: NOW THIS INDENTURE WITNESSETH, that the said Grantor, for and in consideration of the sum of ONE and NO/100 ($1.00) Dollar, which has been paid to they by the said Grantee at or before the sealing and delivery hereof, receipt whereof is hereby acknowledged, has granted, bargained, sold, aliened, released and confirmed, and by these presents does grant, bargain, sell, alien, release and confirm unto the said Grantee, ALL THAT CERTAIN tract or parcel of ground situate in the Borough of New Cumberland, Cumberland County, Commonwealth of.Pennsylvania, more particularly bounded and described according to survey of D.P. Raffensperger, Registered Surveyor, dated February 7, 1955, as follows: BEGINNING at a point on the southern side of 3`d Street fifty (50) feet East of the southeast corner of the intersection of 3`d Street and Wayne Avenue, also at the dividing line between Lots Nos. 10 and 11, Block F, on hereinafter mentioned Plan of Lots; thence Eastwardly along the southern side of 3`d Street fifty (50) feet to a point at the dividing line between Lots Nos. 8 and 9, Block F on said Plan; thence Southwardly along the same at right angles to 3`d Street one hundred forty (140) feet to a point on the northern side of Taylor Alley; thence Westwardly along the same fifty (50) feet to a point at the dividing line between Lots Nos. 10 and 11, Block F on said Plan; thence Northwardly along the same at right angles to 3`d Street one hundred forty (140) feet to a point, the place of BEGINNING. ..1., BEING Lots Nos. 9 and 10, Block F on Plan No. 2 of Rosemont Addition, recorded in Plan Book 1, Page 96, Cumberland County records. HAVING thereon erected a one and one-half story brick dwelling house known and numbered as 812 N. Third Street,New Cumberland, Pennsylvania. BEING the same premises which William R. Houck and Agnes C. Houck, by Deed dated April 26, 1955, and recorded April 27, 1955, in the Office of the Recorder of Deeds of Cumberland County at Deed Book "J", Volume 16, Page 372, granted and conveyed unto Stanley Frederick Bollen and Violet L. Bollen. Stanley Frederick Bollen died on March 19, 1992, thus by operation of law vesting title in Violet L. Bollen, deceased. TOGETHER with all and singular the buildings, improvements, ways, streets, alleys, passages, waters, water-courses, rights, liberties, privileges, hereditaments and appurtenances whatsoever, thereunto belonging or in any wise appertaining and the reversions and remainders, rents, issues and profits thereof, and all the estate, right, title, interest, property, claim and demand whatsoever of her, the said VIOLET L. BOLLEN, at and immediately before the time of her decease, in law, equity, or otherwise howsoever, of, in, to or out of the same. TO HAVE AND TO HOLD the said lot or piece of ground above described, with the buildings and improvements thereon erected, hereditaments and premises hereby granted or mentioned, and intended so to be, with the appurtenances unto the said Grantee, to and for the only proper use and behoof of the said Grantee, forever. AND the said Grantor, for herself and her respective heirs, executors and administrators, does covenant, promise and agree to and with the said Grantee, his heirs and assigns, that they, the said Grantor, has not heretofore done or committed any act, matter or thing whatsoever whereby the premises hereby granted, or any part thereof, is, are, shall or may be impeached, charged, or encumbered in title, charge, estate or otherwise howsoever. IN WITNESS WHEREOF, the said Grantor has hereunto set her hand and seal the day and year first above written. Signed, Sealed, and Delivered in the Presel f (SEAL) Witness KATHLEEN I _'FR AT EY, cutrix of the Last Will and Testament of VIOLET L. BOLLEN v2`" COMMONWEALTH OF PENNSYLVANIA SS: COUNTY OF CUMBERLAND On this, the "��'�- day of 2014, before me a Notary Public, the undersigned officer, personally appeared KATHLEEN I. FRALEY, Executrix of the Last Will and Testament of VIOLET L. BOLLEN, known to me or satisfactorily proven to be the person whose name is subscribed to the within instrument, and acknowledged that she executed the same for the purposes therein contained. IN WITNESS WHEREOF, I have hereto set my hand and notarial seal. COMMONWEALTH OF PENNSYLVANIA (�2�— NOTARIAL SEAL Notary Public CAROL L.TROXELL, Notary Public Now Cumberland Boro.Cumberland Co. My Commission Expires Dec. 27,2017 I hereby certify that the precise address of the Grantee is 812 Third Street, New Cumberland, PA 17070.. DATE: i 0 -30- Z')l V 3- COMMONWEALTH OF PENNSYLVANIA SS: COUNTY OF CUMBERLAND On this, the -J`5k day of 2014, before me a Notary Public, the undersigned officer, personally appeared KATHLEEN I. FRALEY, Executrix of the Last Will and Testament of VIOLET L. BOLLEN, known to me or satisfactorily proven to be the person whose name is subscribed to the within instrument, and acknowledged that she executed the same for the purposes therein contained. IN WITNESS WHEREOF, I have hereto set my hand and notarial sea]. COMMONWEALTH OF PENNSYLVANIA NOTARIAL AKIAL ZMAL JENNIFER A. MEARKLE, Notary Public New Cumberland Boro.Cumberland Public Notary Pu i. My commission Expires July,�7, 2016 I hereby certify that the precise address of the Grantee is r" 54r4l DATE: Att -3- w Business Valuation Report Prepared for: West Shore Movie Theatre Prepared by: Frank H. Kelly, EA Kelly Financial Services,Inc. Prepared on: January 22, 2015 Kelly Financial Services, Inc. has been engaged to estimate the fair market value of the business enterprise known as West Shore Movie Theatre, a Partnership (to be known as "Partnership") as of December 31, 2012. Kelly Financial Services, Inc. has not had the advantage of the December 31, 2013 financial statements or U S Partnership Income Tax Return for use in the valuation of the Partnership as they have yet to be prepared and filed. The tax returns for tax years 2001, 2011 and 2012 are attached to this valuation of the West Shore Theatre. The tax returns represent the book value of the Partnership and do not reflect the actual cash value of the holdings of the Partnership. The Partnership consists of two main assets - a.) The property was owned by Violet Bolen and placed into the Partnership as her original contribution, and b.) The personal property of the Partnership -counters, food service equipment, chairs etc. makes up the valuation of the deceased Partners share of the Partnership. The attached tax returns are based on historical facts while the "fair market value" here is based on the current value, plus any discounts for limited marketability of the real estate held by the Partnership. The valuation date of the units in the Partnership is the date of death of the minority Partner -Violet Bolen. Violet Bolen passed away January 23, 2014. The Partnership valuation is for the explicit purpose of setting a value of the Partnership for Pennsylvania Inheritance Tax purposes. At your request, rather than preparing a self contained comprehensive report, we have provided a restricted use limited appraisal report, which is advisory in nature and intended to be used as a valuation tool for Pennsylvania Inheritance Tax Return and the future value of the units being inherited by the remaining general partner of the Partnership. Please refer to the statement of limiting conditions contained in the report. For the purposes of business appraisal, fair market value is defined as the expected price at which the subject business would change hands between a willing buyer and a willing seller, neither being under a compulsion to conclude the transaction and both having full knowledge of all the relevant facts. The pricing of the real estate has been at the fair market value and then reduced buy 20% for a quick sale discount. The discount is based on the current discount factor the IRS and the Bankruptcy courts use for what is know as a "quick sale discount" valuation. We have appraised a fully marketable, controlling ownership interest in the assets of the subject business. Since the Partnership is a closely held family business organized as a general partnership under the Laws of the Commonwealth of Pennsylvania, there is a second discount for limited marketability of the partnership to unrelated individuals of 25% of the fair market value of the hard assets, not including the cash and cash equivalents. The appraisal was performed under the premise of value in continued use as a going concern business enterprise. In addition, the valuation is made up of a.) The real estate and b.) The personal property held by the Partnership. In our opinion this premise of value represents the highest and best use of the subject business assets. Due to the limited marketability of the Partnership, which is a family held general partnership with one partner holding a simple majority - 90%, of the available units within the Partnership there is a discount of 25% on the value of the Partnership, excluding cash and cash equivalents. Based on the information contained in the report that follows, it is our opinion that estimate of the fair market value of West Shore Movie Theatre is: $456..658. The value of the deceased's share - Violet Bolen - General Partner's 10% holdings is fixed at $34,249.00. This value is based on the value of the holding of the real estate and ignores any value based on the Net Income and Rate of Return valuation. The fair market value of the Partnership includes inventory, furniture, fixtures and equipment, real estate. We have no obligation to update this report or our conclusion of value for information that comes to our attention after the date of this report. Description of the Appraisal Assignment Kelly Financial Services, Inc. has been retained by Mr. David Stone, acting as the Attorney for the Estate of Violet to estimate the fair market value of West Shore Movie Theatre on a limited marketable and controlling ownership basis as of January 23, 2014 for the sole purpose of establishing the value of Violet Bolen, the Pennsylvania Inheritance Tax and the inherited value of the Partnership units. The purpose of this appraisal is solely to provide an independent valuation opinion in order to assist Mr. Stone in settling the affairs of the Estate of Violet Bolen. As such this appraisal report is Intended for use by Mr. Stone and the Estate of Violet Bolen only. Standard and Premise of Value This appraisal report relies upon the use of fair market value as the standard of value. For the purposes of this appraisal, fair market value is defined as the expected price at which the subject business would change hands between a willing buyer and a willing seller, neither being under a compulsion to conclude the transaction and both having full knowledge of all the relevant facts. The real estate portion of the valuation was performed by using the appraised value as set in the Cumberland County Tax Assessment Office, Courthouse Square, Carlisle, PA and then using the Common Area Factor of .97 of the appraised value. The appraisal was performed under the premise of value in continued use as a going concern business enterprise. In our opinion this premise of value represents the highest and best use of the subject business assets. The personal property of the Partnership that is used in the showing of movies and the selling of concessions has been deemed to be obsolete and has little or no real value on the partnership. The personal property has little or no value to any other theatre operation due to the age of the property and the lack of community theatres. The Local Community Theatre is on a downward spiral as alluded to in the attached report dated June 18, 2013 by the Appraisal Institute and on pages 114 and 115 from the Spring 2013 The Appraisal Journal. Scope of the Report This appraisal report is performed on a limited scope basis, as it is defined Revenue Ruling 59-60. Information Sources The following sources of information were used in preparing the appraisal: 1. We conducted interviews with the West Shore Movie Theatre management team. 2. The real estate was valued based on the appraised value from the Cumberland County Tax Assessment office. 3. Business financial statements and tax records of the subject business over the 2010, 2011 and 2012 tax years have been analyzed to estimate the business current performance and outlook for continued income generation. Business Description The subject business being valued is West Shore Theatre; a partnership, under the laws of the Commonwealth of Pennsylvania. West Shore Theatre is located at 317 Bridge Street, New Cumberland, PA 17070, with a business mailing address of P 0 Box 684, New Cumberland, PA 17070. The primary operation of the business is the showing of 2nd run movies in the borough of New Cumberland, PA. The Partnership owns a single piece of real estate which is the movie house located at 317 Bridge Street, New Cumberland, PA 17070. West Shore Movie Theatre was founded 1939 at its current location. The theatre has been under several different owners and forms of ownership over it past life. West Shore Movie Theatre consisted of 2 General Partners - Violet Bolen a 15% minority holder of the Partnership and Fred Bolen the other holder of the majority of the Partnership with 90% of the ownership. The make up of the Partnership is as follows - Mr. John Pope, Sr., was the holder of 2,400 units of the Partnership. The children - John C. Pope, Wayne Pope and Suzanna Pope are limited partners of the Partnership. The 3 children hold the remaining 27,600 units of the partnership. The Partnership seeks to obtain an appraisal in order to prepare the Pennsylvania Inheritance Tax return and to set the value of the inherited shares of Violet Bolen, deceased. Sources of Company Financial Information Historic financial statements and forward-looking projections have been obtained from the subject business management and have not been audited to confirm their accuracy. In preparing this Report we have taken these financial statements and projections to be true and accurate. Business Value and Selling Price Considerations A number of consideration affect the price a business sells for. We consider the major factors in what follows. Business sale financing Small business purchases are generally financed by a blend of debt and equity capital. The most common forms of equity financing are the buyer down payment. The common sources of debt capital include some form of seller financing and, possibly, 3rd party debt financing such as the government-backed or commercial bank loan. This is quite different from the merger and acquisition deals involving publicly traded companies. These companies have direct access to the public capital markets which makes raising the required acquisition capital much easier than for closely held firms. Access to adequate debt and equity capital required to successfully close the deal is a major prerequisite to a successful small business sale. Business sale terms The terms of a small business purchase can make a substantial difference to the actual selling price. The amount of equity capital required from the buyer to close the deal has a material effect on the type of return the buyer can expect from the investment. On the other hand, debt financing terms, whether offered by the seller or secured from a bank, affect the levels of cash flow required from the small business to make its acquisition financially worth while. Availability of debt financing on reasonable terms can have a major impact on the price the business ultimately sells for. As is customary, our business valuation conclusions are done at "face value", which is not adjusted for the terms of a business sale. Business buyer and seller motivations The price a business sells for depends on the motivations of the seller and the buyer. There are a number of reasons a business may be offered for sale, including: ❑ Owner death or poor health ❑ Retirement ❑ Search for new business opportunities ❑ Burnout ❑ Partner disputes ❑ Unsatisfactory business financial performance or lack of investment capital. Ideally, the seller can command the highest selling price if the business sale is timed when the business financial performance is at its peak and market conditions for the business sale are best. In reality, circumstances may compel the seller to put the business on the market when the conditions are less than optimal, thus affecting the actual selling price. A buyer may be motivated by a number of factors which may affect what he or she is prepared to pay for the business: ❑ Replacing a job income ❑ Looking for a business which complements the buyer's existing businesses ❑ The capital available for a business purchase ❑ How well the buyer's skill set matches the key business requirements ❑ Buyer's long-term goals and lifestyle considerations. In particular, the buyer's investment goals, compensation requirements and available acquisition capital may make a material difference to the offer price and terms. Business Price Justification In this section we review a potential business selling price and reasonableness of terms based on a hypothetical business sale scenario. Our objective is to calculate the cash flow required from the business to reasonably support its acquisition. This review is based on the assumption of an arms-length transaction and does not account for synergistic benefits that may be realized by a specific business buyer. We assume the typical asset sale acquisition scenario, common to most small business purchases. Under this scenario, the buyer acquires the underlying business assets without the assumption of its liabilities. In addition to the purchase price, the buyer will need to inject adequate working capital to support normal business operations. To conclude the business purchase, the buyer will also incur certain transaction costs. These costs typically include professional and brokerage fees, licenses and permits, financing charges and closing costs. Given an acquisition deal structure, the business cash flow must cover the following requirements: ❑ Debt service, including adequate debt service coverage ratio. ❑ Reasonable return on the business buyer's down payment. ❑ Sufficient compensation for the owner-operator. ❑ Capital expenditures needed to operate the business. Statement of Limiting Conditions This business appraisal relies upon the following contingent and limiting conditions: 1. We assume no responsibility for the legal matters including, but not limited to, legal or title concerns. Title to all subject business assets is assumed good and marketable. 2. The business interest and subject business assets have been appraised free and clear of any liens or encumbrances unless stated otherwise. No hidden or apparent conditions regarding the subject business assets or their ownership are assumed to exit. 3. All information provided by the client and others is thought to be accurate. However, we offer no assurance as to its accuracy. 4. Unless stated otherwise in this report, we have assumed compliance with the applicable federal, state and local laws and regulations. 5. Absent a statement to the contrary, we have assumed that no hazardous conditions or materials exist which could affect the subject business or its assets. However, we are not qualified to establish the absence of such conditions or materials, nor do we assume the responsibility for discovering the same. 6. The valuation analysis and conclusion of value presented in the report are for the purpose of this engagement only and are not to be used for any other reason, any other context or by any other person except the client to whom .the report is addressed. 10. The opinion of value expressed in this report does not obligate us to render a comprehensive business appraisal report, to give testimony, or attend court proceedings with regard to the subject business assets, properties or business interests, unless such arrangements have been made previously. 11. Possession of this report does not imply a permission to publish the same or any part thereof. No part of this report is to be communicated to the public by means, of advertising, news releases, sales and promotions or any other media without a prior written consent and approval by us. 11. This report is valid only for the use specified herein. di MNt0MONMO N OLr) MM V4 O VI QI N +-+ MOOMNM N +-4 LnN00 N N 0 Ip m471NNO *-IMN � 00 00 +� Nr- m LnO) N N � Nd" Itt Q -69- N N h i& f/M N NOtDMON1-, OQf OLnMO pp MIA tD000r4OMMLn Ln •-I d' tDto N 01 r-i Ln O tp O r-r +-i N00 00 N 00 fy 00 M \ \ \ \ \ \ \ \ \ \ \ N N d' N Ln Ln Y-4 ,-i Ln '' N Ln .-4 N 74 iol� r� *-+ 00 LntD00ON t! O N ON d" O r! N 00 N 00 tD O M M Ln %0 .-+ to .-i it M to w p Lnd' OtD0r-i +-+ N Ln 0000M0 Ln N N 00 N Lr)N ,-a Ln IA N dam` '� ko N oN In AA- M f� V) N o p N � Ln to O N N O "1 O M •� rn M cD M IDM t0MMLn ...i -i Ln ,t Ln M MNMMON 00NLnO1 N N ,-i M v-4 Ln N .-i Ln N d' tCa N rl c X ,� M N M M M to O u rl *i ri U O o > CL ... 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American Sniper Movie Assistant to the General Out Now!From Director Clint Eastwood.Buy Tickets Today, Manager Get Tickets Watch Videos a ® UCLA—Los Angeles,CA Like Us Follow Us Related Job Search Team Memberjobs Team Member salaries($36k) Salaries by Job Software Engineer Salary Manager Salary Project Manager Salary Senior Software Engineer Salary Consultant Salary Senior Consultant Salary Analyst Salary Associate Salary Director Salary Intern Salary Engineer Salary Business Analyst Salary 'V I Yf�,S'IU�jll�•jf http://www.glassdoor.com/Salaries/movie-theater-manager-salary-SRCH_KOO,21.httn 1/16/2015 Movie Theater Industry Faces Obsolescence, Falling Property Values: The Appraisal Jour... Page 1 of 2 Choose your Pam —select— Q Find An Appraiser I Online Store I Donate I Lum Library I Join (0) Login Al Resources Education Publications Professional Practice News Advocacy About Us Home News-Details print Email Share Movie Theater Industry Faces Obsolescence,Falling Property Values:The Appraisal Journal CHICAGO(June 18,2013)—The movie theater business is in troubled times,facing competition from many viewing alternatives,decreasing attendance and falling values for some properties,according to an article published this week In The Appraisal Journal. The Appraisal Journal Is the quarterly technical and academic publication of the Appraisal Institute,the nation's largest professional association of real estate appraisers.The materials presented in the publication represent the opinions and views of the authors and not necessarily those of the Appraisal Institute. 'The Business of Show Business Act It:Appraising the Movie Theater;by Arthur E.Gummy,MAI,and Willem Condon,examines movie theater trends related to theater venues,box office revenue and attendance.The authors highlight factors leading to obsolescence In theaters,including the Overdevelopment of megeplexes and the dedlne of discount or second-run movie houses due to the high costs to convert from anafog film to digital projection. According to the authors,the sale prices of movie theaters are based on the present value of future rent and revenue as a going concern.The article discusses how movie theater industry demand—and consequently value—is affected by competition from many viewing and access altemaeves.The authors emphasize that this competition is a major consideration for investment In movie theaters. The authors present a case study example of a market anslysis for a multiplex theater and an approach to income analysis.The ankle also outlines for appraisers the project development factors to include In a highest and best use analysis when developing an opinion of value for a movie theater.The article concludes that the exhibition business and development of megaplex theaters has surpassed its stage of maturity.Adaptive reuse,such as conversion Into residences,office or retail spaces,likely will be an opportunity In the near future for out-of-service movie theater venues. Gimmy is the president of AGI Valuations in Petaluma,Calif.,and Newport Beech,Calif.He has published more than 50 articles and has authored eight books published by the Appraisal Institute and Its predecessor organization,the American Institute of Real Estate Appraisers. Condon Is a graduate of the University of California,Santa Barbara.He Interned at AGI Valuations and developed an interest In the entertainment business,particularly the workings of the movie theater Industry. Read'The Business of Slow Business Act II:Aooraisinc the Movie Theater In the Spring 2013 Issue of The Appraisal Journal. Also in The Appraisal Journal's Spring 2013 Issue: 'A National Profile of the Real Estate Industry and the Appraisal Profession,'by J.Reid Cummings and Donald R.Epley,Ph.D.,MAI,SRA,provides a cross-sectional view of employment In the U.S.real estate industry during 2001-11,with special attention given to employment in the valuation profession. 'Tax Abatement Issues that Impact Umlte"arket and Special-Purpose Properties,'by John M.Crafts, MAI,summarizes appeals cases in New Hampshire to explore why taxpayers have had little success in abatement hearings. 'The Trouble with Rates in the Subdivision Development Method to Land Valuation,'by Brian J.Curry, AAAI,SRA,illustrates the pitfalls of adhering to a discount rate from published studies and calls into question the applicability of discounted cash flows for analysis of short-tern developments. http://www.appraisalinstitute.org/movie-theater-industry-faces-obsolescence-falling-proper... 1/22/2015 Movie Theater Industry Faces Obsolescence,Falling Property Values: The Appraisal Jour..: Page 2 of 2 Subscribe to the Appraisal Institute's BSS food to stay connected with the latest news from the Appraisal Institute;and thilow us on fecedook Unkedl2 YouTub, and our btog,OpInAws gj The Appraisal Institute Is a global professional association of real estate appratsem with nearly 23,0010 profassionats in almost W countries throughout the ward.Its mission b to advance prahmsfonallsm and ethics,global standardA methodologies,and practtces through the professional development of property 000nomks worldwide.Organized In 1932,the Appraise/Institut'advocates equal opportunity and nondiscrimination In the appraise/profession and conducts its acdvfts In accordance with applkable federal,stag and local laws.Indtvtdusls of the Appraisal Institute benefit tom an array of proftstonai aducatiorr,and advocacy programs,and may hold the prestigious MAI,SRPA and SRA designations.Loam more at www.anoralsal/nst/tute.orv. 200 W.Madinat,Suft 1500,Chicago,IL 80808 Contest Us E Sfts Map terms 6 Condtdons J Privacy Policy Advwdse 8887JOINM(7584824)f Wsw0ceGappraieatinaft te.org Website dedpn and development by Affwksnea*.com,Inc Copyright O 2015 Appral W Institute.An d"reserved. http://www.appraisalinstitute.org/movie-theater-industry-faces-obsolescence-falling-proper... 112212015 The Business of Show Business Act II: Appraising R. the Movie Theater by.4rthurE. Gimmy,M41, and William Condon n estimated 1,000 theaters are in danger of failing,representing nearly 20% of the motion picture venues in the United States and Canada.' Most of these theaters are first generation multiplexes or minipiexes,as they became known once megaplexes came along.The endangered theaters typically have eight screens or fewer in a tilt-up concrete box and are located at the perimeter of shopping centers,where reciprocal parking and ingress/egress agreements provide sufficient parking at peak viewing hours that have minimal overlap with peak shopping hours.Or,that was how the movie theater business worked for close to four decades.Now,theater attendance is dropping,although prices are not, and the megaplexes (typically 10-20 screens per auditorium) dominate the market.Small is not beautiftil in the movie exhibition business,except in locations where land is scarce and expensive,and entry into the market is limited. Movie theaters are special-purpose properties that require appraisal expertise,knowledge of the motion picture industry,and an acquaintance with current trends,which are overviewed in the introductory sections of this article. The first text on this subject was the Appraisal Institute's The Business gfShow Business and the discussion here is intended to update that text."The article also provides other supportive material,including the data sources listed in the Statistics index of the Appendix. Induatry 8aukgound The motion picture industry is comprised of three facets that operate in sequence. At the leading end of the spectrum is the production process,which is typically what happens in Hollywood,Bollywood,or other locales.The industry requires a constant flow of new movies or film product,and it is a worldwide industry. Many nations have their own movie production industries, which produce films mostly for the domestic market.Movie production can be a major source of employment. 1. Michael Hurley,`We're About to Lose 1.000 Small Theaters That Can't Cornert to Oigital.Does it Matter?' IndleMm,February 23.2012. 2. Arthur E.Gimmy and Mary G.Gates,The Business of Show Business:The Muatfon of Movie Theaters(Chicago: The Appraisal Institute.1999). ® The&=Mh plL Spdog 2012 A1111raWng the MeviaTheatp�r In the middle ofthe industry are the distributors, megaplea theaters can draw up to 2 to 3 million who release films to the public in both theater customers annually).The result of this development and home-viewing formats (e.g., DVD, television trend during the past fifteen years has been a direct programs). The distributors negotiate a contract increase in sales and revenues for retail establish- with theatrical exhibitors,establishing the amount ments, restaurants, and other businesses located of the gross ticket sales to be paid to the distributor; in proximity to movie complexes. Because movie this is usually a percentage of the exhibitor's gross theaters are good at generating traffic,at times they income.The distributors are responsible for deciding have been specifically used in attempts to spur retail how many theaters the film will be shown in and development in previously declining urban areas. for how long, making the proper amount of prints The ongoing evolution"of the motion picture of a film and ensuring the delivery to the theaters theater business was,until 2005,in a growth cycle of by opening day.The distributors'duties also include producmgnew screens ata faster rate than the growth creating the advertising for a film,such as posters, of movie ticket sales. Exhibitors desired a greater television commercials,print ads,trailers,and more. range of movies to show viewers, who continued The exhibitors are responsible for delivery of to visit movie theaters despite an increasing range the movies to the public.They manage and market of entertainment options to choose from. Some films and related products or productions(films of industry analysts forewarned of a potential problem events such as operas or the Oscars) and operate due to the rapid expansion and overdevelopment of the theaters. Essentially, exhibitors are selling the megaplexes,and the theater industry growth trend experience of the film to the audience. They may has left some exhibitors as victims.The continued own the theaters or just lease the real estate.They cannibalization of older theaters by the larger,newer typically pay over 50%of what they take in at the box theater complexes is a risk to the smaller exhibitors, office to the distributor or directly to the producer. especially ifa fall in film quality or fewer blockbuster movies limit revenue to the point of not carrying ThAi er Indus"'rMmuft the necessary overhead load.The ongoing shift in A movie theater,movie palace,or cinema is a venue the industry toward the expansion of new, larger for viewing motion pictures(drive-in theaters,which megaplea facilities is likely to continue, however, have been disappearing,are not considered in this due to a number of factors: article).Most movie theaters are commercially oper- The continued decline of discount or second-ran ated and cater to the general public,who attend by movie houses due to the high costs to convert purchasing a ticket.The film is projected onto a large to digital, increased competition, and the ever- screen at the front of the auditorium-Recent techno- shortening interval between first-run play dates logical developments in the projection process have and video releases. led to an increasing use of digital projection equip- -The nationwide decline in admissions per capita. ment in theaters.Although the number of theaters offering digital projection has increased dramatically -The ability of the major exhibitors to raise debt over the past several years(a total of27,749 or 65%of and equity capital and also secure very favorable all screens),many existing theaters are still equipped leases in shopping centers due to the ability to with conventional analog film projection equipments draw in retail traffic. -The desire of developers to have chain theaters Theater Ventres as anchors for a variety of shopping center and Once relegated to the outskirts of parking lots and entertainment venues.Theaters and restaurants shopping centers,innovations in the movie theater benefit by co-locating(but much less so if there industry have included the development of mega- is a shared parking lot). screen theaters as anchor tenants centrally located Movie theaters,limited to indoor screens for the within urban entertainment and retail shopping cen- purposes of this analysis,have had a varied history ters in an effort to capitalize on the ability of cinema of ups and downs.During the 1950s and early 1960s, complexes to generate considerable traffic (larger there was a general decline of approximately 50% 3. Conventional analog projection equipment is an opto imhentcai device displaying moving pictures by projecting them onto a projection screen. AppraW igthe MavieTheater The A,i=[sat joumal-$trdag 2013 Table 1 US Screens by'type of Venue 2007 2008 2009 2010 2011 1-7 Screens 9,804 9,091 8,673 8,345 7,878 8+Screens 29,170 29,743 30,560 31,202 31,763 Total 38,974 38,834 39,233 39,547 39,641 Source:IHS Screen Digest(www.scramdigest.com) Table 2 US and Canada Top Five Exhlbltors—Screen and Theater Statistics Regal AMC Clnemark Cannike Cineplex Mean Screens 6,614 5,034 3,878 2,254 1,352 3,826.40 Theaters 527 342 297 237 130 306.60 Screens per theater 12.55 14.72 13.06 9.51 10.40 12.05 Sources:Annual Reports of Regal,AMC,Clnemark,Carmike,and Cineplex of the national inventory, with screen numbers Major Exhibitors dwindling to a low of 9,150.However,a steady rate The exhibitor market is competitive as there are no of growth began in the late 1960s,averaging more real dominant entities in the industry,though local than 350 new screens per year for the next decade. markets may sometimes be controlled by a single In 1978,there were a total of 13,129 indoor screens major company. As of June 24, 2010, the top ten in the United States.Growth rates accelerated even exhibitors accounted for about 57%of total screens further during the 19808 and 1990s,as the number in the United States and Canada.The top ten exhibi- of total screens increased by 160%from 1978 to 1998, tors included Regal Entertainment Group; AMC when there were 34,168 screens.During most of the Entertainment,Inc.;Cinemark USA,Inc.;Carmike 1990s,growth rates achieved records,averaging over Cinemas, Inc.; Cineplex Entertainment LP; Rave 1,200 screens per year.During the past decade,movie Motion Pictures;Marcus Theaters Corp.;Hollywood theater growth rates have slowed; currently,there Theaters; National Amusements; and Harkins are 39,641 screens in the United States(Table 1)and Theatres.The top five exhibitors controlled roughly 2,749 screens in Canada. 49% of total screens. Table 2 presents screen and Since the late 1990s, a key industry trend has theater statistics for the top five exhibitors. been the dramatic increase in the number of screens per theater. Nationally, the number of screens lox Office and Admissions per theater has increased from 3.2 in 1988 to an In 2011, the total US/Canada box office was $10.2 average of 12.05 screens for the top five chains.The billion,down 4%compared to$10.6 in 2010,but up expansion was driven by major exhibitors upgrading 6% from five years before. Despite strong second their asset bases to an attractive megaplex format, and third quarter box office performance,the 2011 which typically includes 10 or more screens per box office could not fully overcome the slow start of theater along with features such as stadium seating, the first quarter.Also,3D box office was down$400 digital projection,and superior sound systems(e.g., million in 2011 compared to 2010,which contained Dolby).The modern multiplex/megaplex stadium- .4vataes record-breaking 3D box office performance; seating format is generally preferred by patrons over 2D box office in 2011 was consistent with 2010. a sloped-floor theater,which was the predominant US/Canada admissions(number of tickets sold) theater floor layout prior to 1996.However,venues were 1.28 billion in 2011, down 4%against 2010's with more than 20 screens are generally categorized 1.34 billion admissions. The average number of as having a higher level of risk due to lack of enough tickets sold per person (admissions per capita) movies to fill each screen and high overhead. decreased 5% to 3.9 in 2011, which was the first Multiplex and megaplex theaters now represent 80% time in over a decade that admissions per capita fell of all domestic screens. below 4.0(Table 3).The most recent high point in The Aeorals<sl loumal_Spdag 2Al2 Appraising the Moyle Theater TAM*8 US and Canada Admissions Data Percent Change 2002 2003 2004 2008 2008 2007 2008 2008 2010 2011 2011 vs.2010 US/Canada Total Admissions (billions) 1.57 1.52 1.50 1.38 1.40 1.40 1.34 1.42 1.34 1.28 -4% US/Canada Admissions per capita 5.20 4.90 4.80 4.40 4.40 4.40 4.20 4.30 4.10 3.90 -5% Source:Motion Picture Assoclation of America,Theatrical Market Statistics 2011. TaMia 4 US Average Cinema Ticket Price 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Avg.Ticket Prig $5.81 $6.03 $6.21 $6.41 $6.55 $6.88 $7.18 $7.50 $7.89 $7.93 %Change vs. Previous Year 3% 4% 3% 3% 2% 5% 4% 4% 5% 1% CPI%Change vs. Previous Year 2% 2% 3% 3% 3% 3% 4% 0% 2% 3% %Change vs. 2011 37% 32% 28% 24% 21% 15% 10% 6% 1% n/a Note:Ticket pfkses typically very by age groups(child,adult,senior),for time of day(matinee,evening),and for special effects or viewing format(30,IMAX). source:Motion Picture Association of America,Theatrical MaAret$Wbtfcs 2012. per capita admissions was 4.3 in 2009,which was movie at a theater at least once in 2011,which was 10%greater than in 2011.The ten-year trend in per comparable to the proportions in prior years.This capita decreases-from 5.2 admissions per capita in group is identified as moviegoers,as opposed to the 2002 to 3.9 admissions per capita in 2011-averaging 33%of people who did not attend a movie in 2011, -2.8%per year will need to be considered when new labeled as non-moviegoers. A typical moviegoer movie theater projects are being proposed. bought 5.8 tickets during 2011, which was below The ability to increase ticket prices has sustained the number in prior years and reflected the overall the industry for many years,with a price growth rate decrease in ticket sales. of about 3.5%per year from 2002 to 2010('liable 4). Frequent moviegoers continue to drive the However, this changed in 2011, when the Motion industry.Fkrquent moviegoers are moviegoers who Picture Association of America (MPAA) reported purchase at least one ticket a month.They account that the ticket price increase for 2010-2011 was only for less than 10%of the population,but they bought $0.08(+1%),less than the 396 increase in inflation half of all tickets sold in 2011,which was comparable as measured by the Consumer Price Index (CPI). to the 2009 and 2010 results for this group.In 2011, At an average ticket price of under$8.00, a movie those within the age group 25-39 were the majority still provides an affordable entertainment option, of frequent moviegoers. Meanwhile, occasional costing less than$35 for a family of four(excluding moviegoers, or those who attend the cinemas on concession purchases). average less than once a month,accounted for 48% of total tickets sold in 2011.Those who bought only Attendance Demographics one ticket in 2011 purchased 2% of total tickets. More than two-thirds of the US/Canada population The decrease in ticket sales in 2011 was among all aged 12+ (67%),or 221.2 million people,went to a categories of moviegoers! 4. Madan Picture Association of America,Theaftel Market Statistics 2012. Apam15ing3he Marie Theater Be ANsWaal,(trim.SIS 2042 Trend Ana"Is discounting are still factors, catering to those with According to IBISWorld,the world's largest indepen- lower disposable incomes. dent publisher of US industry research,the gradual In addition to 3D projection,most theaters have recovery in business and consumer spending since invested in equipment necessary for digital movie the recession and the lagging recovery in unemploy- format presentation.FIgure i shows the proportion ment continue to curb demand for the movie theater of digital to 35 mm screens in the global marketplace. industry.,' However, enhanced cinema experiences FUm projectors were in more than 99%of theaters like 3D technology, digital projection, superior as recently as 2004 and 85%of theaters in 2009.By sound systems,and luxury theaters attract a steady the end of 2012, however, traditional 35 mm film audience, partly counterbalancing low consumer projection was estimated to be present in just 37% spending.As a result,industry revenue only declined of cinemas.8 at an annualized rate of 1.2%over the five years to 2012.IBISWorld predicts that increasing consumer Market Analysis spending driven by disposable income growth will Movie theaters face competition from technology contribute to an estimated revenue of$12.9 billion advances in consumer products that were not typi- in 2012.6 Relative to profit, the Risk Management Cally a factor until recent years.Personal computers Association (RMA) examined 121 financial state- as well as DVD players,home theater systems,and ments involving theaters or chains with annual the Internet all play a part in entertainment for a wide revenue up to$250 million and reported net income range of age groups.The introduction of additional before taxes of 8.3%and EBITDA of 12.746.' in-home entertainment options can affect movie Movie theater industry demand is being affected industry revenues by increasing the competition for by competition from many product viewing and a portion of household disposable income spent on access alternatives, including cable and satellite entertainment The availability of video on demand TV, cell phones and Internet movie downloads to offerings by cable and satellite TV operators also has computers and game consoles.This competition is a an effect,as well as the pirating of movies. major consideration for investment in theaters,and There are some realistic limits to this competition. it has also spurred some companies to consolidate 7pically,when movie distributors license theirproducis or declare bankruptcy. Several major players have to the theater industry, the terms of the agreement closed locations and others have made significant specify that they will not license their motion pictures acquisitions,such as Regal Entertainment Group's to other distribution channels for a specific period of purchase of some of AMC Entertainment theaters and time.This factor is called the theabicval release urindom AMC's acquisition of Rerasotes ShowPlace Theaters. This period can range from about three months from Major operators are investing in significant the release at cinemas to availability on DVD to as long improvements to their auditoriums. Industry as twelve months.The typical time frame is about six observers note that movie theaters continue to months for cable,satellite TV releases,and other legal switch to digital and 31) projection systems. The video download sites. popularity of 3D movies has supported these theater Depending on the intended use of an appraisal, investments,as operators charge premium prices for the analyst will prepare a Level B or Level C market 3D movies that offer an experience very few people analysis.9 A Level B type of analysis employs area- can replicate at home. Various advances in movie wide market data on a general property class.The making have also helped to stimulate demand for projected use conclusions are more subject-specific, cinematic screenings.Industry profitability improves and the timing projections depend on interpretation when admission prices escalate and attendance of market-wide data on the property type. The rises.However,second-run theaters and promotional public and proprietary surveys cover broad areas S. 'IBISWorld Industry Risk Rating Report 51213:Movie Theaters In the US;IBISWorld May 2012. 6. Ibid. 7. Risk Management Assoclation,2010-2011. 8. An article by CNN Money online discusses how this change occurred so quk:ldy.The answer comes in one word:Avatar.That very successful 2009-2010 film was distributed to theaters only In the digital format. 9. Stephen f.Fanning,MarketAnaysls for Real Estate:Concepts andApplicaflons in Wluat/on and Highest and Bast Use(Chicago:Appraisal Institute,2005). The ARMISM J011tlllal.Sorlllrt 2012 Annrajgjna the MirAn Thpatpr Rouire 1 Projection Technology in Global Cinemas:3S MM vs. Digital Screens 100%- 35 MM Screens -- Digital Screens 80%- 60%- 40%- 20%- 0% 0%60%40%20%0% 2004 o 2015 source:IHS Screen Digest,November 2011 in an urban setting.The geographic boundaries of is driving time,parking,and public transportation. the survey rarely conform to the submarket for the Theater customers will patronize the closest venue if subject property. A Level C type of analysis goes the competing theaters are offering similar first-run further.Whereas a Level B analysis uses historical movies.However,for a blockbuster,a unique spe- absorption rates as indicators of future absorption, cial effects or IMAX movie,or an art-house theater, a major shift occurs in Level C analyses, which viewers will break the rules.In a major urban area, incorporate future-oriented forecasting techniques. market areas may be defined by neighborhoods,for Future demand and absorption are forecast by first example Greenwich Village in New York,the Gold projecting the growth of population, income, and Coast in Chicago,and Hollywood Boulevard in Los employment. A Level C study provides detailed Angeles.In suburban areas,driving time gets more submarket data an which to base absorption and emphasis as parking is free or relatively inexpensive net operating income(NOI)projections as well as a and public transportation is limited. competitive ranking of the subject property.fe Level C analyses make extensive use of primary data, Demographics which are compiled by conducting field work and Population demographics are an important factor direct surveys," when investigating a market area,as certain groups within the population are more likely to attend cin- Market Area emas than others.The Motion Picture Association of The purpose of a market analysis involving an America(MPAA)publishes information on movie- existing theater or a proposed theater(a totally new goers in its Theatrical Market Statistics.According project or an expansion of an existing theater)is to to MPAA market statistics, in 2011 people within determine whether there is imsatisfied demand in the age group 12-24 constituted 35% of frequent the market area.The first step is to define the market moviegoers,and purchased 30%of all tickets sold. area.The critical parameter in an urban environment Those within the age group 25-39 purchased 24% 10.for further discussion of levels of market analysis,see The Appraisal of Real Estate,13th ad.(Chicago:Appraisal Institute,2008),180-162;and Ibid., 18-28. 11.Data on box office(attendance)numbers for Individual theaters is not available to be purchased.Data can be obtained from a client exhibitor or from Interviews from management of theaters. Appraising the Movie Theater Tho Anctalsal Jewmat_Slldag 2012 of all tickets and made up 28%of the frequent mov- includes both rural areas as well as metropolitan iegoers.Thus,movie theaters are more likely to be regions. A populated area, such as that of the successful if they are located in areas with a higher proposed subject, would contain a slightly higher percentage of young people.The MPAA's Theatrical ratio of screens to population. We will use a factor Market Statists a 2011 also reports movie attendance of 0.15 screens per 1,000 persons for our projections. percentages by population ethnicity(Figure 2). Demographic data from our hypothetical market indicates a population of 643,460 persons within the Demand 15-mile radius. Using this population and a factor Demand for a current or proposed theater will of 0.15 screens per 1,000 persons, the market can depend on a number of factors, including number support 96 screens,indicating an undersupply of 22 of screens and theaters in the market, distance of screens for the market.Theaters A and B in Table 5 other theaters from the subject,and driving distance are both modern facilities of a quality level similar and driving time. to the proposed subject facility,with stadium seating Suppose a new theater is proposed in a market. and 3D digital screens,but their locations are inferior For the purposes of this analysis, a 15-mile radius due to less advantageous freeway orientation. will be used to examine the hypothetical market With thepopulationof643,460withinthe l5-mile area.Table 5 presents data for multiscreen theaters radius and the 2011 average of 3.9 admissions per in the competitive area of the proposed theater with capita,there would be 2,509,494 admissions in the 15 screens. market area. With a revenue of$8.00 per person, In order to determine demand in the hypothetical there is a total potential revenue of$20,075,952 for subject market, several factors must be taken into ticket sales, exclusive of other revenues. For the consideration. There are currently 0.13 screens 74 screens in the 15-mile radius,this indicates an per 1,000 persons in the US/Canada market. This average of$271,297 per screen. With the subject Figure A 2011 Ethnicity Share of Total Population,Moviegoers,and Tickets Sold Population Moviegoers Tickets sold 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% ■ Caucasian ■ Hispania African American , other Source:Motion Picture Association of America,Theatrical Market StaUsocs 2011. TAWe 8 Proposed Theater Demand Analysis—Competltlon In Market Area Theater Screens Distance horn Sublect Driving Dtstana Driving Tin* A 16 5 miles 6.4 miles 13 min. 8 14 10 miles 10.5 miles 16 min. C 14 10 miles 13.6 miles 22 min. D 16 15 miles 15.6 miles 22 min. E 14 16 miles 19.7 miles 28 min. Total 74 ETho Ate)Joumal.Badog 2013 ARRraisinii the Movie theo featuring 15 screens, annual revenues from ticket 15-minute drive time of the subject but also within sales are estimated at$4,069,455. the 15-minute drive time of two other megaplexes. There are othermethods ofestimating unsatisfied Management expects to capture 25%of this area. potential demand.For example,the potential market area can be defined by zone. Assume the zones in Tb summarize,the subject theater project has the the market reflect a population base totaling 132,784 potential to serve about 63,500 moviegoers. people in 2012.Based on a number of assumptions, the appraiser could determine that the proposed Zone Population Capture% Poteetlal Market project would have a market of approximately 63,500 persons,or 48%of the total market area population, A 22,379 60% 12,827 calculated as follows by zone. B 363 10% 36 Zone A. Zone A is defined as the core of the entire C 15,706 40% 6,282 market area due to its geographic proximity or easy 0 24,610 50% 12,305 access to the venue and is delineated by the less E 40,626 60% 24,376 than 5-minute driving time from the subject Zone A consists of 21,379 people,and it is estimated that F 30,100 25% 7,525 60%of this population will attend the subject and Totab 132,784 83,351 the remaining percentage would mainly attend the other stadium-seating option within the service area, The proposed project was for 15 screens However,at which is 6 miles away. a rate of 0.15 screens per 1,000 persons,the potential Zone B. Zone B represents an isolated neighborhood market can support only 9.5 screens.Since exhibi- that is within a 5-minute drive time of the subject and tors would also want a cushion,the theater project is also within the 5-minute drive time of the closest as conceived is too large. stadium seating competing theater.Zone B consists Valuation Principles of only 363 people and the management expects to Unlike the cost of a recreational activity that can vary capture only 10%of the population within the area. depending on the quality or perception of quality Zone C. Zone C represents the market area that is of the experience (e.g.,golfing),the entertainment within a 10-minute drive time of the subject to the cost of a motion picture experience (meaning a southeast and is also within a 10-minute drive time single, first-run movie) is virtually standardized. of the 16-screen megaplex.Zone C consists of 15,706 This means that the prices(e.g.,tickets)of the busi- people and management expects to capture 40%of ness cannot be used as some type of unit indicator the population within the area. of value. Sale prices for motion picture theaters converted Zone D. Zone D represents the market area that is to price per screen or per seat are relevant only within a 10-minute drive time of the subject to the when they adjusted for differences in profitability or east and also within a 10-minute drive time of another potential profitability.Unlike a real estate commodity megaplex with an IMAX, Management estimates it such as prices for apartments—which can be grouped can capture 50%of the 24,610 people living in the area, or categorized by quantitative measurements such as average rental rate and by locational factors such Zone E. Zone E represents the market area to the as neighborhood—the prices paid for motion picture west that is within a 10-minute drive time of the sub- theaters are based for the most part on the present ject and has no significant influence from any other value of future benefits. competing theaters.Management expects to get 60% What are the future benefits?One,they are the of this area.Zone E is comprised of 40,626 people. capitalized value of the net rental stream to typically estimate the market value of the theater real property Zone R Zone F represents the 30,100 person mar- (it is common for theaters to be leased investments). ket area to the west of Zone E that is within the Two, they are the capitalized value of the net earnings of the theater as a going concern. Using area per seat A higher space allotment is preferred. sales comparables where the rights transferred Variables that can impact the ratio include the devel- represent all of the assets of the business is also an opment budget, size of the building envelope, and indicator of going-concern value. desired combination of public/common area and Project Development Factors auditorium apace. Data obtained from theater projects developed by Average Number of Seats per Screen a top ten regional exhibitor can assist in the high- There is a wide range in auditorium capacity among est and best use analysis of existing or proposed theaters because newer facilities tend to have more theaters.12 The data include(1)floor area ratio;(2) and smaller auditoriums. Virtually all megaplexes square feet of land per seat;(3)square feet of building have 150 to 300 seats per screen.In certain small mar- per arper seat;(4)average number of seats per screen;(5) kets,auditoriums with fewer seats may be justified. parking spaces per seat;and (8) building area per screen.The megaplexes used in the sample ranged Parking Spaces per Seat in size from 40,000 to 98,000 square feet and ranged The number of parking spaces in suburban locations in seating capacity from 2,000 to 5,400 seats. can vary substantially from one theater to another depending on arrangements for the sharing of parking Floor Area Ratio spaces such as in a shopping center or between office According to industry data, the average floor area buildings and a cinema.For the sample,the mean is ratio(FAR)is 0.183,which means that for every acre 0.235 parking spaces per seat,with most at 0.20 to 024 of land(43,580 square feet)there is 7,100 square feet which is one parking space for every 3.5 to 5.0 seats. of building area.The range is 0.11 to 024. The rule of thumb of one space for every four seats FAR is useful to the appraiser in determining is based on the assumption that one-half of the seats whether there is adequate land area as well as are typically occupied at the most popular times for the amount of land area that may be required for viewing and that each car will have two moviegoers. a proposed development Floor area ratio analysis can also assist the appraiser in identifying where Building Area per Screen there may be inadequate parking and in adjusting Obviously,building area per screen must be a fimc- comparable sales from one site to another. tion of the number of seats per screen so there is a substantial range in this unit of measure.The industry Square Feet of Land per Seat mean is 5,200 square feed with most theaters having Another measure of the amount of land required between 4,400 and 8,500 square feet ofarea per screen. for a theater project is based on square feet per seat The mean for the sample is 121.5 square feet,with a Development Costs range 80 to 178 square feet of land per seat Most of the newer megaplexes consist of a Class C As with the FAR measurement, the amount (insurance rating)air-conditioned masonry box with of land area required can vary, depending on the a steel trussed roof, concrete floors, high ceilings, topography of the site, requirements of the local and specialized tenant improvements.Auditoriums zoning ordinance, amount of required or desired range in size from 150 to 300 seats with the average landscaping/buffer area,and setbacks.In urban areas about 175 seats,and have well-insulated walls,use where there is limited land for parking and public stadium-type seating,and are accessed directly from transit is available,these factors are inapplicable. the corridors that extend out from the lobby. The lobby should be designed with enough space Square Feet of Building per Seat to display posters of coming attractions,and have a Square feet of building per seat indicates the space concession stand with a flexible design and stations adequacy of the building housing the auditoriums. that can accommodate small or large numbers of The mean is 182 square feet of building per seat, patrons with a variety of food and snack options. with a range of 13.1 to 23.5 square feet of building There are two profit centers in a theater—ticket 12.Data computation source:author's files. I The ARWIsW!nuat.Sadn2 2012 Appraising the MovieThea*er sales and concessions—and the one with the highest •Does the lobby present an impression of good margin is the concession stand. Critical factors design? here are fast and friendly service and good, hot •is the concession stand designed and located to popcorn. The lobby area also provides a waiting encourage moviegoers to buy a snack or some area (conveniently oriented to the well-displayed other type of food plus popcorn? food and beverage offerings) and access to men's .Are there clear directions to the individual audi- and women's restrooms. A game area is optional, toriums and are the corridors wide enough for depending on the demographics of the market area. comfort? Any game area should be placed where it does not interfere with the moviegoers.Game areas may be �Is lighting adequate to navigate the aisles? more of a negative than a plus. 'Are auditoriums kept clean? Typical direct costs ofa megaplex theater according The basics of sales data are relatively easy to to the Marshall Valuation Service are as follows:" obtain. CoStar Group provides sales data of movie theaters for locations throughout the United States. Base cost,very good quality The information optimally includes:(1)address;(2) Class C megaplex = $182.27 per buyer and seller names,addresses, and telephone square foot, numbers; (3)type of buyer; (4) broker names and (8/2011) telephone numbers;(5)sale price and terms;(8)land This can be computed for an individual theater as area and parking spaces;(7)building area,FAR„and age;(8)user or tenant occupancy;(9)data on rental Time adjustment Local adjustment income and expenses,plus a capitalization rate;(10) (assume 1.03) x (assume 122) _ $203.90 per parcel map; (11)location map;and(12) assessor's square foot, parcel number. The strengths of using CoStar Group sales which would include the structure, interior fin- data are ease of access to a lot of transactions and ish, lighting, and plumbing and HVAC but not descriptive information that would take time to gather the snack bar, screens, seating, draperies, and from multiple sources. The disadvantages are cost projection equipment. and the tendency of some to rely on the data when it Assuming there is an average of 4,850 square feet could be inaccurate and all of the subtleties are not per auditorium,the direct cost of construction would be reported.The data needs to be verified,in particular to $948,000 per screen;fixtures and projection equipment determine the circumstances of the We(why would could amount to as much as another 20V%raising the one sell a profitable investment?)and other important total costs of$1,138,000(rounded)per screen. information such as the number of screens and seats. Once the appraiser has gathered market data it Sales Data for TheMliws can be consolidated and displayed in a table format. In any market area, comparable sales of theaters Table 8 summarizes some basic data derived from will be few in number and difficult to analyze and the CoStar Group database,representing 85 sales of adjust. Important variables for comparable sales movie theaters throughout the United States,with include date of sale, condition of sale, number of the total price converted to price per square foot of screens, age and condition, location, competition, building area.More specific information,which is parking,and reputation.In analyzing a comparable not available for purchase,was developed from local sale property,the analyst might buy a ticket,critique and regional research.Appraisers need to conduct the amenities,watch a movie,study the patrons,and their own market research and data collection.(Note buy a box of popcorn.A simple checklist may include that the CoStar Group does not report the number the following: of screens or seats.) •Is the box office located and sized where flow is Table 8 shows the variety of possible prices in a maximized? market.In Table 8,the sales range in date from 2008 13.See Marshall%bluatlon Service Section 18.Note that dinuct costs in this example do not include special foundation work,loan points,entrepreneurial overhead and profit,and contingencies. Annralsina the Mavis Theater toes qpplsal journal_SON=2 to 2012, in price from $500,000 to $30,000,000, in because most theaters are purchased as part of a year built from 1913 to 2008,and in unit price from portfolio of theaters and the portfolio details are $12 to$1,364 per square foot.The median total sale virtually impossible to investigate in detail.The key price is$3,625,000 and the average(mean)price per aspects of any lease can vary substantially.As retail square foot is$190. properties, theaters are typically leased on a net Sale prices at the low end of the spectrum, basis.The appraiser's job is to analyze the contract with unit prices far below replacement cost, rental rate, market rental rate, discount rate, and illustrate the negative financial impact of newer capitalization rate when valuing a theater that is megapleaes on smaller venues and the inability of subject to a long-term lease or a short-term lease. marginal operations in small markets to survive Leases involving new properties will be based on the recession.Some properties sold for land value, a return on investment(recapture of cost and yield and older properties may have been purchased by on equity). Leases on older properties, such as an preservationists.Some sales involve chains disposing 8-screen theater,will typically be based on a rate that of assets acquired in portfolios that were not a good considers the percentage of ticket sales or box office, fit,or sales of smaller chains to larger ones because and a percentage of total projected revenue.Rules of of a favorable price.For the most part,transactional thumb have been 15%of total revenue or 20%of box volume in the industry is dominated by small chains office.For example,an older theater that has revenues selling out to the large exhibitors. of$1,200,000 from box office and concessions may The following equation is an example of the support a rental of$180,000,which is 15% of total opinion of value of a 15-screen theater by the sales revenue.That same theater with 38,000 square feet comparison approach. The value is derived from has a triple net annual rental of$5.00 per square foot analysis of sales in the sample that are more recent Capitalization rates for leased fees will likely in time and are of a similar size to the proposed vary between 7%and 9%based on a variety of key project are used. information,but relying extensively on the credit of the tenant At an overall annual yield rate of 8%to Semple Summary of Sales Compedeon Approach ^the valuation of an older 8-screen theater would be between$2,000,000 to$2,250,000(or$250,000 to By Price per Screen $281,250 per screen)and$55.55 to$62.50 per square 15 Screens x$1,400,000(adjusted foot of building area. per screen sale price from Data for yield rates can be derived from comparables)=$21,000,000 transactional information and surveys. As a survey example, the quarterly PwC Real Estate Investor By Price per Square Foot example, provides market data for national net lease 69,750 square feet x$300(adjusted properties of institutional quality. The overall per square foot sale price from capitalization rates for the 2012 second quarter ranged comparables)=$20,925,000 from 6.09b to 8.7596,with a mean of 7.496,and discount By Price per Seat rates in a range of 7.09b to 9.0%,with a mean of 8.1696. 4,000 seats x$5,500(adjusted Since theaters are considered to be,for the most part, per seat sale price from non-institutional in investment quality,an allowance comparables)=$22,000,000 of an additional 50 to 150 basis points is reasonable." Rental Rate Survey Income Ann"*-4.easAd Investment A rental rate survey is typically conducted on a There are as many transactions involving purchases regional basis due to the lack of a sufficient market of theaters that are being leased as there are pur- rate lease transactions in any one market and the chases of the fee simple interest No data is available size of the market Table 7 sets forth the results of a on the actual number of leased theater transactions rental rate survey of megapleaes with the unit rent 14.The PwC Real Estate Investor Survey was previously known as the Korpecz Real Estate Imrestr. Survey.The national net lease market survey Infor- mation Is typloally found at approximately pages 4648 of the survey report.The data for the second quarter 2012 survey relative to the addition of an allowance for nonansdtutional quality Investment yields Is located on pages 85 and 86. The !ol laumal.Sorina 2012 Appraising tha Movia Theatar Teble 8 Example of Summary of Theater Sales(2008-2032) Sale Year Built/- No. Location Sale Date Sate Price Site(Sq.R.) Renovated Price per Sq.Pt. 1 Suburb 5/9/2012 $30,000,000 62,857 1983 $477.27 2 Suburb 3/15/2011 $29,140,000 129,323 1998 $225.22 3 Downtown 1/31/2008 $18,654,500 67,033 unk. $278.29 4 Suburb 1/31/2008 $18,550,800 52,800 unk. $351.34 5 Downtown 11/30/2008 $18,000,000 79,823 unk. $225.50 6 Suburb 1/31/2008 $15,830,000 52,800 unk. $299.81 7 Downtown 11/25/2008 $14,500,000 23,000 1940/Renov.2005 $630.43 8 Suburb 1/31/2008 $14,070,150 67,033 unk. $209.90 9 Suburb 1/28/2008 $13,096,634 67,189 2005 $194.92 10 Suburb 5/4/2010 $13,026,053 68,064 1985 $191.38 11 Suburb 4/30/2009 $12,100,000 66,732 2001 $181.32 12 Suburb 5/20/2008 $10,640,000 170,000 1990 $62.59 13 Suburb 1/31/2008 $9,100,150 67,189 2005 $135.44 14 Downtown 9/22/2010 $9,050,218 64,234 1998 $140.89 15 Suburb 12/30/2011 $7,400,000 36,427 2005 $203.15 16 Suburb 3/12/2008 $6,022,000 53,238 1915 $113.11 17 Suburb 2/1/2008 $5,900,000 18,920 1925 $311.84 18 Downtown 4/28/2010 $5,600,000 43,170 1999 $129.72 19 Downtown 1/30/2008 $5,363,700 31,591 1997 $169.79 20 Downtown 11/1/2009 $5,000,000 75,000 1916 $66.67 21 Suburb 6/27/2011 $5,000,000 47,581 unk. $105.08 22 Suburb 12/13/2011 $4,900,000 30,910 1998 $158.52 23 Suburb 7/15/2008 $4,800,000 3,520 1913 $1,363.64 24 Downtown 4/30/2008 $4,800,000 29,101 1997 $164.94 25 Downtown 9/12/2011 $4,782,420 23,962 unk. $199.58 26 Downtown 5/17/2012 $4,780,000 30,729 2008 $155.55 27 Suburb 2/10/2010 $4,650,000 64,400 1998 $72.20 28 Downtown 10/24/2011 $4,200,000 35,000 2004 $120.00 29 Suburb 2/28/2012 $4,050,000 37,499 1917 $108.00 30 Suburb 9/15/12010 $4,000,000 7,500 1940 $533.33 31 Downtown 1/30/2008 $3,700,000 34,000 1986 $106.62 32 Suburb 12/16/2008 $3,625,000 5,429 1999 $681.53 33 Downtown 11/4/2008 $3,625,000 34,000 1986 $106.62 34 Suburb 6/23/2009 $3,300,000- 41,000 1985/Renov.2006 $80.49-$87.80 $3,600,000 35 Suburb 9/2/2011 $3,066,000 17,401 1976/Renov.2009 $176.20 36 Suburb 1/16/2009 $3,000,000 28,518 1988 $105.20 37 Downtown 8/17/2009 $3,000,000 32,640 1995 $91.91 38 Suburb 9/8/2010 $3,000,000 6,862 1938 $437.19 39 Suburb 10/22/2010 $2,850,000 15,562 1949 $183.14 Angraicfngthe MoWe Theater The ARMIssl lnpmaLSpdtkg 2013 TAMO 6 Example of Summary of Theater Sales(2008-2012) continued Sale Year Built/ No. Location Sale Date Sale Price Sin(Sq.Pt.) Renovated Price per Sq.R. 40 Suburb 12/16/2010 $2,800,000 53,837 1996 $52.01 41 Downtown 6/9/2011 $2,606,000 39,332 unk. $66.26 42 Downtown 9/18/2009 $2,600,000 101,233 unk. $25.68 43 Suburb 12/16/2010 $2,580,000 86,662 1997 $29.77 44 Downtown 6/8/2011 $2,540,000 7,279 1941 $348.95 45 Downtown 7/7/2008 $2,400,055 11,634 1928 $206.30 46 Suburb 6/2/2009 $2,100,000 11,927 1923 $176.07 47 Downtown 2/1/2008 $2,100,000 11,232 1980 $186.97 48 Suburb 1/16/2009 $2,053,000 28,518 1988 $71.99 49 Suburb 11/12/2010 $2,000,000 53,238 1915 $37.57 50 Suburb 4/1/2008 $1,850,000 41,624 1999 $44.45 51 Downtown 8/28/2008 $1,700,000 3,461 1918 $491.19 52 Suburb 4/17/2009 $1,691,911 16,000 unk. $105.74 53 Downtown 6/6/2008 $1,600,000 4,461 1999 $358.66 54 Downtown 1/27/2009 $790,000 11,828 unk. $66.79 55 Suburb 12/16/2011 $781,000 30,934 1990 $25.25 56 Downtown 6/20/2008 $700,000 6,193 1920/Renov.2010 $113.03 57 Suburb 6/6/2010 $650,000 34,354 1980 $18.92 58 Downtown 2/27/2009 $600,000 32,301 1971 $18.58 59 Downtown 2/25/2010 $600,000 6,045 1945 $99.26 60 Suburb 6/16/2011 $600,000 39,096 1998 $15.35 61 Suburb 1/25/2012 $600,000 50,024 unk. $11.99 62 Downtown 10/31/2008 $575,000 23,000 unk. $25.00 63 Downtown 4/4/2011 $572,500 18,345 1979 $31.21 64 Downtown 7/1/2008 $540,000 6,180 1915 $87.38 65 Suburb 9/30/2008 $500,000 12,477 1976 $40.07 Sources:CoSter Group and Author's flie& calculated on the basis of a rate per screen,rate per for by the lessee.Vacancy and management fees on seat,and rate per square foot this type of long-term lease with a strong national The rent comparables produce a relatively wide credit tenant (such as Cinemark) are minimal, range of rental values for good-to-excellent quality with a typical deduction of 2% to 5% considered megaplex theaters in market areas that range from reasonable as a combined total expense figure for small suburban markets to highly populated urban both categories of expense. The next step would markets.All the leases are relatively long term and be to capitalize the estimated stabilized net annual are either triple net(NNN)or absolute net in nature. rental income. The expenses to the owner would be limited to the deduction for rent loss associated with vacancy or Capitalization Process with respect to a professional management fee.All In this example,it is assumed that a sale of the sub- expenses associated with operation of the theater, ject property(real property only)would occur under such as maintenance,taxes,insurance,utilities,and financing terms considered typical in the local mar- even major items of replacement(e.g.,roof j HVAC, ket place.It is also assumed that a sale of the subject parking lot,and grounds maintenance)are to be paid property would be either an all-cash sale or a sale The Anmalaal Joumal.Same 2012 An ra'ainQ the MovieThgatar based on conventional financing(both are typical in Beyond valuation, the discounted cash flow the local market place).It is further assumed that the technique can be used for investment analysis, subject property would be exposed during a market- with allowances for annual debt service and loan ing period of nine to twelve months.Table 8 sets forth balance at time of reversion,to develop an internal a summary grid of comparable sales and includes rate of return.1s information about location,sale date,square footage of the theater,sale price,net operating income,and summiry overall capitalization rate. The motion picture theater business is continually The sales produce a relatively wide range of evolving.There has been rapid expansion,a decline overall capitalization rates, from 6.45% to 9.0%. in admissions per capita, a continuing increase in The lower end of the range(Comparables 1,2,and the average ticket price,a very rapid conversion to 3)represents capitalization rates that are based on digital projection at a high investment cost,changes the acquisition of a leased fee interest for the real in per capita attendance by demographic categories, property only.The remaining three sales produced and significant declines in average values due to substantially higher overall rates because they were the age-old problems of overbuilding and expenses sales of going concerns. growing faster than revenue. The prospect of a Table 7 Comparable Rental Rates—Theater Leases No. Description Size Renal Rate/Month Comments 1 Only downtown 16 screens $7,095 per screen Very good quality theater;constructed in 2003. location in 120,000 3,432 seats $33.07 per seat Lease written on a NNN basis for 20-year term. population rural city 70,505 sq.ft. $1.61 per sq.ft. Theater anchors a retail center with 17,500 sq. ft.in-line retell.Tenant pays share of city parking. 2 Only location in 16 screens $6,921 per screen This is a very good quality 16•screen complex 90,000 population 3,800 seats $29.14 per seat located north of the subject.20-year lease suburban city 58,903 sq.ft. $1.88 per sq.ft. written on NNN basis;with percentage clause.Theater anchors In-line retail. Excellent parking ratio. 3 Only theater in growing 14 screens• $5,893 per screen Very good quality 14-screen complex located affluent suburb 2,746 seats $30.04 per seat north of the subject.Constructed In 2005. 55,001 sq.ft. $1.50 per sq.ft. Anchors a large shopping center with 33,153 sq.ft.of in-line national and local tenants. 4 Only downtown 20 screens $7,539 per screen This is a newer facility(2006).The 20-screen theater In suburb of 4,200 seats $35.90 per seat complex is 72,857 sq.ft.and is part of metropolitan area 72,857 sq.ft. $2.07 per sq.ft. a larger 153,979•sq:tL retail center. Free with over 5,000,000 parking for theater patrons.No rent increases people until 2020. 5 Small rural town 12 screens $4,800 per screen This represents the pre-negotiated lease 1,800 seats $32.00 per seat rate on a proposed movie complex that 38,400 sq.ft. $1.50 per sq.ft. would anchor a larger(148,740 sq.ft.) (with$15.00/sq.ft. retail center,approx.200 miles north of 11 allowance) the subject.Landlord will be giving tenant a $15.00/sq.ft.11 allowance. 6 Suburb of largest 30 screens $6,946 per screen Very good quality,relatively new 30-screen metro area 5,400 seats $38.59 per seat megaplex located a substantial distance south 95,150 sq.ft. $2.19 per sq.ft. of the subject.Leased to AMC Theaters with 17 years remaining on the 25-rear term. 15.This procedure,along with an appraisal of a megaplex as a going-concem.Is set forth in The Business of Show Business,81-85. Appraising the Movie Theater The AWmIsall JnWnW.5jWng 1012 Table 8 Market Data Summary--Overall Capitalization Rates Size(SF)N.R.A./ Sale Price/ Net Operating Overall No. Description Sale Date Screens Price per SF Income Rate 1 Newer theater in suburb with 4/2009 81,706 SF/18 $23,690,000/ $1,563,540 6.60% perimeter retail stores(not $290 included) 2 Newer theater In rural city(pop. 11/2009 58,903 SF/16 $20,000,000/ $1,289,557 6.45% 90,000) $340 3 Downtown location in major 11/2010 72,857 SF/20 $26,400,000/ $1,713,080 6.49% metropolitan area $362 4 Suburban mall in major 7/2008 95,150 SF/30 $26,315,000/ $2,215,092 8.42% metropolitan area $277 5 Suburban mall In major 5/2010 51,720 SF/12 $12,900,000/ $1,103,647 8.56% metropolitan area $249 6 Suburb of major capital city 12/2008 32,185 SF/8 $10,000,000/ $900,000 9.00% $311 slow-growing economy, continued production of Arthur L almmy,MAI,Is the president of AGI average-quality movies,and lack of growth of mov- Valuations,a firm with appraisers and staff In iegoers' discretionary income must be considered Petaluma and Newport Beach,California.Gimmy's when projections of theater performance are made. practice concentrates on the analysis of difficult, The job of the appraiser or analyst is made more unique,or specialized properties and appraisal complicated by these factors.Hopefiflly,the methods concepts,and he provides expert testimony In iitiga- and approaches presented will endure in spite of tion matters involving large and complex real estate ever-changing conditions. projects and related business issues.Gimmy has published over fifty articles and has authored various books for appraisal professionals,including eight texts published by the Appraisal Institute and its predecessor,the American Institute of Real Estate Appraisers.Glmmy received the MAI designation in 1965 and has taught appraisal courses for the Appraisal Institute.He has served on numerous local and national AI committees,including The Appraisal Journal's Editorial Board.His awards Include the Professional Recognition Award(1975 and 1978)and the George L.Schmutz Memorial Award(1996)from the Appraisal Institute for his special contribution to the advancement of appraisal knowledge. Contact:sateard wrgimntyoom William Condon Is a graduate of the University of California,Santa Barbara,majoring in anthropol- ogy.He interned at AGI Valuations and developed an interest in the entertainment industry,particularly the workings of the movie theater industry,leading to his collaboration on this article. .The AttpMlsal Journal.Spdng 2W 11RgralsinIEthe MMdeTheater Appendix Statistics Index Who Goes to the Movies The current edition of the Encyclopedia of Moviegoing Frequency,1986-2007 Exhibition published by the National Association Movie Admissions by Age,2002-2006 of Theatre Owners includes the following Moviegoers by Age,2002-2007 statistical data: Moviegoers by Ethnicity,2002-2007 Moviegoers by Household Composition, How Marry Theaters 1986-2007 Number of US Movie Screens,1948-2009 Movie Admissions by Gender, 1988-2005 US Theatres by Number of Screens,1995-2009 Movie Admissions by Education, 1986-2005 Number of US Cinema Sites by State,1995-2008 Number of US Movie Screens by State,1986-2008 Post-Theatrical Movie Markets Number of US Indoor Screens by State,1988-2008 DVD Player and VCR Penetration into US TV Number of US Drive-In Screens by State, Households 2003-2007 1986-2009 Sales of Prerecorded DVDs to US Dealers, US and Canadian Exhibitors,2010 1997-2007 US Public Digital Cinema Screens, 1999-2010 Basic Cable Households, 1980-2007 US Motion Picture and Video Exhibition Pay Cable Subscribers, 1982-2007 Employees,1972-2007 Satellite and VOD Penetration in US Households Employment Percentiles by Hourly Wage for Digital Cable Households,2000-2007 Ushers, Lobby Attendants, and Ticket Takers, 1998-2008 For more information about the National Association of Theatre Owners and its publics- How Marry Films tions,contact the organization at: Number of Movies Released by US Distributors, National Association of Theatre Owners 1930-2008 750 First Street,NE Top 20 Grossing Films and Their Rating,2008 Suite 1130 Number of Top 20 Grossing Films by Rating, Washington,DC 20002 1985-2008 T:202-982-0054 Average Gross by Rating,1985-2008 F:202-982-0370 Number of Movies Rated by CARA, 1988-2008 E-mail:nato@natodo.com How Much Money Money Spent on Movie Admissions in the United States, 1929-2008 Number of Movie Tickets Sold,1970-2009 Seasonal Box Office Performance,1983-2006 Domestic Theatrical Film Distributor Market Shares,1970-2008 Domestic Film Grosses,2009 Domestic Film Grosses,1990-2008 Average U.S.Movie Ticket Prices, 1946-2009 Average Movie Production Costs, 1980-2007 Average Movie Print and Ad Costs,1980-2007 Share of Movie Ad Costs by Media,1990-2007 Appraising the Movie Theater Tho Aimisal Japmal-5002m a Web Connections Internet resources suggested by the Y. T.and Louise Lee Lum Library Entertainment Merchants Association hUp.//www.entmer ck orgl Film Journal International Magazine http.//www,JflmjournaLcom/jilmjournallabout-us/index jsp Motion Picture Association of America,Policy and Research Reports and Statistics http.11wwm mpaa orglpo 1 icy National Association of Theatre Owners —Movie Theatre Statistics http✓lwww.natoonline.orglstatistic&htm —Box Q,8W Magazine http.11wwmboxgffimcom/the vault MThe A=lsal IgUrnal.Stttltlft 2013 Anoralsina the Mbvia fieatar 1065 U.S. Return of Partnership Income OMB No.1646-ODOO Form Fa calendar yew 2010,or tax yea beginning ending 2010 Department of the Treasury Internal Revenue Service A PMogal business activity Nam of partnership 0 Employr IdentMeatlan numbr MOVIE Print ST SHORE THEATRE 23-2436686 B Principal product a serAce ear Number,street,and room or sults no.e a P.O.box,see the Instructions. E Date business alerted tyPe 0 BOX 684 12/19/1986 THEATRE city or town,atria,and ZIP cod* F Tote)assets C Business coda number 713900 CUMBERLAND PA 17070 $ 131,737. 0 Check applicable boxes: (1) Initial return (2) Final return (9) LJ Name change (4) r I Address change(6) Amended return (e) ED Technical termination-also check(1)or(2) H Check accounting method: (1) =Cash (2) ®Accrual (9) =Other(specify) 10- I I Number of Schedules K-1. Attach one for each person who was a partner at any time during the tax year ► J Check if Schedules C and M-3 are attached ......................................................................................................................... Caution. Include only trade or bushress Income and expenses on lines la through 22 below.See the Instructions for more Information. 1 a Gross receipts or sales .................................................................................... 11al 264,914. b Less returns and allowances ............................................................................. I lb 1 10264,914. 2 Cost of goods sold (Schedule A,line 8) ............................................................................................................ 2 100,285. 9 Gross pratiL Subtract line 2 from line 1c ............................................................................................................ 9 4 Ordinary Income(loss)from other partnerships,estates,and trusts(attach statement' ............................................. 4 6 Net farm profit(loss)(attach Schedule F(Form 1040)) ................................................................................. 6 8 Net gain(loss)from Form 4797,Part II,line 17(attach Form 4797) ..................................................................... 6 7 Other Income(loss)(attach statemenU............................................................................................................ 7 8 Total Income(loss).Combine lines 3 through 7 ................................................................................................. 6 164,629. 9 Salaries and wages(other than to partners)(less employment credits) ..,.....„........................................................... 9 20,296. 10 Guaranteed payments to partners .................................................... .. 10 ......................................................... 11 Repairs and maintenance 11 4,453. 12 Bad debts ................................................................................................................................................... 12 19 Rent ......................................................................................................................................................... 19 0 14 Taxes and licenses .............................................................................See...St atement....l............. 14 7,15 16 Interest ...................................................................................................................................................... 16 . 1e a Depreciation(Hrequirted,attach Form 4562) ................................................... 1e131 6'65. b Less depreciation reported on Schedule A and elsewhere on return 18b 18 3,665. 17 Depletion (Do not deduct oil and gas depletion.) .......................... 17 19 Retirement plans,eta .................................................................................................................................... 18 0 19 Employee benefit programs ........................................................................................................................... 19 20 Other deductions(attach statemenq...................... See,.,5tatement....2............. 20 49,107. 21 Total deductions. Add the amounts shown in the far right column for lines 9 through 20 .......................................... 21 88, 663. 22 0 [nary business Income(lose).Subtract line 21 from line 8 .............................................................................. 221 7 . under penamse or pernow m, ng accompanying u as an an to7e my ge an it is true, correct.and complete.Declaration d preparer(other than general partner ariirnited liability company member manager)le basad on all informadw of which preperer has any Sign knowledge. May theIMcup this rem Here , , with the preprsr shown below Signature Partner or m company mem manager ®Yee O No PrktVrype preparers name Preparer-s signature Date Check LXJ If I PTIN esti-employed Paid KENNETH W. FRY, CPA P00406687 Preparer Firm's name ► Use Only KENNETH W. FRY, CPA Fhm'sEIN 10, Ft.-.add.. lo-2250 M enni,um Way, Suite Enola, PA 17025 Pltoneno. 717-903-5537 0110=1 o02-07-11D L FjA For Paperwork Reduction Act Notice,tee separate Instructions. Form 1065(2010) p Form 1065 2010 WEST SHORE THEATRE 23-2436686 Pae 2 Cost of Goods Sold see the instructions I Inventory at beginning of year ........................................................................................................................... 1 1,7 6T.- •2 2 Purchases less cost of items withdrawn for personal use......................................................................... 2 TFITM. 3 Cost of labor ...................... 3 — ............................................................................................................................. 4 Additional section 263A costs(attach statement) ............................................................................................... 4 5 Other costs(attach statement) ..................................................... . See..Statement 5 6 Total. Add lines 1 through 5 .............. ........................... 6 , • ..................................................................................... 7 Inventory at end of year .................................................................................................................................... 7 1,761. 6 Cost of goods sold.Subtract line 7 from line 6.Enter here and on page 1,line 2............................................................ M, 9 a Check all methods used for valuing closing inventory. (1) ®Cost as described in Regulations section 1.471-3 (II) Lower of cost or market as described in Regulations section 1.471-4 (III) Q Other(specify method used and attach explanation)Blo- b b Check this box 0 there was a writedown of'subnormal goods as described in Regulations section 1.471-2(c) ► ................................................ o Check this box If the LIFO inventory method was adopted this tax year for any goods (H checked,attach Fofm 970).... ►Q d Do the rules of section 263A(for property produced or acquired for resale)apply to the partnership? ............................................. Q Yea ® No e Was there any change in determining quantities,cost,or valuations between opening and closing inventory? .................................... Q Yee ® No If'Ye 'attach explanation. Other Information 1 What type of entity Is filing this return? Check the applicable box YIX a ®Domestic general partnership b Q Domestic limited partnership o Domestic limited liability company d Q Domestic limited liability partnership e Q Foreign partnership f Other► 2 At any time during the tax year,was any partner in the partnership a disregarded entity,a partnership(Including an entity treated as a partnership),a trust,an S corporation,an estate(other than an estate of a deceased partner),or a nominee or similar person? ........................... 3 At the end of the tax year. a Did any foreign or domestic corporation,partnership(including any entity treated as a partnership),trust,or tax-exempt organization own, directly or Indirectly,an Interest of 50%or more in the profit,loss,or capital of the partnership?For rules of constructive ownership,see instructions.If'YW attach Schedule B-1,Information on Partners Owning 50%or More of the Partnership X ................................................... b Did any individual or estate own,directly or indirectly,an Interest of 50%or more In the profit,loss,or capital of the partnership?For rules of constructive ownership,see Instructions.9*YW attach Schedule B-1,Information on Partners Owning 50%or More of the Partnership ............... X 4 At the end of the tax year,did the partnership. a Own directly 20%or more,or own,directly or indirectly,50%or more of the total voting power of all classes of stock entitled to vote of any foreign or domestic corporation?For rules of constructive ownership,see instructions.If*Yes,'com lets(1)through iv below .................................... WX (1)Name of Corporation Empbyw (III)Country of v Percentage Idxntlflgtion Numbs(N arty) Incorporation v�,0 g� b Own directly an Interest of 20%or more,or own,directly or Indirectly,an interest of 50%or more in the profit,loss,or capital In any foreign or domestic partnership(including an entity treated as a partnership)or in the beneficial Interest of a trust?For rules of constructive ownership,see instructlons.If'Yes:complete i through v below ................................ X (1)Name of Entity Employer (III)Type of Entity (Iv)Country of v tiwamum Identification Number Pereent>tge Owned In (Reny) Organization ProlRLomorG&PtW Form 1065(2010) 011011 of-17-11 2 15540303 143590 232436686 2010.03001 WEST SHORE THEATRE 23243661 Form 1065 2010 WEST SHORE THEATRE 23-2436686 Pae 3 yet No 5 Did the partnership file Form 8893,Election of Partnership Level Tax Treatment,or an election statement under section 6231(a)(1)(B)(11) for partnership-level tax treatment,that Is In effect for this tax ear?See Form 8893 for more details ............................................................... X 6 Does the partnership satisfy all four of the following conditions? t The partnership's total receipts for the tax year were less than$250,000. b The partnership's total assets at the end of the tax year were less than$1 million. o Schedules K-1 are filed with the return and furnished to the partners on or before the due date(Including extensions)for the partnership tY return. d The partnership Is not filing and is not required to file Schedule M-3 ......................................................................................................... X It'Yes;the partnership is not required to complete Schedules L,M-1,and M-2;Item.F on page 1 of Form 1065; or Item L on Schedule K-1. 7 Is this partnership a publicly traded partnership as defined in section 469(k)(2)? ....................................................................................... X 8 During the tax year,did the partnership have any debt that was cancelled,was forgiven,or had the terms modified so as to reduce the principalamount of the debt? ......................................................................................................................................................... X 9 Has this partnership filed,or Is it required to file,Form 8918,Material Advisor Disclosure Statement,to provide information on any reportabletransaction? .................................................................................................................................................................. X 10 At any time during calendar year 2010,did the partnership have an Interest in or a signature or other authority over a financial account In a foreign country(such as a bank account,securities account,or other financial account)?See the instructions for exceptions and filing requirements for form TD F 90-221,Report of Foreign Bank and Financial Accounts.If'Yes;enter the name of the foreign country, ► X 11 At arty time during the tax year,did the partnership receive a distribution from,or was it the grantor of,or transferor to,a foreign trust?If'Yes; the partnership may have to file Form 3520,Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. See instructions ................................................................................ ........................................................................................... 12a Is the partnership making,or had it previously made(and not revoked),a section 754 election? ..................................................................... X See instructions for details regarding a section 754 election. b Old the partnership make for this tax year an optional basis adjustment under section 743(b)or 734(b)?If"Yes,"attach a statement showing the computation and allocation of the basis adjustment See instructions ................................................................................................... X c Is the partnership required to adjust the basis of partnership assets under section 743(b)or 734(b)because of a substantial buiR-in loss(as defined under section 743(d))or substantlai basis reduction(as defined under section 734(d))?if'Yes;.attach a statement showing the computation and allocation of the basis adjustment See Instructions ............................... ............................................................................................... 13 Check this box if,during the current or prior tax year,the partnership distributed any property received in a like-kind exchange or contributed such property to another en other than entities wholly-owned by the partnership throughout the tax ear .............................................► 14 At any time during the tax year,did the partnership distribute to any partner a tenancy-In-common or other undivided Interest in partnership roe .................................................................................................................................................................................... X 16 If the partnership Is required to file Form 8858,Information Return of U.S.Persons With Respect To Foreign Disregarded Entities,enter the number of Forms 8858 attached.See Instructions 10- 16 16 Does the partnership have any foreign partners?If"Yes,'enter the number of Forms 8805,Foreign Partner's information Statement of Section 1446 Withholding Tax,filed for this partnership.► X 17 Enter the number of Forms 8865 Return of U.S.Persons With Respect to Certain Foreign Partnerships,attached to this return. Deeignetfon of Teak Mettere Partner(see Instructions) Enter below the general partner designated as the tax matters partner(TMP)for the tax year of this return: Name of de gnated TMP Po- VIOLET L BOLLEN numIdentifying r of TMP ► 193-24-3414 ll the TIVIP entity,name of TMP Phone representative ► number of TMP No- Address Address of ► THIRD STREET designated TMP NEW CUMBERLAND, PA 17070 Form 1065(2010) 011021 01-17-11 3 15540303 143590 232436686 2010.03001 WEST SHORE THEATRE 23243661 Farm 1065 2010 WEST SHORE THEATRE 23-2436686 Pao 4 Partners' Distributive Share Items total amount 1 Ordinary business Income(lass)(page 1,line 22) .................................................. 1 t . ......................... 2 Not rental real estate income(lass)(attach Form 8825).............................................................................. 2 s a Other gross rental Income loss 3a b Expenses from other rental activities(attach statement) 3b c Other net rental Income(loss).Subtract line 3b trom line 3a ,,.,,,.,. ................................. 4 Guaranteed payments ........................... 4 8 interest income...................................... 5 8 Dhridends: a Ordinary dividends ......................................................................................................... 82 b Qualified dividends ......................................................... Lob 7 RayaRles I........................ 8 Not short-term capital gain(loss)(attach Schedule D(Form 1065)).............. .. 9 a Net long-term capital gain(loss)(attach Schedule D(Form 1065)) .....................................................I...... 9a b Collectibles(28%)gain(loss)......................................... c Unrecaptured section 1250 gain(attach statement) ................................. 9a 10 Net section 1231 gain(loss)(attach Form 4797)....... ......... 10 .............................................. 11 Other Income(loss) see lnstructtcns Type► 1 f 12 Section 179 deduction(attach Form 4562) ............................................................................................. 12 3,713. 13 a Contributions .............. ................................................................................................. . 134 b Investment interest expense ..................................... tab cSectlon59(a)(2)expenditures.(1)Type Ila- (2)Amount No- 1 2 d Othar deductions see ins tr uc ttonst T e► 13d 8! 14 a Net earnings(loss)from self-employment 144 ......................................................... ... . ............ . b Gross farming or fishing Income ........................ fob ....................................... cGross nonfarm Income ................................................................................................................... .... 140 ,629. 18 slaw-income housing credit(section 42(j)(5)} ................ ........................................................................ 154 b Low-income housing credit(other) .................. 16b c Qualified rehabilitation expenditures(rental real estate)(attach Fam 3468) ..-- , ................................ 150 d Other rental real estate credits(see Instructions) Type► led e Other rental credits(see instructions) Type► the I Other credits see instructions Toe► 18f 18 a Name of country or U.S.possession lim- b b Gross Income from all sources ......... M ..................................................................... c Gross Income sourced at partner level ..,,. 180 ............................................. Faelyn gross Income sourced at pership level PAWN d Canary ► a General category..... ► t Other ...... ► 181 Deductions albCafed and apportioned at partner level r= 9Interest expense No- h Other ......................................................... Poo. lob rb Deductions allocated and apportioned at partnership level to foreign source income Wi �� P. }General category......11111- k Other,..... lop- 18k 1 Total foreign taxes(check one): Poo, Paid Q Accrued ., lot mReductton In taxes available for credit(attach statemenO ............................... ................................. ..... tem n Other foreign tax Information attach statement)....................................................................................... Ila Post-1986 depreciation adjustment ......................................................................................................... 17a b Adjusted gain or loss ........................................................................................................................... 1171111 a c Depletion(other than oil and gas) ............................................................................................................ 170 d Oil,gas,and geothermal properties-gross income .......,,,.- f7d C ..................................... a� a Off,gas,and geothermal properties-deductions 170 I Other AMT Items attach statemen ................................................................. 171 18 a Tax-exempt interest Income f8a b Other tax-exempt income c Nondeductible expenses ........ 180 ..................................... 19 a Distributions of cash and marketable securities ............................................................. ...................... .... 194 90, 039. b Distributions of other property .,.,,.....-- 19b 20 a Investment Income .............................................................................................................................. 204 b Investment expenses ............................................................ 20b c Other items and amounts attach statement) 011041 Farm 1065(2010) 4 15540303 143590 232436686 2010.03001 WEST SHORE THEATRE 23243661 Form 1065.(2010) WEST SHORE THEATRE 23-2436686 Page 5 Analysis of Net Income Loss 1 Net Income Qoes�Combine Schedule K,lines 1 th ugh 11.From the result,subtract the sum of Schedule K,lines 12 ftough 13d,and 181 ............... 72, 253. 2 Analysis by (II)Individual (III)Individual (v)Exempt partner type: (I)Corporate (active) (passive) (Iv)Partnership organization (vi)Nominee/Other a General partners , b Limited partners Balance Sheets per Books Assets Beginning of tax year End of tax year I Cash ................................................... 5U,933.n 33,5377 2a Trade notes and accounts receivable ,.....,.. b Less allowance for bad debts ............. .. . 3 Inventories .......................................... .7 , 4 U.S.government obligations..................... 5 Tax-exempt securities ........................... 6 Other current assets(attach statement) ... 7 Mortgage and real estate loans ............... 8 Other Investments(attach statement)...... 9a Buildings and other depreciable assets ...... 313,8 2 2. 317,535.M b Less accumulated depreciation ............... 6 9, 8 5 4. 5 , 66, 189. 10a Depletable assets ................................. III Less accumulated depletion ..................... 11 Land(net of any amortization).................. , , • 12a Intangible assets(amortizable only) ......... b Less accumulated amortization ............... 19 Other assets(attach statement)............... 5 . 14 Total assets .......................................... 5 131, 7 Liabilities and Capital 15 Accounts payable ................................. 22,810. 22, 810. 10 Mortpapas,notes,bonds payable In Me than 1 yaw 41, 753. 17 Other current liabilities(attach statement) 541. 18 All nonrecourse loans ........................... 19 Mortpspaa,notes,bonds payable in 1 yew or mon 20 Other liabilities(attach statement) ......... 21 Partners'capital accounts........................ 22 Total liabilities and capital........................ 7 13 IT Reconciliation of Income(Loss)per Books With Income(Loss)per Return Note.Schedule M,3 may be required instead of Schedule M•1 (see instnwtlons). 1 Net Income(loss)per books . 8 Income recorded on books this year not Included 2 Income included on Schedule K,lines 1,2,3c, on Schedule K,lines 1 through 11(Itemize). 5,6a,7,8,9a,10,and 11,not recorded on books a Tax-exempt interest$ this year(itemize): 9 Guaranteed payments(other than health 7 Deductions included on Schedule K,lines 1 insurance) ................................................... through 13d,and 164 not charged against 4 Expenses recorded on books this year not book Income this year(itemize): included on Schedule If,lines 1 through a Depreciation $ 13d,and 161(itemizey a Depreciation $ b Travel and entertainment$ 8 Add lines 6 and 7 ....................................... Stmt 7 125 125 9 Income(loss)(Analysis of Net Income(Loss), 5 Add lines 1 through 4 .................................... 7 2 2 5 3 line 1.Subtract line 8 from line 5 .................. 72, 253. Analysis of PartnersCapital Accounts 1 Balance at beginning of year 11, 011. 6 Distributions: aCash 90, 039. 2 Capital contributed: a Cash ........................... b Property ........................... ,5 . 7 Other decrease b Property ..................... s(itemize): 9 Net income(loss)per books ........................... 72, 128. 4 Other increases(itemize): 8 Add lines 6 and 7 ...................................... 90, 039. 5 Add lines 1 through 4 .................................... 89, 723.19 Balance at end of yew. Subtract One 8 from line 5 ...... — • 01-17-11 5 Form 1065(2010) 15540303 143590 232436686 2010.03001 WEST SHORE THEATRE 23243661 SCHEDULE B-1 Information on Partners Owning 50°10 or (Form 1085 More of the Partnership (December 2009) OMB No.1546.OM Deparvnaat d tna rma uy fntamal Revenue Service ►Attach to Form 1065.See lnstructlons. Name of partnership Employer Identi0catlon number WEST SHORE THEATRE 23-2436686 Entities Owning 50% or More of the Partnership(Form 1065,schedule B.Question 3a) Complete columns(I)through(v)below for any foreign or domestic corporation,partnership(Including any entity treated as a partnership),trust,or tax-exempt organization that owns,directly or Indirectly,an Interest of 50%or more in the profit,loss,or capital of the partnership(see instructions). (I)Name of Entity 00 Employer (iii} (iv) (v)Maximum Identification Type of Entity Country of OrganbWlonn Profltge OOwned Number(If any) Ca individuals or Estates Owning 50% or More of the Partnership(Form foes,Schedule B,Question 3b) Complete columns(1)through(iv)below for any indvidual or estate that owns,directly or indirectly,an Interest of 50%or more in the profit,lose,or capital of the partnership(see Instructions). (1)Name of Individual or Estate Qiy identifying pip Country of Citizenship(see Instructions) (iv)Maximum Number(if any) Perces ed in or Capital FREDERICK L BOLLEN 191-46-2857 United States 90.00 t IA For Paperwortt Reduction Act Notice,am the Instructions for Form 1065. Schedule B-1(Form 1065) (12-2009) 024661 05-01-10 6 15540303 143590 232436686 2010.03001- WEST SHORE THEATRE 23243661 Form 4562 OMB No.154&0172Depreciation and Amortization z�54 (Including Information on Listed Property) OTHER Doment om nue sof the««�(99) ► See separate instructions. ►Attach to your taut return. sequence No.67 Name(s)shown on return LBusginess or activity to which this form relates IdentMying number WEST SHORE THEATRE IE THEATRE 23-2436686 1-111111 Election To Expense certain Property Under Section 179 Note:I/you have any listed property,complete Pert 1/before you complete Part 1. 1 Maximum amount(see Instructions) ............................................................................................................... 1 500, 000. 2 Total cost of section 179 property placed In service(see instructions) ............................................................... 2 3, . 3 Threshold cost of section 179 property before reduction In limitation.................................................................. 3 2,000,000. 4 Reduction in limitation.Subtract line 3 from line 2.If zero or less,enter 0 .......................... 4 5 Dollar Iimftatlon for tax yew.Subtract line 4 from line 1.it zero or leo,enter-O-.If marrled flung sepwatey,a"Instructions .............................. 5 50076T.- 6 i •6 (a)Description of property (b)coat(businw use any) (c)Decree coat COMPUTER & UPGRADES . OFFICE CHAIR 0 279. VACCUUM CLEANER 249. PRINTER, SCANNER, FAX MACH . 7 Listed property.Enter the amount from line 29 ........................................................ 1 7 8 Total elected cost of section 179 property.Add amounts in column(c),lines 6 and 7........... B 3, 713. 9 Tentative deduction.Enter the smaller of line 5 or line 8 .......................................... .. 9 , • 10 Carryover of disallowed deduction from line 13 of your 2009 Form 4562 ............................................................ 10 11 Business Income limitation.Enter the smaller of business Income(not less than zero)or line 5 11 75,966. 12 Section 179 expense deduction.Add lines 9 and 10,but do not enter more than line 11 .................................... F12 3,713. 13 Carryover of disallowed deduction to 2011.Add lines 9 and 10 less line 12 ............ ►F13 Note:Do not use Part 11 or Part 111 below for listed property.Instead,use Part V. Special Depreciation Allowance and Other Depreciation(Do not include listed property.) 14 Special depreciation allowance for qualified property(other than listed property)placed In service during the tax year ................................ 16 Property subject to section 188(0(1)election ............................................................................................:...... 1s 18 Other depreciation udin ACRS 18 MACRE Depreciation(Do not Include listed property.)(See Instructions.) Section A 17 MACRS deductions for assets placed In service In tax years beginning before 201017 , . ............................... 18 M you are electing to Qoup rry webpWoed In servIm during the tax yew Into oM or more general awn aocounts,check hen .........► IJ Section 8-Assets Placed In Service During 2010 Tax Year Using the General Depreciation System (b)Month ens. (c)Bola for depreciation . (a)CNsalllcatlon of property yen plsaed gu):n ssMvestmam uo (�Re�vsry (e)Convention (f)Method (g)Depredation deduction In aeMoe only-w Instructions) P= 19a 3 ear property b 5 ear property c 7 ear property d 10 ear property e 15 ear property f 20 ear property 25 ear property 25 yrs. S/L h Residentlal rental property / 27.5 yrs. MM S/L / 27.5 yrs. MM SIL I Nonresidential real property / 39 yrs. MM S/L / I MM I S/L Section C-Assets Placed In Service During 2010 Tax Year Using the Alternative Depreciation System 20a Class Iife SA- b 12 ear 12 S/L c 40 ear / 40 yrs. MM S/L Summary(See Instructions) 21 Listed property.Enter amount from line 28 ...................................................................................................... 21 720. 22 Total.Add amounts from line 12,lines 14 through 17,lines 19 and 20 In column(g),and line 21. Enter here and on the appropriate lines of your return.Partnerships and S corporations.see instr. ..................... 22 3,665. 23 For assets shown above and placed In service during the current year,enter the ortion of the basis attributable to section 263A costs........ ............ .. . 23 12-21- 10 LHA For P Reduction Act Notice,aee Paperwork sepaate inatructlons. Form 4682(2010) 7 15540303 143590 .232436686 2010.03001 WEST SHORE THEATRE 23243661 Form 4582(2010) WEST SHORE THEATRE 23-2436686 Page 2 Listed Property(Include automobiles,certain other vehicles,certain computers,and property used for entertainment,recreation,or amusement.) Note:For any vehicle for which you are using the standard mileage rate or deducting lease expense,complete only 240,24b,columns(a) through(c)of Section A,ad of Section B,and Section C H applicable. Section A-Depreciation and Other Irrformatlon(Caution:See the instructions for limits for passenger automobiles.) 246 Do you have evidence to support the businessAnvestment use claimed? M Yes Lj No 24b If'Yes'Is the evidence written? M Yes No (a) !b) (c) (d) (e) M (9) (h) (1) Type oft property ate Business/ Cost or, s°'l''of d'preadan Recovery Method/ Depreciation Elected (list vehicles flrssff) placed in Investment other basis ro"'ur""AnVestmem period Convention deduction section 179 service use percentage un«rhl cost 25 Special depreciation allowance for qualified listed property placed In service during the tax year and used more than 50%in a qualified business use....................................................................................... 25 28 Property used more than 5096 in a qualified business use: % % % 27 PE2M used 50%or less in a qualified business use: SATURN 1231071 40.55 %1s/L.—HY 72 % SA- % SA.- 28 Add amounts in column(h),lines 25 through 27.Enter here and on line 21,page 1 .................................... 1 28 29 Add amounts in column line 26.Enter here and on line 7 page 1 ................................................................................. 29 Section B-Informatlon on Use of Vehicles Complete this section for vehicles used by a sob proprietor,partner,or other'more than 5%owner,'or related person. If you provided vehicles to your employees,first answer the questions in Section C to see if you meet an exception to completing this section for those vehicles. (a) (b) (c) (d) (e) (f) 30 Total businessAnvestment miles driven during the Vehicle Vehicle Vehicle Vehicle 1 Vehicle Vehicle year(do not include commuting miles) ................. 4,924 31 Total commuting miles driven during the year ... 32 Total other personal(noncomrnuting)miles driven............................................................... 6,719 33 Total miles driven during the year. Add lines 30 through 32.................................... 12,143 34 Was the vehicle available for personal use Yes No Yes No Yes No Yes No Yes No Yes No during off-duty hours? .................................... 35 Was the vehicle used primarily by a more than 5%owner or related person? .................. 36 Is another vehicle available for personal use? ............................................................... Section C-Questions for Employer Who Provide Vehicles for Use by That Employees Answer these questions to determine If you meet an exception to completing Section B for vehicles used by employees who are not more than 5% owners or related 37 Do you maintain a written policy statement that prohibits all personal use of vehicles,including commuting,by your Yes No employees?................................................................................................................................................................................. X 38 Do you maintain a written policy statement that prohibits personal use of vehicles,except commuting,by your employees?See the Instructions for vehicles used by corporate officers,directors,or 1%or more ownersX .................................... 39 Do you treat all use of vehicles by employees as personal use? ................................................................................................... X 40 Do you provide more than five vehicles to your employees,obtain information from you employees about the use of the vehicles,and retain the Information received?............................. . X 41 Do you meet the requirements concerning qualified automobile demonstration use? ..................................................................... X Note:If r answer to 37 38 39 40 or 411s*Yes,"do not complete Section B for the covered vehicles. Amortization (a) (b) (c) (d) (e) (f) Deealpdon of caeb Date emortlndan Amortizable Coda Amc tntlon Amortisation begins amount BWUM Period or erten a for this yew 42 Amortization of costs that begins during your 2010 tax year 43 Amortization of costs that began before your 2010 tax year .............................................................................. 43 44 Total.Add amounts in column .See the instructions for where to rt ........................................................ 44 016252 12-21-10 Form 4682(2010) 8 15540303 143590 232436686 2010.03001 WEST SHORE THEATRE 23243661 WEST SHORE THEATRE -23-2436686 Form 1065 Tax Expense Statement 1 Description Amount PAYROLL TAX 1,626. REAL ESTATE TAX 6,030. Total to Form 1065, Line 14 7,656. Form 1065 Other Deductions Statement 2 Description Amount ACCOUNTING 1,282. Advertising 9,383. AUTO EXPENSE 2,024. BANK FEES 147. COMPUTER EXPENSE 1,058. DUES & SUBSCRIPTIONS 695. INSURANCE 7,099. OFFICE EXPENSE 4,691. SUPPLIES 1,250. TELEPHONE 2,488. UTILITIES 18,990. Total to Form 1065, Line 20 49,107. Schedule A Other Costs Statement 3 Description Amount BOOKING SERVICE 3, 835. FILM RENTAL 59, 047. FILM TRANSPORTATION 4,077. Total to Form 1065, Page 2, Line 5 66, 959. 9 Statement(s) 1, 2, 3 15540303 143590 232436686 2010.03001 WEST SHORE THEATRE 23243661 WEST SHORE THEATRE 23-2436686 Schedule L Other Assets Statement 4 Beginning of End of Tax Description Tax Year Year FILM RENTAL DEPOSITS 5,250. 5,250. Total to Schedule L, Line 13 5,250. 5,250. Schedule L Other Current Liabilities Statement 5 Beginning of End of Tax Description Tax Year Year 494. 541. Total to Schedule L, Line 17 494. 541. Form 1065 Partners' Capital Account Summary Statement 6 Partner Beginning Capital Schedule M-2 With- Ending Number Capital Contributed Lns 3, 4 & 7 drawals Capital 1 96,303. 6,584. 7,213. 110,100. 2 -85,292. 64,915. 90,039. -110,416. Total 11,011. 6,584. 72,128. 90, 039. -316. 10 Statement(s) 4, 5, 6 15540303 143590 232436686 2010.03001 WEST SHORE THEATRE 23243661 WEST SHORE THEATRE 23-2436686 Schedule M-1 Expenses Recorded on Books Not Deducted in Return Statement 7 Description Amount Other miscellaneous expenses 125. Total to Schedule M-1, Line 4 125. 11 Statement(s) 7 15540303 143590 232436686 2010.03001 WEST SHORE THEATRE 23243661 1 651110 Schedule K-1 0 Final K-1 0 Amended K-1 OMB No.1545-0099 w �O O (Form 1086) For calendar yew 2010,or e Partner's Share of Current Year Income, Department of the Treasury yew beginning Deductions,Credits,and Other Items Internal Revenue Service ending 1 Ordinary business Income(loss) 18 Credits Partner's Share of Income, Deductions, 1 7,597. Credits, etc. ►See separate Instructions. 2 Net rental red estate Income pose) 18 Foreign transactions Information About the Partnership 9 Other net rental Income(loss) A Partnership's employer identification number 4 Guaranteed payments 23-2436686 B Partnership's name,address,city,state,and ZIP code 5 Interest Income WEST SHORE THEATRE 6s Ordinary dividends P 0 BOX 684 17 Alternative min tax(AMT)Items NEW CUMBERLAND, PA 17070 6b Qualified dividends —295. C IRS Center where partnership filed return Cincinnati, OH 7 Royalties 18 Tax-exempt income and D Check 9 this Is a publicly traded partnership(PTP) 8 Net short-term capital gain(loss) nondeductible expenses ® Information About the Partner 9s Net long-term capital gain(loss) E Partner's identifying number 9b Collectibles(28%)gain(loss) 19 Distributions F Partner's name,address,city,state,and ZIP code 90 Unrecaptured sec 1250 gain 20 Other information VIOLET L BOLLEN 10 Net section 1231 gain(loss) 812 THIRD STREET NEW CUMBERLAND, PA 17070 11 Other Income(loss) 4 M General partner or LLC Limited partner or other LLC member-manager member H ®Domestic partner Q Foreign partner I What type of entity Is this partner? Individual 12 Section 179 deduction 371. J Partner's share of profit,loss,and capital 18 Other deductions Beginning Ending Profit 10.000000UT% 10.0000000% Loss Y. Capital % 14 Self-employment earnings(loss) K Partner's share of liabilities at year and: 7,597. Nonrecourse ................................................ $ -T6—,463. Qualified nonrecourse financing ........................ $ '_See attached statement for additional information. Recourse ............ $ 6,695. L Partner's capital account analysis: Beginning capital account .............................. $ 96,303. Capital contributed during the year .................. $ 6,584. Current year increase(decrease)........................ $ 7,213. Withdrawals&distributions .............................. $( ) Ending capital account .................................... $ 11 07M LL ®Tax basis GAAP Section 704(b)book Q Other(explain) M Did the partner contribute property with a buiit-in gain or loss? Yes ®No If'W,attach statement see instructions o1-zat 1 LM For Paperwork Reduction Act Notice,see Instructions for Form 1068. Schedule K-1(Form 1088) 2010 12 1 15540303 143590 232436686 2010.03001 WEST SHORE THEATRE 23243661 2 651110 Schedule K-1 �� F7 Final K-1 [�Amended K-1 OMB No.1545-0099 (Form 1966) For oetendar yew 2010,or tax Partner's Share of Current Year Income, Department of the Treasury year beginning Deductions,Credits,and Other Items Internal Revenue Service ending 1 Ordinary business income(loss) 15 Credits Partner's Share of Income, Deductions, 68, 369. ___I__ Credits,etc. ►See separate Instructions. 2 Not renin real eatab meant.aoaa? 18 Foreign transactions Information About the Partnership 3 Other net rental income(loss) A Partnership's employer Identification number 4 Guaranteed payments 23-2436686 B Partnership's name,address,city,state,and ZIP code 5 Interest Income WEST SHORE THEATRE Bs Ordinary dividends P 0 BOX 684 17 AItemathre min tax(AMT)ftems NEW CUMBERLAND, PA 17070 6b Qualified dividends —2,6 5 0. C IRS Center where partnership filed return . Cincinnati, OH 7 Royalties 18 Tax-exempt Income and D 71 Check If this Is a publicly traded partnership(PTP) 6 Net short-term capital gain(loss) nondeductible expenses information About the Partner 9a Net long-term capital gain(loss) E Partner's identifying number 9b Collectibles(28%)gain(loss) 19 Distributions 190,039. F Partner's name,address,city,state,and ZIP code 90 Unrecaptured sec 1250 gain 20 Other Information FREDERICK L BOLLEN 10 Net section 1231 gain(toss) 215 EUTAW AVENUE NEW CUMBERLAND, PA 17070 11 Other income(loss) 0 General partner or LLC Limited partner or other LLC member-manager member N ®Domestic partner 71 Foreign partner I What We of entity is this partner? Individual 12 Section 179 deduction 3,342. J Partner's share of profit,loss,and capital: 18 Other deductions Beginning Ending Profit 90.0000000% 90.0000000% Loss 900000000 % % Capital 90.0000000%1 90.0000 % 14 Seftempioyment earnings(loss) K Partner's share of liabilities at year end: A 68#369. Nonrecourse ....... $ . Qualified nonrecourse financing $ 'See attached statement for additional information. Recourse ............................... $ 9T72 5 4. L Partner's capital account analysis. Beginning capital account .......................... $ —85,292. Z Capital contributed during the year .................. $ Current year Increase(decrease)........................ $ Withdrawals&distributions .............. $( Ending capital account .................................... $ LL ®Tax basis 0 GAAP E-1 Section 704(b)book 0 Other(explain) M Did the partner contribute property with a buift-In gain or loss? ED Yes ®No If'Yes;attach statement see instructions of- -t> LHA For Paperwork Reduction Act Notice,see Instructions for Form 1086. Schedule K-1(Form 1085) 2010 15 2 15540303 143590 232436686 2010.03001 WEST SHORE THEATRE 23243661 r .y 9~ v�yj n � • , N N O i o M e+ry s � oti n t N Go 0 m'� C a Ism O 09 r` N Cep M c+� ry N r -+ a at O • a v a o q o o ' a A o o �g0 o�"� o a cn o o a q b � q 4 p ' o pq H . a s� . �H -� W N a � a 0 o� �� 00 1065 U.S. Return of Partnership Income OMB No.1546-0099 Form For calendar yew 2011,or tax yew beginning ending Department nueof wWoeTreasury EXTENSION GRANTED TO /�— 2011 Interne)Revenue service A Principal business ac" Nam of partnership D Employer Identification number MOVIE ST SHORE THEATRE 23-2436686 Print B Principe)product or service ear Number,street,and room or suits no.It e P.O.box,see the Instructlons. E Dab business started fie•LEW BOX 684 12/19/1986 THEATRE town,stat•,and ZIP code F Total assets C Business code number 713900 CUMBERLAND PA 17070 $ 35,562. A Check applicable boxes: (1) Initial return (2) Final return (3) Name change (4) Address change (5) Amended return (6) Technical termination-also check(1)or(2) H Check accounting method: (1) Q Cash (2) ®Accrual (3) =Other(specify) ► I Number of Schedules K-1. Attach one for each person who was a partner at any time during the tax year ► J Check H Schedules C and M-3 are attached ................................................................................................................................................... Caution. Include only trade or business income and expenses on lines fa through 22 below.See the instructions for more Infomlatlon. 1 a Merchant card and third-party payments(including amounts reported on Form(s) 1099-1(�For 2011,enter-0- .............................................................................. 11 _ 0. b Gross receipts or sales not reported on line 1a ... 1b - . '3. ................................................... c Total Add lines 1a and ib ................................................................................. is 272,221. '- d Returns and allowances plus any other adjustments to line la „............................... td e Subtract line td from tine 1c .......... ............ to 2 ' ......................... , 2 Cost of goods sold (attach form 1125-A) ............................................................ 2 , . 3 Gross profit Subtract line 2 from line le ............................................................................................................ 3 165,957. 4 Ordinary income(loss)from other partnerships,estates,and trusts(attach statement) ............................................. 4 5 Net farm profit(loss)(attach Schedule F(Form 1040)) ....................................................................................... 5 8 Net gain(loss)from Form 4797,Part 11,line 17(attach form 4797) ......................................... 6 7 Other income(loss)(attach statement) _.._..._..__ 7 ................................................................................................ 8 Total Income(loss).Combine lines 3 through 7 ................................................................................................ 8 165,957. _ 9 Salaries and wages(other than to partners)(less employment credits) ..................................................................... 9 24,645. 10 Guaranteed payments to partners ......................................................:.............................................................. 10 11 Repairs and maintenance .E 12 Bad debts ................................................................................................................................................... 12 8 18 Rent ................................................................................................... ............... 13 ........................................ 14 Taxes and licenses .............................................................................SSL..STATBMEI�TT...1............. 14 . 15 Interest ...................................................................................................................................................... 15 6,005. 16 a Depreciation(if required,attach Form 4562) ......................................................... 18a 32,846—A- b 2,846b Less depreciation reported on Form 1125-A and elsewhere on return ........................ 110bl 1160132,846. £ 17 Depletion(Do not deduct oil and gas depletion.) ................................................................................................ 17 18 Retirement plans,etc. 18 19 Employee benefit programs ................. ......................................................................... ................................. 190 a 20 Other deductions(attach statement) ...................................................... EL. STATEMENT„.2..... 20 61,630. 21 Total deductions. Add the amounts shown in the far right column for lines 9 through 20 .......................................... 21 136,476. 22 0 [nary business Income loss.Subtract line 21 from line 8 .............................................................................. 22 29,481. n per sc exam nc g accompanying my now correct and complete.Deciwatlan at preprr(other than gwrwsl partner or limited liability company member manager)Is based on all information of which preparer has any .Sign knowledge, y the L95 discussa tun Here' , ' with the preprer shown below Signature of general p er m company manager a (ase Inatr.)? ®Yee r7 No Pdntrryp•prepwrb roan• Preparer's signature Date Check If PTIN self-emPbYed Paid DAVID G. PHILLIPS 1177-42-4701 Preparer Firm's nam• ► use Only SELIGMAN, FRIEDMAN & COMPANY, P.C. Firm's EM 23-2708607 Firma adck lo-1027 MUMMA ROAD WORMLEYSBURG, PA 17043 Phone no. 717-761-0211 12- 'cue-11 LHA For Paperwork Reduction Act Notice,see separate Instructions. Form 1065(2011) Form 1065 2011 WEST SHORE THEATRE 23-2436686 Pae 2 Other Information 1 What type of entity is filing this return? Check the applicable box: Yet No a ®Domestic general partnership b Q Domestic limited partnership o Domestic limited liability company d Domestic limited liability partnership e Foreign partnership f 0 Other 110- 2 2 At any time during the tax year,was any partner in the partnership a disregarded entity,a partnership(Including an entity treated as a partnership),a trust,an S corporation,an estate(other than an estate of a deceased partner),or a nominee or similar person? ........................... X 3 At the end of the tax year. a Did any foreign or domestic corporation,partnership(Including any entity treated as a partnership),trust,or tax-exempt organization,or any foreign government own,directly or indirectly,an interest of 50%or more in the profd,loss,or capital of the partnership?For rules of constructive ownership,see instructions.If'Yes;attach Schedule B-1,Information on Partners Owning 50%or More of the Partnership ............... X b Did any individual or estate own,directly or indirectly,an interest of 50%or more in the profit loss,or capital of the partnership?For rules of constructive ownership,see instructions.If'Yes;attach Schedule 8-1,Information on Partners Owning 50%or More of the Partnership ............... X 4 At the end of the tax year,did the partnership: a Own directly 20%or more,or own,directly or indirectly,50%or more of the total voting power of all classes of stock entitled to vote of any foreign or domestic corporation?For rules of constructive ownership,see instructions.If'Yes;complete i throw h iv below .................................... X (1)Name of Corporation ide Ernpl w (III)Country of v Perdntnpe Owned in Number(n any) Incorporation Voting 3mdc b Own directly an interest of 20%or more,or own,directly or indirectly,an interest of 50%or more in the profit,loss,or capital in any foreign or domestic partnership(including an entity treated as a partnership)or in the beneficial interest of a trust?For rules of constructive ownership,see instructions.It'Yes;complete 1 through v below ........................................................................................................................... P"X (1)Name of Entity iden(ll)E-n N�ume.► (III)Type of Entity (Iv)Country of v MWMUM ( eny) Organization Pame�Oaornadln R Prollt lona,or gpltil Form 1085(2011) 111011 12-06-11 2 11240612 759605 WEST6686 2011.03060 WEST SHORE THEATRE WEST6681 Form 1065 2011 WEST SHORE THEATRE 23-2436686 Pae 8 Yes No 5 Did the partnership file Form 8893,Election of Partnership Level Tax Treatment,or an election statement under section 6231(a)(1)(B)(ii) for partnership-level tax treatmeM that Is in effect for this tax ear?See Form 8893 for more details ............................................................... X 8 Does the partnership satisfy ill four of the following conditions? a The partnership's total receipts for the tax year were less than$250,000. b The partnership's total assets at the end of the tax year were less than$1 million. c Schedules K-1 are filed with the return and furnished to the partners on or before the due date(including extensions)for the partnership return. d The partnership is not filing and Is not required to file Schedule M-3 ...,, ................................................,..._. X ............. . . If'Yes:the partnership Is not required to complete Schedules L,M-1,and M-2;Item F on page 1 of Form 1065, or Item L on Schedule K-1. 7 Is this partnership a publicly traded partnership as defined in section 469(k)(2)? ....................................................................................... X 8 During the tax year,did the partnership have any debt that was cancelled,was forgiven,or had the terms modified so as to reduce the principalamount of the debt? ................................................................................................................................. ...... X 9 Has this partnership filed,or is it required to file,Form 8918,Material Advisor Disclosure Statement,to provide information on any reportabletransaction? .................................................................................................................................................................. X 10 At any time during calendar year 2011,did the partnership have an interest in or a signature or other authority over a financial account in a foreign country(such as a bank account,securities account,or other financial account)?See the instructions for exceptions and filing requirements for Form TD F 90-22.1,Report of Foreign Bank and Financial Accounts.It'Yes,*enter the name of the foreign country. Po X 11 At any time during the tax year,did the partnership receive a distribution from,or was it the grantor of,or transferor to,a foreign trust?It'Yes: the partnership may have to file Form 3520,Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. See instructions ................................................................................................................................................ .......................... X . 121 is the partnership making,or had it previously made(and not revoked),a section 754 election? ..................................................... X See instructions for details regarding a section 754 election. b Did the partnership make for this tax year an optional basis adjustment under section 743(b)or 734(b)?If'Yes:attach a statement showing the computation and allocation of the basis adjustment See instructions ................................................................................................... X c is the partnership required to adjust the basis of partnership assets under section 743(b)or 734(b)because of a substantial built-in loss(as defined under section 743(d))or substantial basis reduction(as defined under section 734(d))?If'Yes:attach a statement showing the computation and allocation of the basis adjustment See instructions ................................................................................................. ............. X ................ 18 Check this box If,during the current or prior tax year,the partnership distributed any property received in a like-kind exchange or contributed such property to another entity other than disregarded entities whol -owned by the partnership throughout the tax r ..............................► 01 14 At any time during the tax year,did the partnership distribute to any partner a tenancy-In-common or other undivided interest In partnership property? ......................................................................................................................................................................... 15 If the partnership Is required to file Form 8858,Information Return of U.S.Persons With Respect To foreign Disregarded Entities,enter the number of Forms 8858 attached.See instructions lo- 16 16 Does the partnership have any foreign partners?If"Yes,'enter the number of Forms 8805,Foreign Partner's Information Statement of Section 1446 Withholding Tax,filed for this partnership.► X 17 Enter the number of Forms 8865 Return of U.S.Persons With Respect to Certain Foreign Partnerships,attached to this return,► 18a Did you make any payments in 2011 that would require you to file Form(s)1099?See Instructions ....... ......... ....................... X b If'Yes;did you or will you file all required Forms 1099? ..................................................................................................................... 19 Enter the number of Form(s)5471,Information Return of U.S.Persons With Respect To Certain Foreign Corporations,attached to this return. ► Designatfon of Tax Matters Partner(see instructions) Enter below the general partner designated as the tax matters partner(TMP)for the tax year of this return: Name of Identifying designated TMP ► FREDERICK L BOLLEN number of TMP ► 191-46-2857 If e TMIP is an entity,name of TMP Phone representative IN. number of TMP 111110- Address Address of 215 EUTAW AVENUE designated TMP NEW CUMBERLAND, PA 17070 Form 1065(2011) 111021 12-09-11 3 11240612 759605 WEST6686 2011.03060 WEST SHORE THEATRE WEST6681 Form 1065 2011 WEST SHORE THEATRE 23-2436686 Pae 4 Partners' Distributive Share Items Total amount 1 Ordinary business income(loss)(page 1,line 22) ....................................................................................... 1 , • 2 Net rental real estate income(loss)(attach Form 8825) .............................................................................. 2 8 a Other gross rental Income(loss) ..........................................................„ 3a b Expenses from other rental activities(attach statement) ........................... 3b c Other net rental income(loss).Subtract line 3b from line 3a "**"............. .................................................... 30 4 Guaranteed payments ................................................... ......... ......... ......... ......... ........I....... 4 5 Interest income.................................................................................................................................... 5 6 Dividends: a Ordinary dividends ......................................................................................................... 88 b Oualified dividends eb ......................................................... 7 Royalties ... ...................................................... .............. 7 ................................................................... 8 Net short-term capital gain(loss)(attach Schedule D(Form 1065)) ............................................................... 8 go Net long-term capital gain(loss)(attach Schedule D(Form 1065)) ............................................................... 9a b Collectibles(28%)gain(loss).................................................................. 9b a Unrecaptured section 1250 gain(attach statement) .................................... 90 10 Net section 1231 gain(loss)(attach Form 4797) ........................................................................... 10 11 Other income(loss) see instructions)Type 10- 12 12 Section 179 deduction(attach Form 4562) ............................................................................................ 12 18 a Contributions .................................................................................................................................... 13a b Investment interest expense13b .................................................................................................................. c Section 59(e)(2)expenditures:(1)Type► (2)Amount► 130 2 d Other deductions see instructions Type► 13d 14 a Net earnings(loss)fromself-employment ..................................................................... 14a , fff b Gross farming or fishing Income ............................................................................................................ 14b _ W o Gross nonfarm income ........................................................................................................................ 140 165,957. 15 a Low-income housing credit(section 42(j)(5))............................................................................................. 15a b Low-income housing credit(other) .................................. ...................................................................... 15b 0 Qualified rehabilitation expenditures(rental real estate)(attach Form 3468) ................................................... 15a d Other rental real estate credits(see instructions) Type► led e Other rental credits(see instructions) Type► 15a t Other credits see instructions Type► 151 iso Name of country or U.S.possession► ............ b Gross Income from all sourceslob ................................................................................................ .............. c Gross income sourced at partner level180 ..........level............................................................................................ Foreign gross income sourced at partnership Pam d pas" ► e General category......► t Other ------ ► 18t Deductions allocated and apportioned at partner level r: 9 Interest expense► h Other ......................................................... ► 18b Deductions allocated and apportioned at partnership level to foreign source income LL I tn;r ► ) General category......0- k Other ...... ► 16k Total foreign taxes(check one): ► Paid 0 Accrued F� ................................ tet mReduction in taxes available for credit(attach statement) ........................................................................... ism n Other foreign tax information attach statement ....................................................................................... 17 a Post-1986 depreciation adjustment ......................................................................................................... 172 >� b Adjusted gain or loss ........................................................................................................................... 17b EA a Depletion(other than oil and gas) ............................................................................................................ 170 E d Oil,gas,and geothermal properties-gross income ............................................................................. .... 17d ;RE a Oil,gas,and geothermal properties-deductions ........................................................ 17e f Other AMT items(attach statement) ...................................................................................................... 17f 18 a Tax-exempt interest income .................................................................................................................. 18a bOther tax-exempt income ..................................................................................................................... teb aNondeductible expenses........................................................................................................................ 180 19 a Distributions of cash and marketable securities ....................................................................................... .. 198 108,634. e b Distributions of other property ............................................................................................................... 19b 20 a Investment income .............................................................................................................................. 20a pb Investment expenses ........................................................................................................................... 20b c Other items and amounts attach statement ............................................................................................. moan Form 1065(2011) 12-o6-1i 4 11240612 759605 WEST6686 2011.03060 WEST SHORE THEATRE WEST6681 Form 1065(2011) WEST SHORE THEATRE 23-2436686 Page 5 Analysis of Net Income Loss 1 Not Income pons►Combine Schedule K,lines 1 through 11.From the result,subtract the sum of Schedule K,lines 12 through 13d,and tel ............... 29 ,481. 2 Analysis by (11)Individual (III)Individual (v)Exempt partner type: (1)Corporate (active) (passive) (Iv)Partnership organization (vi)Nominee/Other a General partners b Limited partners Balance Sheets Books Assets Beginning of tax year End of tax year a b c d 1 Cash ................................................... —1, 5 2a Trade notes and accounts receivable b Less allowance for bad debts .................. 3 Inventories 4 U.S.government obligations..................... 5 Tax-exempt securities ........................... 6 Other current assets(attach statement) ...... 7a Loam to prburs(or persona related to pvtnen) ... b Mortgage and real estate loans ............... 8 Other investments(attach statement) ...... 9a Buildings and other depreciable assets ...... 1 316,398.0 287, b Less accumulated depreciation ............... 250 209.1 66,189.1 282, 41418. 10a Depletable assets ................................. b Less accumulated depletion ..................... 25, 11 Land(net of any amortization).................. , 12a Intangible assets(amortizable only) ......... 1,13 7. 1,13 7. b Less accumulated amortization ............... 1,137. 1,137. 13 Other assets(attach statement) ............... 51 • 14 Total assets.......................................... , 35, Llabilltles and Capital 15 Accounts payable ................................. 22,8 0. "2,810.- 16 2,810.16 Mortgages,notes,bonds payable In leas than 1 yew 4 , 17 Other current liabilities(attach statement) ... 18 All nonrecourse bans ........................... 19a Loam hornpartnere(or parsons relabel to pertmn) b Mortgages,nobs,bonds payable In 1 yew or mon 66, r • 20 Other liabilities(attach statement) ............ 21 Partners'capital accounts................ ...... — —79,469. 22 Total liabilities and capital ........................ 131 35, 562. Reconciliation of Income(Loss)per Books With Income(Loss)per Retum Note.Schedule M-3 may be required instead of Schedule M-1 (see instructions). 1 Net income(loss)per books 8 Income recorded on books this year not included 2 Income included on Schedule K,lines 1,2,3c, on Schedule K,lines 1 through 11(itemizey 5,6a,7,8,9a,10,and 11,not recorded on books a Tax-exempt interest $ this year(itemize): 3 Guaranteed payments(other than health 7 Deductions included on Schedule K,lines 1 insurance) ................................................... through 13d,and 161, not charged against 4 Expense recorded an boom this yew not Included on book income this year(itemize): Schedule K,Ilnes 1 though 13d,and 161 ptsmlzsX a Depreciation $ - a Depreciation $ 8 Add lines 6 and 7 ....................................... b Travel and entertainment$ 9 Income(loss)(Analysis of Net Income(Loss), 5 Add lines 1 through 4 .................................... 2 , line 1).Subtract line 8 from line 5 .................. 29,481. Ana is of PartnersCapital Accounts 1 Balance at beginning of year ........................... —316. 6 Distributions: a Cash ,................................ 108,634. 2 Capital contributed: a Cash ........................... b Property ........................... b Property ..................... 7 Other decreases(itemize): 3 Net income(loss)per books ........................... 29,481. 4 Other increases(itemize): 8 Add lines 6 and 7 .................... 0 . 5 Add lines 1 through 4 .................................... , 5. 9 Balance at and o1 yew. Subtract limb iron Ilns 5 ..,,,. —']9,T9T. TfTW 12-0e-11 5 Form 1065(2011) 11240612 759605 WEST6686 2011.03060 WEST SHORE THEATRE WEST6681 SCHEDULE B-1 Information on Partners Owning 500/6 or (Form 1065) (Rev.December 2011) More of the Partnership OMB No.1545.0099 Deperonent of ft Treasury 6rtemd Revenue service ►Attach to Form 10615.See Instructions. Name of partnership Employer menemceuon number WEST SHORE THEATRE 23-2436686 Entitles Owning 50% or More of the Partnership(Form 1065,Schedule B,Question 3a) Complete columns m through(v)below for any foreign or domestic corporation,partnership pncluding any entity treated as a partnership),trust, tax-exempt organization,or any foreign government that owns,directly or indirectly,an Interest of 500A or more in the profit,loss,or capital of the partnership see Instructions). (Q Name of Entity (iQ Employer (iii) (iv) (v)Maximum Identification Type of Entity Country of Organization Percentage Owned Number(If any) in Profit,Loss,or Capital Individuals or Estates Owning 50% or More of the Partnership(Form 1065, Schedule B, Question 3b) Complete columns(Q through(Iv)below for any Individual or estate that owns,directly or indirectly,an interest of 5096 or more In the profit,lose,or capital of the partnership(see Instructions). (i)Name of Individual or Estate (14 Identifying QIQ Country of Citizenship(see instructions) (W)Maximum Number(if any) Percentage Owned In Profit,Loss, or Capital FREDERICK L BOLLEN 91-46-2857 UNITED STATES 90.00 LHA For Paperwork Reduction Act Notice,see the Instructions for Form 1085. Schedule 6-1(Form 1086) (Rev.12-2011) 124551 12-111-11 6 11240612 759605 WEST6686 2011.03060 WEST SHORE THEATRE WEST6681 Form 1125-A Cost Of Goods Sold (December2011J OMB No.1545-2225 Depertnent of the Treasury ►Attach to Form 1120,1120-C,1120-F,1120-8,108x,and 1086-8. Internal Revenue service erne Employer on num WEST SHORE THEATRE 23-2436686 1 Inventory at beginning of year ..............:............................................................................................................... 1 1. • 2 Purchases 2 29 3 Cost of labor ................................................................................................................ 4 Additional section 263A costs(attach statement) ...................................................................................................... 4 5 Other costs(attach statement) ........................................................S$E. *STATEMENT...6......................... 5 8 Total. Add lines 1 through 5 8 , ................................................................................................ 7 Inventory at end of year ................................................:............................................................... ....................... 7 • 8 Cost of goods sold. Subtract line 7 from line 8.Enter here and on Form 1120,page 1,line 2 or the appropriate line of your tax return(see instructions) ................................................................................................... 8 106,264. 9 e Check all methods used for valuing closing inventory. (i) ®Cost (ii) 0 Lower of cost or market (Iii) =Other(Specify method used and attach explanation)No b Check If there was a writedown of subnormal goods......... ............. 111'................ Li c Check if the LIFO inventory method was adopted this tax year for any goods(if checked,attach form 970) ............................................................► d If the LIFO inventory method was used for this tax year,enter amount of closing Inventory computed under LIFO ..................... e If property Is produced or acquired for resale,do the rules of Section 2MA appy to the corporation? ...................................................... M Yes Lj No f Was there any change in determining quantities,cost,or valuations between opening and closing inventory? ............................................. 0 Yes ®No If'Yes,'attach explanation. For Paperwork Reduction Act Notice,see separate instructions. Form 1125-A(12-2011) 124441 01-25-12 7 11240612 759605 WEST6686 2011.03060 WEST SHORE THEATRE WEST6681 Q p m� Qf •' co O c� m p ` O O O N m^ O O fi o b Ln a • y N ma b h •hof � O n �y� rii • T h �l O O Cp CpON ` ry ry CV Ln� b Lf) cep u+ LA ry . QD b�3 • a1 3 � h O +.. h Ch Qp ty to co V co co r/ rqy ehy L b Ln O h cvp O O to ti O Q1 • O o h 0i a Q A • O O h O p ""J • O' Q '!- 0 O M A p O 4t Co b O Q O A • O O O C • Q A b O O b O u► �~ a `� At a ; � a � � a° t av V. *y N H a,. o , m� O .; N O V h O O O H . p c; c q co QD CO O H CZ o vg �• q N N aD r l `Fa Q 01 O of h h q ti _ O N O N H N U m co � h C . b ��c o b Q+ o y (71 v1 H cvj h q Q) N cb H O h a •a, N h � O q h N C; � A q O o o o c b H C N N O b O � c " H ? o pSo V fj H �j ci AQ pHA H N N N N pmt N � 79 N r- 00 "0 E` C2 w 13D cy' 0 c MI cq (14 cc m f i ti p f r pjl u H occ a� G Q s Q rn o E€ a H�' w " C HI. i W Q Sales of Business Property OMB No 1545-0184 Form 4797 (Also Involuntary Conversions and Recapture Amounts 2011 Deparbnent of eu Trammy Under Sections 179 and 280F(b)(2)) internal Revenue service (99) ►Attach to your tax return. Attachment sequence No.27 Nams(s)shown on return Idemtfylng number WEST SHORE THEATRE 123-2436686 1 Enter the gross proceeds from sales or exchanges reported to you for 2011 on Form(s)1099-B or 1099-S(or substitute statement)that you are Including on line 2,10,or 20 see instructions ........................................................................ 1 0. Sales or Exchanges of Property Used in a Trade or Business and Involuntary Conversions From Other Than Casualty or Theft-Most Property Held More Than 1 Year (b) of (0) Deis (d)Grose (e)Depredatlon (Obco a Subtract m from attwer (9)Gain or(lose) (a)Description of acquired said sake price allowed or sllowabN Improvements and the am of(d)and(a) prop" (mo.,day,yr.) (mo.,day,yr.) since aoqulaRlan expense of sale 2 3 Gain,if any,from Form 4684,line 39 .................................................................................................................................... 3 4 Section 1231 gain from Installment sales from Form 6252,line 26 or 37 ..................................................... 4 5 Section 1231 gain or(loss)from like-kind exchanges from Form 8824 5 ....................................................................................... 6 Gain,if any,from line 32,from other than casualty or theft ........................................ 8 7 Combine lines 2 through 6.Enter the gain or(loss)here and on the appropriate fine as follows: •..................................................... 7 Partnerships(except electing large partnerships)and 8 corporations.Report the gain or(loss)following the instructions for Form 1065,Schedule K,line 10,or form 1120S,Schedule K,line 9.Skip lines 8,9,11,and 12 below. Individuals,partners,8 corporation shareholders,and all others.If line 7 Is zero or a loss,enter the amount from line 7 on line 11 below and skip lines 8 and 9.K line 7 Is a gain and you did not have any prior year section 1231 losses,or they were recaptured in an earlier year,enter the gain from line 7 as a long-term capital gain on the Schedule D filed with your return and skip lines 8,9.11,and 12 below. 8 Nonrecaptured net section 1231 losses from prior years(see instructions) ................................................................................ 8 9 Subtract line 8 from line 7.If zero or less,enter-0-.If line 9 is zero,enter the gain from line 7 on line 12 below.If line 9 is more than zero,enter the amount from line 8 on line 12 below and enter the gain from line 9 as a long-term capital gain on the Schedule 0 filed with your return see Instructions ....................................................................................... 9 Ordinary Gains and Losses 10 Ordinary gains and losses not included on lines 11 through 18 Include property held 1 yeaur or less). 11 Loss,if any,from line 7................................................................................................................................................... 11 12 Gain,if any,from line 7 or amount from line 8,if applicable ................................................................................................... 12 13 Gain,if any,from line 31 ................................................................................................................................................ 13 14 Net gain or(loss)from form 4684,fines 31 and 38a ••..•.....•.•,,,,,,,,,,,,•..•_ 14 15 Ordinary gain from installment sales from Form 6252,line 25 or 38 ,•„•..•••••••,.. 15 .................... 18 Ordinary gain or(loss)from like-kind exchanges from Form 8824 18 17 Combine lines 10 through 16 .......................................................................................................................................... 17 18 For all except individual returns,enter the amount from line 17 on the appropriate line of your return and skip lines a and b below.For individual returns,complete lines a and b below: a If the loss on line 11 includes a loss from Form 4684,line 35,column(b)(fi),enter that part of the loss here.Enter the part of the loss from income-producing property on Schedule A(Form 1040),line 28,and the part of the loss from property used as an employee on Schedule A(Form 1040),line 23.Identify as from form 4797,line 18a.' See instructions •...,,.•.....•....,,,_ 182 ................... b Redetermine the gain or(loss)on line 17 excluding the loss,if any,on line 18a.Enter here and on Form 1040, line14 ........................................................................................................................................................................ 18b JWA For Paperwork Reduction Act Notice,see separate Instructions. Farm (2oi i) 11 001 t2-z3-» WEST SHORE THEATRE 23-2436686 Farm 4797(2011) Page 2 1,PWIM Bain From Disposition of Property Under Sections 1245,1250,1252,1254,and 1255 (b)Dab acqulnd (c)Dalt add 19 a Description of section 1245 1250 1252 1254 or 1255 property. (—•.day.r•) (—..day.r.) A 2007 SATURN 021507 p 15 B C D These columns relate to the properties on lines 19A through 190. ON. Property A Property B Property C Property D 20 Gross sales price(note:See line 1 before completing.) 20 33,201. 21 Cost or other basis plus expense of sale .................. 21 39, OFF. 22 Depreciation(or depletion)allowed or allowable ...... 22 5,822. 23 Adjusted basis.Subtract line 22 from line 21 ,........... 28 33,201. 24 Total gain.Subtract line 23 from line 20 .................. 24 0. 25 It section 1245 property: a Depreciation allowed or allowable from line 22 ......... 250 5,822. b Enter the smaller of line 24 or 25a ........................ 25b 28 N section 1250 property:If straight line depreciation was used,enter-0-on line 26g,except for a corporation subject to section 291. a Additional depreciation after 1975 ........................ 280 b Applicable percentage multiplied by the smaller of line 24 or line 26a ........................ .................... 26b c Subtract line 26a from line 24.If residential rental property or line 24 Is not more than line 26a,skip linea 26d and 26e ................................................... 260 d Additional depreciation after 1969 and before 1976 ... 28d e Enter the smaller of fine 26c or 26d ..................... 269 f Section 291 amount(corporations only) ............. 287 Ill Add linea 264 26e,and 26f ................................. 28 27 B section 1252 property:Skip this section lt you did not dispose of farmland or it this form is being completed for a partnership(other than an electing targe partnership). a Soil,water,and land clearing expenses .................. 27a b Line 27a multiplied by applicable percentage ............ 27b c Enter the smaller of line 24 or 27b ........................ 27c 28 If section 1254 property: a Intangible drilling and development costs,expenditures for development of mines and other natural deposits, mining exploration costs,and depletion .................. 28a b Enter the smaller of line 24 or 28a ........................ 28b 29 If section 1255 property: a Applicable percentage of payments excluded from income under section 126 .................................... 290 b Enter the smaller of line 24 or 29a ........................ 294 Summary of Part III Gains.Complete property columns A through D through line 29b before going to line 30. 30 Total gains for all properties.Add property columns A through D,line 24 ....................................................................... 30 31 Add property columns A through D,lines 25b,26g,27c,28b,and 29b.Enter here and on fine 13 ........... 31 32 Subtract line 31 from line 30.Enter the portion from casualty or theft on Form 4684,line 33.Enter the portion from other than casualty or theft on Form 4797 line 6 ................................................................................................... 32 Recapture Amounts Under Sections 179 and 280F(b)(2) When Business Use Drops to 50% or Less see instructions. (a)Section (b)Section 179 280F(bx2) 33 Section 179 expense deduction or depreciation allowable in prior years .......................................... 33 34 Recomputed depreciation(see Instructions) ............................................................................ 34 35 Recapture amount Subtract line 34 from line 33.See the instructions for where to report .................. 35 118002 JWA 12-23-11 WEST SHORE THEATRE 23-2436686 FORM 1065 TAX EXPENSE STATEMENT 1 DESCRIPTION AMOUNT TAX PAYROLL 1.969• TAX REAL ESTATE 20. TOTAL TO FORM 1065, LINE 14 11989. FORM 1065 OTHER DEDUCTIONS STATEMENT 2 DESCRIPTION AMOUNT ACCOUNTING & LEGAL 4.100• ADVERTISING 12,994. BANK FEE 156. DUES, FEES, SUBSCRIPTION 573. INSURANCE GENERAL 10,448. MISCELLANEOUS EXPENSE 1,548. OFFICE EXPENSE 4,635. SUPPLIES 2.729• TELEPHONE 3,528. UTILITIES 20,919. TOTAL TO FORM 1065, LINE 20 61,630. SCHEDULE L OTHER ASSETS STATEMENT 3 BEGINNING OF SND OF TAX DESCRIPTION TAX YEAR YEAR FILM RENTAL DEPOSITS 5,250. 5,250. TOTAL TO SCHEDULE L, LINE 13 5,250. 5,250. 12 STATEMENT(S) 1, 2, 3 11240612 759605 WEST6686 2011. 03060 WEST SHORE THEATRE WEST6681 WEST SHORE THEATRE 23-2436686 SCHEDULE L OTHER CURRENT LIABILITIES STATEMENT 4 BEGINNING OF END OF TAX DESCRIPTION TAX YEAR YEAR ACCRUED PAYROLL TAX 0. FICA TAX PAYABLE 109. 651. FUTA TAX PAYABLE 112. 148. LOCAL TAX PAYABLE 54. 95. PA INCOME TAX PAYABLE 114. 200. PA SALES TAX PAYABLE 124. 215. PA UNEMPLOYMENT TAX PAYABLE 28. 5. TOTAL TO SCHEDULE L, LINE 17 541. 1, 314. FORM 1065 PARTNERS' CAPITAL ACCOUNT SUMMARY STATEMENT 5 PARTNER BEGINNING CAPITAL" SCHEDULE M-2 WITH- ENDING NUMBER CAPITAL CONTRIBUTED LNS 3, 4 & 7 DRAWALS CAPITAL 1 110,100. 2,948. 113,048. 2 -110,416. 26,533. 108,634.. -192,517. TOTAL -316. 29,481. 108,634. _79,469. 13 STATEMENT(S) 4, 5 11240612 759605 WEST6686 2011.03060 WEST SHORE THEATRE WEST6681 WEST SHORE THEATRE 23-2436686 FORM 1125-A OTHER COSTS STATEMENT 6 DESCRIPTION AMOUNT BOOKING SERVICE 3,111. FILM RENTAL 70,875. FILM TRANSPORTATION 3,374. TOTAL TO LINE 5 77,360. 14 STATEMENT(S) 6 11240612 759605 WEST6686 2011. 03060 WEST SHORE THEATRE WEST6681 1 651111 Schedule K-1 Final K-1 [�Amended K-1 OMB No.1545-0099 (Form 1085) For calender yew 2011,or 2011 Partner's Share of Current Year Income, Department of the Treasury yew beginning Deductions,Credits,and Other Items Internal Revenue Service ending 1 Ordinary business income(loss) 15 Credits Partner's Share of Income, Deductions, 1 2,948. Credits,etc. ►See separate Instructions. 2 Not rentd reel same Income(IM) 18 Foreign transactions Information About the Partnership 3 Other net rental Income(loss) A Partnership's employer identification number 4 Guaranteed payments 23-2436686 B Partnership's name,address,city,state,and ZIP code 5 Interest income WEST SHORE THEATRE 8a Ordinary dividends P 0 BOX 684 17 Alternative min tax(AMT)items NEW CUMBERLAND, PA 17070 8b Qualified dividends A —110. C IRS Center where partnership filed return E—FILE 7 Royalties 18 Tax-exempt income and D 0 Check if this is a publicly traded partnership(PTP) 8 Net short-term capital gain(loss) nondeductible expenses Information About the Partner 8a Net bn9-term capital gain(loss) E Partner's identifying number 9b Collectibles(28%)gain(loss) 19 Distributions F Partner's name,address,city,state,and ZIP code 90 Unrecaptured sec 1250 gain 20 Other information VIOLETL BOLLEN 10 Net section 1231 gain(loss) 812 THIRD STREET NEW CUMBERLAND, PA 17070 11 Other income(loss) 6 M General partner or LLC LJ Limited partner or other LLC member-manager member H ®Domestic partner Foreign partner I What type of entity is this partner? INDIVIDUAL 12 Section 179 deduction J Partner's share of profit,loss,and capital: 13 Other deductions Beginning Ending Profit 10.0000000% 10.0000000% Loss I F.TTTMO% % Capital 10.00OOOOUTY 10-000000N 14 Self-employment earnings(loss) K Partner's share of liabilities at year end: 2,948. Nonrecourse ................................................ $ , . Qualified nonrecourse financing ........................ $ 'See attached statement for additional information. Recourse .............................. $ 4,15 L Partner's capital account analysis: Beginning capital account $ 110,100. r Capital contributed during the year .................. $ Current year increase(decrease) $ , g Withdrawals&distributions .............................. $( ) 2 Ending capital account .................................... $ , LL ®Tax basis ED GAAP Q Section 704(b)book 0 Other(explain) M Did the partner contribute property with a built-in gain or loss? Q Yes ® No If'Yes',attach statement see instructions 11-o4-11 LHA For Paperwork Reduction Act Notice,see Instructions for Form 1085. Schedule K-1(Form 1085) 2011 15 1 11240612 759605 WEST6686 2011.03060 WEST SHORE THEATRE WEST6681 2 651111 Schedule K-12011 0 Final K-1 [�Amended K-1 OMB No.1545-0099 (Form 1085) For calendr yew 2011,or sax Partner's Share of Current Year Income, Department of the Treasury •. yew beginning Deductions,Credits,and Other Items Internal Revenue Service ending 1 Ordinary business Income(loss) 15 Credits Partner's Share of Income, Deductions, 1 26,533. Credits,etc. ►See separate Instructions. 2 Nee mw row effwo inane cm) 18 Foreign transactions Information About the Partnership 3 Other net rental Income(loss) A Partnership's employer identification number 4 Guaranteed payments 23-2436686 B Partnership's name,address,city,state,and ZIP code 5 Interest income WEST SHORE THEATRE Be Ordinary dividends P 0 BOX 684 17 Alternative min tax(AMT)items NEW CUMBERLAND, PA 17070 8b Qualified dividends —987. C IRS Center where partnership filed return E—FILE 7 Royalties 18 Tax-exempt income and D Check if this Is a publicly traded partnership(PTP) 8 Net short-term capital gain(loss) nondeductible expenses Information About the Partner 9a Net long-term capital gain(loss) E Partner's identifying number 9b Collectibles(28%)gain(loss) 19 Distributions 1 A 1 108,634. F Partner's name,address,city,state,and ZIP code 90 Unrecaptured sec 1250 gain 20 Other information FREDERICK L BOLLEN 10 Net section 1231 gain(loss) 215 EUTAW AVENUE NEW CUMBERLAND, PA 17070 11 Other income(loss) A M General partner or LLC Limited partner or other LLC member-manager member N ®Domestic partner Q Foreign partner 1 What type of entity is this partner? INDIVIDUAL 12 Section 179 deduction J Partner's share of profit,loss,and capitat 18 Other deductions Beginning Ending Profit 90.0000000% 90.0000000% Loss 90.0000000% % Capital 90.0000000% 1 % 14 Self-employment earnings(loss) K Partner's share of liabilities at year end: 26,533. Nonrecourse ................................................ $ 1W,361. Qualified nonrecourse financing ........................ $ `See attached statement for additional information. Recourse ...................................................... $ 41,436. L Partner's capital account analysis: Beginning capital account $ —110,416. a Capital contributed during the year .................. $ Current year increase(decrease)........................ $ 26,5 Withdrawals&distributions .............................. $( Ending capital account .................................... $ —192,517. LL ®Tax basis GAAP Section 704(b)book 0 Other(explain) M Did the partner contribute property with a built-in gain or loss? Yes ® No If'Yes',attach statement see instructions 11-04-11 LHA For Paperwork Reduction Act Notice,see Instructions for Form 1085. Schedule K-1(Form 1085) 2011 17 2 11240612 759605 WEST6686 2011.03060 WEST SHORE THEATRE WEST6681 1065 U.S. Return of Partnership Income OMB No.1545-0089 Farm For calendar yew 2012,or tau yew beginning ending Internal R-Servla1EXTENSION Department w ti>.rreaaray GRANTED TO TT— 2012 A Principal business activity Noma of pain D Employe idenidentificationtl numbr MOVIE Print ST SHORE THEATRE 23-2436686 B Principal product or servicePantNumber,street,and room or suite no.ite P.O.box,we the Instructions. E Data business started fie• 0 BOX 684 12/19/1986 THEATRE city a l. town,stats,and ZIP code F Total ease c Business cods number 713900 CUMBERLAND PA 17070 $ 38,385. 6 Check applicable boxes: (1) Initial return (2) LJ Final return (3) Name change (4) Address change (5) Amended return (8) Q Technical termination-also check(1)or(2) H Check accounting method: (1) =Cash (2) ®Accrual (3) 0 Other(specify) ► I Number of Schedules K-1. Attach one for each person who was a partner at any time during the tax year ► J Check it Schedules C and M-3 are attached ............................................................................................................................. Cautlon. Include only trade or business income and expenses on lines fa through 22 below.See the instructions for more Information. 1 a Gross receipts or sales .................................................................................... 1i b Returns and allowances I lb s Balance.Subtract line lb from line la ............................................................................................................... tc 244,958. 2 Cost of goods sold (attach Form 1125-A) ......................................................................................................... 2 82,050. 3 Gross profit Subtract line 2 from line 1c ............................................................................................................ 3 1627M. _ 4 Ordinary income(loss)from other partnerships,estates,and trusts(attach statement) .............. 4 5 Net farm profit(loss)(attach Schedule F(Form 1040)) ....................................................................................... 5 8 Net gain(loss)from form 4797,Part II,line 17(attach Form 4797) ...............................................................I........ 6 7 Other income(loss)(attach statement) ............................................................................................................ 7 8 Total Income(loss).Combine lines 3 through 7 ................................................................................................ 8 r6r,TU 7 9 Salaries and wages(other than to partners)(less employment credits) ..................................................................... 9 25,2M. 10 Guaranteed payments to partners ..................................................................................................................... 10 11 Repairs and maintenance ...................................................... 11 ........................................ • .9 12 Bad debts .................................................................. ......... 12 ........................................................................ ,o 13 Rent .................................................................................................................... 13 .......... 14 Taxes and licenses .............................................................................SB$,.STATBMENT...1............. 14 T.- 15 Interest ................ ................................. 15 . . ..................................................................................................... 16 a Depreciation(d required,attach Form 4562) ......................................................... 11681 2,945. b Less depreciation reported on form 1125-A and elsewhere on return18b 18e 2 9 4 5• G) ........................ . 1S 17 Depletion(Do not deduct oil and pee depletion.) .............................................................................................. 17 18 Retirement plans,etc. .................................................................................................................................... 18 19 Employee benefit programs ........................................................... ............. 19 ................................................... 0 20 Other deductions(attach statement) ......................................................SSS.STATEMENT 2 .......................................... 20 53,150. 21 Total deductions. Add the amounts shown in the far right column for lines 9 through 20 .......................................... 21 100,155. 22 0 Inary business Income(lose).Subtract line 21 from line 8 .............................................................................. 22 . underper declareexam nc�u 9• P•nY ng an my Knowmage R carat.and complete.Declaration of prepwar(other then gears!partner or Ilmhad liability company member manager)le based on all Information of which preparer has any Sign knowledge' y • discuss are m Here with the preparr shown below Signature p or 11mRsd liablifty company marmer manager ' (sea inev.)? ® Yes 0 No Print/Type prepew's name Preparer's signature Data Check If PTIN seK-amplow Paid DAVID G. PHILLIPS P00535464 Preparer Firm's name lip, Use Only SELIGMAN, FRIEDMAN & CO. , P.0 Fo-m'.EIN 23-2708607 Firm's address No-1 0 2 7 MUMMA ROAD WORMLEYSBURG, PA 17043 Phone no. 717-761-0211 LHA For Paperwork Reduction Act Notice,see separate instructions. Form 1065(2012) 211001 12-31-12 Form 1065 201121 WEST SHORE THEATRE 23-2436686 Pae 2 Other Information 1 What type of entity Is filing this return? Check the applicable box: Yee No a ®Domestic general partnership b 0 Domestic limited partnership c 0 Domestic limited liability company d Domestic limited liability partnership e 0 Foreign partnership f Other► 2 At any time during the tax year,was any partner in the partnership a disregarded entity,a partnership(Including an entity treated as a partnership),a trust,an S corporation,an estate other than an estate of a deceased partner),or a nominee or similarperson? ........................... X 3 At the end of the tax year. a Did any foreign or domestic corporation,partnership(Including any entity treated as a partnership),trust,or tax-exempt organization,or any foreign government awn,directly or indirectly,an interest of 50%or more in the profit,loss,or capital of the partnership?For rules of constructive ownership,see instructions.If'Yes, attach Schedule B-1,Information on Partners Owning 50%or More of the Partnership ............... X b Did any individual or estate own,directly or indirectly,an interest of 50%or more in the profit loss,or capital of the partnership?For rules of constructive ownership,see instructions.If*Yes:attach Schedule B-1,Information on Partners Owning 506/6 or More of the Partnership ............... X 4 At the end of the tax year,did the partnership: a Own directly 20%or more,or own,directly or indirectly,509/6 or more of the total voting power of all classes of stock entitled to vote of any foreign or domestic corporation?For rules of constructive ownership,see instructions.If'Yes;complete i through Iv below .................................... X (1)Name of Corporation 'd.mm (III)Country of ) Owned In Number(M any) Incorporation voting sooac b Own directly an interest of 20%or more,or own,directly or indirectly,an interest of 50%or more in the profit,loss,or capital in any foreign or domestic partnership(including an entity treated as a partnership)or in the beneficial interest of a trust?For rules of constructive ownership,see instructions.M'Yes;complete i through v below ........................................................................................................................... P"X (1)Name of Entity Ernplayer (III)Type of Entity (iv)Country of Medmam IdentRatlan Number Pen;emepe awned In Many) Organization PmIlUamorGoonel Yet I No 5 Did the partnership file Form 8893,Election of Partnership Level Tax Treatment,or an election statement under section 6231(a)(1)(8)(11)for partnership-level tax treatment,that is in effect for this tax year?See Form 8893 formore details ........................................................................................................................................................................... X 8 Does the partnership satisfy all four of the following conditions? a The partnership's total receipts for the tax year were less than$250,000. b The partnership's total assets at the end of the tax year were less than$1 million. c Schedules K-1 are filed with the return and furnished to the partners on or before the due date(including extensions)for the partnership return. d The partnership is not filing and is not required to file Schedule M-3 ............. X If'Yes,*the partnership is not required to complete Schedules L,M-1,and M-2;Item f on page 1 of Farm 1065; or Item L on Schedule K-1. 7 Is this partnership a publicly traded partnership as defined in section 469(k)(2)? ....................................................................................... X 8 During the tax year,did the partnership have any debt that was cancelled,was forgiven,or had the terms modified so as to reduce the principalamount of the debt? ......................................................................................................................................................... X 9 Has this partnership filed,or is it required to file,Form 8918,Material Advisor Disclosure Statement,to provide information on any reportabletransaction? .................................................................................................................................................................. X 10 At any time during calendar year 2012,did the partnership have an interest in or a signature or other authority over a financial account in a foreign country(such as a bank account,securities account,or other financial account)?See the Instructions for exceptions and filing requirements for Form TD F 90-22.1,Report of Foreign Bank and Financial Accounts.If'Yes:enter the name of the foreign country. ► klx Form 1065(2012) 211011 12-31-12 2 09251230 759605 WEST6686 2012.05000 WEST SHORE THEATRE WEST6681 Form 1085 2012 WEST SHORE THEATRE 23-2436686 Pae 3 Other Information Yee No 11 At any time during the tax year,did the partnership receive a distribution from,or was it the grantor of,or transferor to,a foreign trust?If'Yes,' the partnership may have to file Form 3520,Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. Seeinstructions ........................................................................................................................................................................... X 12e Is the partnership making,or had it previously made(and not revoked),a section 754 election? ...................................... X See instructions for details regarding a section 754 election. b Did the partnership make for this tax year an optional basis adjustment under section 743(b)or 734(b)?If'Yes,'attach a statement showing the computation and allocation of the basis adjustment See instructions .................................................................... X c Is the partnership required to adjust the basis of partnership assets under section 743(b)or 734(b)because of a substantial built-in loss(as defined under section 743(d))or substantial basis reduction(as defined under section 734(d))?If*Yes,'attach a statement showing the computation and allocation of the basis adjustment See instructions .............................................................................................................................. X 13 Check this box if,during the current or prior tax year,the partnership distributed any property received in a like-kind exchange or contributed such property to another entity other than disregarded entities wholly-owned by the partnership throughout the tax year ..............................00- 0 14 At any time during the tax year,did the partnership distribute to any partner a tenancy-in-common or other undivided interest in partnership roe .................................................................................................................................................................................... X 15 If the partnership is required to file Form 8858,Information Return of U.S.Persons With Respect To Foreign Disregarded Entities,enter the number of Forms 8858 attached.See instructions POP- 16 18 Does the partnership have any foreign partners?If'Yes,"enter the number of Forms 8805,Foreign Partner's Information Statement of Section 1448 Withholding Tax,filed for this partnership.Do- X 17 Enter the number of Forms 8885 Return of U.S.Persons With Respect to Certain Foreign Partnerships,attached to this return.► 184 Did you make any payments in 2012 that would require you to file Form(s)1099?See instructions ............................................................... b If'Yes;did you or will you file required Forms 1099? ........................................................................................................................ 18 Enter the number of Form(s)5471,Information Return of U.S.Persons With Respect To Certain Foreign Corporations,attached to this return. Do- 20 20 Enter the number of partners that are foreign governments under section 892. ► Deslginatiar at Tax Matters Partner(see instructions) Enter below the general partner or member-manager designated as the tax matters partner(TMP)for the tax year of this return: Name of Identifying desi hated TMP No. FREDERICK L BOLLEN number of TMP ► 191-46-2857 it e 1 MP Is an entity,name of TMP Phone representative ► number of TMP ► Address of ► 215 EUTAW AVENUE designated TMP NEW CUMBERLAND, PA 17070 Form 1065(2012) 211021 12-31-12 3 09251230 759605 WEST6686 2012.05000 WEST SHORE THEATRE WEST6681 Form 1065 2012 WEST SHORE THEATRE 23-2436686 Pae 4 LA fill" Partners' Distributive Share Items Total amount 1 Ordinary business Income(loss)(page 1,line 22) .............. ............ 1 , ............................................................. 2 Net rental real estate income(loss)(attach Form 8825) .............................................................................. 2 3 a Other gross rental Income(toss) ............................................................ 3a s" b Expenses from other rental activities(attach statement) 3b c Other net rental income(loss).Subtract line 3b from line 3a ........................................................................ 30 4 Guaranteed payments ........................................................................................................................... 4 5 Interest income.................................................................................................................................... 5 8 Dividends: a Ordinary dividends ......................................................................................................... at b Qualified dividends Ob im 7 Royalties .......................................................................................................................................... 7 s)(attach Schedule D(Form 1065)) 8 Net short-term capital gain(loss) ............................................................... 8 9 a Net long-term capital gain(loss)(attach Schedule D(Form 1065)) ............................................................... 98 b Collectibles(28%)gain(loss).................................................................. 9b c Unrecaptured section 1250 gain(attach statement) .................................... 90 10 Net section 1231 gain(loss)(attach Form 4797) ....................................................................................... 10 11 Other income(loss) see Instructions)Type► 11 12 Section 179 deduction(attach Form 4562) ................................................................................................ 12 13 a Contributions .................................................................................................................................... 13a b Investment interest expense13b .................................................................................................................. c Section 59(e)(2)expenditures:(1)Type► (2)Amount► 13c(2) d Other deductions(see Instructions)Type► 13d 14 a Net earnings(loss)from self-employment ................................................................................................ 14a , b Gross farming or fishing income ............................................................................................................ 14b W c Gross nonfarm income ........................................................................................................................ 140 162,908. 15 a Low-income housing credit(section 42(j)(5))............................................................... 15A b Low-income housing credit(other) ............................................ 15b ............................................................. 0 Qualified rehabilitation expenditures(rental real estate)(attach Form 3468) ................................................... 150 43 d Other rental real estate credits(see instructions) Type► 15d e Other rental credits(see instructions) Type► 15e f Other credits see instructions Type► 1511 16 a Name of country or U.S.possession► b Gross Income from all sources 181 ............................................................................................................... c Gross income sourced at partner level ......... . ....... .... tea . ............................................................... ........ C Foreign gross income sourced at partnership level d NOW,y► e General category...► f Other ...... ► 1811 Deductions allocated and apportioned at partner level 9Interest expense Po, h Other ......................................................... ► lob rk Deductions allocated and apportioned at partnership level to foreign source income I ,y► j General category...► k Other ...... ► 16k I Total foreign taxes(check one): ► Paid 0 Accrued = ....................... 161 ........................................ mReduction in taxes available for credit(attach statement) ........................................................................... 16m n Other foreign tax information attach statement ....................................................................................... 097 17 a Post-1986 depreciation adjustment ......................................................................................................... 17a —_ . till b Adjusted gain or loss 17b ........................................................................................................................... E:1c Depletion(other than oil and gas) ............................................................................................................ 170 E d Oil,gas,and geothermal properties-gross income17d ..................................................................... a Oil,gas,and geothermal properties-deductions 178 ............................................ f Other AMT items attach statement ...................................................................................................... 1711 16 a Tax-exempt interest income .................................................................................................................. lee bOther tax-exempt income ..................................................................................................................... teb c Nondeductible expenses ........................................................................................................................ 180 19 a Distributions of cash and marketable securities .......................................................................................... 19a 4 6, e b Distributions of other property ............................................................................................................... 19b ki20 a Investment income .............................................................................................................................. 20a b Investment expenses ................................................................. 20b I c Other items and amounts attach statement) ............................................................................................. Form 1065(2012) 211041 12-31-12 4 09251230 759605 WEST6686 2012.05000 WEST SHORE THEATRE WEST6681 Form 1065(2012) WEST SHORE THEATRE 23-2436686 Page s Analysis of Net Income Loss 1 Not Income(lose►.Combine Schedule K,lines 1 through 11.From the result,subtract the sum of Schedule K,lines 12 though 13d,and 161 ............... 62,753. 2 Analysis by (II)Individual (III)Individual (v)Exempt partner type: (1)Corporate (active) (passive) (Iv)Partnership organization (vi)Nominee/Other a General partners , 5 3. b Limited partners Balance Sheets per Books Assets Beginning of tax year End of tax year a b c d 1 Cash ................................................... — ,5 2,162. 2a Trade notes and accounts receivable ...,..,.. b Less allowance for bad debts .................. 3 Inventories .......................................... . , • 4 U.S.government obligations,,,,,,,,,,,,,,,,,,,,, 5 Tax-exempt securities ........................... 6 Other current assets(attach statement) ...... 72 Lass to partners(or psrsom related to partners)... b Mortgage and real estate loans ............... 8 Other investments(attach statement) ...... 9a Buildings and other depreciable assets ...... 287,086. 287,086 b Less accumulated depreciation .............. 282,668.1 4,418. 11473. 10a Depletable assets ................................. b Less accumulated depletion ..................... 11 Land(net of any amortization).................. 25,000. 25,000. 12a Intangible assets(amortizable only) ......... 1, 13 7. b Less accumulated amortization ............... , , 13 Other assets(attach statement) ........... 5,250. 5,250. 14 Total assets.......................................... . • Liabilities and Capital 15 Accounts payable ................................. 22,810. 22,810. 16 Martgagaa,notes,bands payable In leas than 1 year 44, 45,845. 17 Other current liabilities(attach statement) ... 763. 18 All nonrecourse loans ............... 192 Loere ham prince(or persons related to partners) b Mortgages,notes,bonds payable In 1 yew or mars 46, • , . 20 Other liabilities(attach statement) ............ 21 Partners'capital accounts........................ —79, 22 Total liabilities and capital ........................ 35,56 Reconciliation of Income(Loss)per Books With Income(Loss)per Return Note.Schedule M-3 may be required Instead of Schedule%1(see instructions). 1 Net income(loss)per books ........................ 6 2, 8 Income recorded on books this year not included 2 Income included on Schedule K,lines 1,2,3c, on Schedule K,lines 1 through 11(ltemize): 5,6a,7,8,9a,10,and 11,not recorded on books a Tax-exempt interest$ this year(itemize): 3 Guaranteed payments(other than health 7 Deductions included on Schedule K,lines 1 insurance) ................................................... through 13d,and 161, not charged against 4 Expenses recorded an bode this yew riot included an book income this year(itemize): Schedule K,lines 1 through 13d,and 181(Item,zeX a Depreciation $ a Depreciation $ 8 Add lines 6 and 7 ....................................... b Travel and entertainment $ 9 Income(loss)(Analysis of Net Income(Loss), 5 Add lines 1 through 4 .................................... 6 , line 1).Subtract line 8 from line 5 .................. 62,753. Analysis of PartnersCapital Accounts 1 Balance at beginning of year —79,469. 6 Distributions: a Cash ................................. 46,177. 2 Capital contributed: a Cash ........................... b Property ........................... b Property ..................... 7 Other decreases(itemize): 3 Net income(loss)per books ........................... ,7 4 Other increases(itemize): 8 Add lines 6 and 7 ....................................... 46,177. 5 Add lines 1 through 4 .................................... —16 77M• 9 Balance at and of yew. Subtract line 8 horn line s ...... —62,893 * Tf Mr 12.31.12 5 Form 1065(2012) 09251230 759605 WEST6686 2012.05000 WEST SHORE THEATRE WEST6681 Form 1125-A Cost Of Goods Sold (Rev.Deaernber 2012) ►Attach to Form 1120,112D-C,1120-F,11203,1088,or 1088-0. OMB No.1545-2225 O"W"em of the Treasury ►information about Form 1128-A and its instructions is at www.Im9ov/form1125a. IntemW Revenue Servfa Nam tmploW fdWdffiCW13n num WEST SHORE THEATRE 23-2436686 . 1 Inventory at beginning of year .......................... 1 , ........................................................................................ 2 Purchases ........... 2 , . ........................................................................................................................................... 3 Cost of labor ......... 3 4 Additional section 263A costs(attach schedule) ...................................................................................................... 4 5 Other costs(attach schedule) .........................................................SEE,.,STATEI!2ENT...6........................ 5 . 8 Total. Add lines 1 through 5 ..................................................................................................:........................... 8 • 4,500 . 7 Inventory at end of year ..................................................................S}3$...STATEMENT...�........................ 7 8 Coat of goods void. Subtract line 7 from line 6.Enter here and on Form 1120,page 1,line 2 or the appropriate line of your tax return(see instructions) ................................................................................................... a 82,050. go Check all methods used for valuing closing inventory. (i) ®Cost (ii) Lower of cost or market (iii) 0 Other(Specify method used and attach explanation)► b Check if there was a writedown of subnormal goods .........................I ............................................ ► c Check if the LIFO inventory method was adopted this tax year for any goods(if checked attach Form 970) ............................................................► d It the LIFO Inventory method was used for this tax year,enter amount of closing inventory computed underLIFO .................................:........ e If property is produced or acquired for resale,do the rules of Section 263A apply to the corporation? ...................................................... LM Yes No I Was there any change in determining quantities,cost,or valuations between opening and closing inventory? ............................................. 0 Yes ®No If'Yes;attach explanation. For Paperwork Reduction Act Notice,see separate Instructions. Form 1125-A(Rev.12-2012) 224441 12-27-12 6 09251230 759605 WEST6686 2012.05000 WEST SHORE THEATRE WEST6681 SCHEDULE B-1 Information on Partners Owning 50% or (Form 1085) (Rev.December 2011) More of the Partnership OMB No.1545-OM Department of the Treasury Internal Revere service ►Attach to Form 1081L See Instructions. Name of partnership Employer IdanMation number WEST SHORE THEATRE 23-2436686 Entities Owning 50% or More of the Partnership(Form 1065,Schedule B, Question 3a) Complete columns(0 through(v)below for any foreign or domestic corporation,partnership(Including any entity treated as a partnership),trust, tax-exempt organizatlon,or any foreign government that owns,directly or indirectly,an interest of 5096 or more in the profit,loss,or capital of the partnership see Instructions). O)Name of Entity 00 Employer (110 OV) (v)Maximum Identification Type of Entity Country of Organization Percentage Owned Number(If any) in Profit,Loss,or Capital Individuals or Estates Owning 50% or More of the Partnership(Form 1065, Schedule B, Question 3b) Complete columns(0 through(iv)below for any individual or estate that owns,directly or indirectly,an Interest of 5096 or more in the profit,loss,or capital of the partnership(see instructions). (0 Name of Individual or Estate (ID Identifying (Ii0 Country of Citizenship(see Instructions) (iv)Maximum Number(If any) Percentage Owned In Profit,Loss, or Capital FREDERICK L BOLLEN 91-46-2857 UNITED STATES 90.00 LHA For Paperwork Reduction Act Notice,a"the Instrucdons for Form 1080. Schedule 6-1 (Farm 1088) (Rev.12-2011) 224551 05-01-12 7 09251230 759605 WEST6686 2012.05000 WEST SHORE THEATRE WEST6681 .FQi O o o o a o ti o � h m� � h o.yt N h * � LO O co *•i o � ti �g In b N d m u7 U . cy C •-/ co r'4 a�c5 A O N N b c rM co aD N % 4 r.l ' N N h `n ev N V to O h • O O h h ai V a O h o dR O OO O h oo O O p A (CO to 0 a O 01 O cc yQ� 07 a M i r-r Of o; O cq�� H H QN o a ' V Ltd . u'1 cam„ N c� N H 14 H � O v c eN N N O co p or ao * O L • co O N N N M n 17 o1 u� � cn d► .c,„ N (71 N cs1 a'u tON M C i h b`c§ CO O N Ch acs N (Ya H N N O H N O M Q7 O N J h an Ln N N cy cy M M • O p a • p O O C h b h p ~ b at N O a C4Ot = o H O 90 air V U H OO H . a O v N oa N p� N WEST SHORE THEATRE 23-2436686 FORM 1065 TAX EXPENSE STATEMENT 1 DESCRIPTION AMOUNT TAX PAYROLL 2,418. TAX REAL ESTATE 4, 889. TOTAL TO FORM 1065, LINE 14 7,307. FORM 1065 OTHER DEDUCTIONS STATEMENT 2 DESCRIPTION AMOUNT ACCOUNTING & LEGAL 3,735. ADVERTISING 7,264. BANK FEE 301. COMPUTER EXPENSE 123. DUES, FEES, SUBSCRIPTION 82. INSURANCE GENERAL 9,413. MISCELLANEOUS EXPENSE 1,462. OFFICE EXPENSE 8,719. TELEPHONE 3,877. UTILITIES 18,174. TOTAL TO FORM 1065, LINE 20 53,150. SCHEDULE L OTHER ASSETS STATEMENT 3 BEGINNING OF END OF TAX DESCRIPTION TAX YEAR YEAR FILM RENTAL DEPOSITS 5,250. 5,250. TOTAL TO SCHEDULE L, LINE 13 5,250. 5,250. 8 STATEMENT(S) 1, 2, 3 09251230 759605 WEST6686 2012.05000 WEST SHORE THEATRE WEST6681 WEST SHORE THEATRE 23-2436686 SCHEDULE L OTHER CURRENT LIABILITIES STATEMENT 4 BEGINNING OF END OF TAX DESCRIPTION TAX YEAR YEAR FEDERAL WH TAX PAYABLE 90. FICA TAX PAYABLE 651. 157. FUTA TAX PAYABLE 148. 85. LOCAL TAX PAYABLE 95. 85. PA INCOME TAX PAYABLE 200. 174. PA SALES TAX PAYABLE 215. 73. PA UNEMPLOYMENT TAX PAYABLE 5. 99. TOTAL TO SCHEDULE L, LINE 17 1, 314. 763. FORM 1065 PARTNERS' CAPITAL ACCOUNT SUMMARY STATEMENT 5 PARTNER BEGINNING CAPITAL SCHEDULE M-2 WITH- ENDING NUMBER CAPITAL CONTRIBUTED LNS 3, 4 & 7 DRAWALS CAPITAL 1 113,048. 6,275. 119,323. 2 -192,517. 56,478. 46,177. -182,216. TOTAL -79,469. 62,753. 46,177. -62,893. 9 STATEMENT(S) 4, 5 09251230 759605 WEST6686 2012.05000 WEST SHORE THEATRE WEST6681 WEST SHORE THEATRE 23-2436686 FORM 1125-A OTHER COSTS STATEMENT 6 DESCRIPTION AMOUNT FILM RENTAL 62,947. FILM TRANSPORTATION 4,906. TOTAL TO LINE 5 67,853. FORM 1125-A ENDING INVENTORY STATEMENT 7 DESCRIPTION AMOUNT ENDING INVENTORY 4,500. TOTAL 4,500. 10 STATEMENT(S) 6, 7 09251230 759605 WEST6686 2012.05000 WEST SHORE THEATRE WEST6681 1 651112 Schedule K-1 �O Final K-1 Q Amended K-1 OMB No.1545-0099 (Form 1065) F«cebndr yaw 2012,o.bnt Partner's Share of Current Year Income, Department of the Treasury yew beginning Deductions, Credits,and Other Items Internal Revenue Service ending 1 Ordinary business income(loss) 15 Credits Partner's Share of Income, Deductions, 6,275. Credits, etc. ►See separate Instructions. 2 Net rental mel mWe inoome(1m) 18 Foreign transactions Information About the Partnership 3 Other net rental income(loss) A Partnership's employer identification number 4 Guaranteed payments 23-2436686 B Partnership's name,address,city,state,and ZIP code 5 Interest income WEST SHORE THEATRE Be Ordinary dividends P 0 BOX 684 17 Alternative min tax(AMT)items NEW CUMBERLAND, PA 17070 6b Qualified dividends —110. C IRS Center where partnership filed return CINCINNATI, OH 7 Royalties 18 Tax-exempt income and 0 =Check if this is a publicly traded partnership(PTP) 8 Net short-term capital gain(loss) nondeductible expenses Information About the Partner 9a Net long-term capital gain(loss) E Partner's identifying number 9b Collectibles(28%)gain(loss) 19 Distributions F Partner's name,address,city,state,and ZIP code 9c Unrecaptured sac 1250 gain 20 Other information VIOLET L BOLLEN 10 Net section 1231 gain(loss) 812 THIRD STREET NEW CUMBERLAND, PA 17070 11 or income(loss) 8 W General partner or LLC Lj Limited partner or other LLC member-manager member N ®Domestic partner Foreign partner It What type of entity is this partneri INDIVIDUAL 12 Section 179 deduction 12 If this partner is a retirement plan(IRAISEP/Keogh/etc.),check here J Partner's share of profit loss,and capitat 18 Other deductions Beginning Ending Profit 10.0000000% 10.0000000% Loss 10.0000000% % Capital 10.0000000% 1 10.0000 14 Self-employment earnings(loss) K Partner's share of liabilities at year end: 6,275. Nonrecourse ................................................ $ 137"1 Oualified nonrecourse financing ........................ $ "See attached statement for additional information. Recourse ...................................................... $ 3, M. L Partner's capital account analysis; Beginning capital account . •.. .• ,....••................. $ 113,048. a Capital contributed during the year .................. $ Current year increase(decrease)........................ $ Withdrawals&distributions .............................. $( ) Ending capital account .................................... $ 119,323 ®Tax basis Q GAAP Q Section 704(b)book 0 Other(explain) M Did the partner contribute property with a built-In gain or loss? D Yea ® No If'Yes",attach statement see instructions 01-03-13 LHA For Paperwork Reduction Act Notice,see Instructions for Form 1065. IRS.gov/form1065 Schedule K-11(Form 1065) 2012 11 1 09251230 759605 WEST6686 2012.05000 WEST SHORE THEATRE WEST6681 2 651112 Schedule K-120 [Q Final K-1 Amended K-1 OMS No.1545.0099 (Form 1085) For calendar Year 201Z or Partner's Share of Current Year Income, Department of the Treasury yew beOnnft Deductions,Credits, and Other Items Internal Revenue Service ending 1 Ordinary business income(loss) 15 Credits Partner's Share of Income, Deductions, 56,478. Credits,@to. M See separate intbructlons. 2 Net rental reel eau to inwrne(lose) 18 Foreign transactions Information About the Partnership 8 Other net rental income(loss) A Partnership's employer identification number 4 Guaranteed payments 23--2436686 S Partnership's name,address,city,state,and ZIP code 5 Interest income WEST SHORE THEATRE 8a Ordinary dividends P 0 BOX 684 17 Alternative min tax(AMT)items NEW CUMBERLAND, PA 17070 8b Qualified dividends —987. C IRS Center where partnership filed return CINCINNATI, OH 7 Royalties 18 Tax-exempt income and D Q Check If this Is a publicly traded partnership(PTP) 8 Net short-term capital gain(loss) nondeductible expenses Information About the Partner 94 Net long-term capital gain(loss) E Partner's identifying number 9b Collectibles(28%)gain(loss) 19 Distributions 46,177. F Partner's name,address,city,state,and ZIP code 9c Unrecaptured sec 1250 gain 20 Other information FREDERICK L BOLLEN 10 Net section 1231 gain(loss) 215 EUTAW AVENUE NEW CUMBERLAND, PA 17 0 7 0 11 Other income(loss) 8 LZGeneral partner or LLC Limited partner or other LLC member-manager member N ®Domestic partner Q Foreign partner 11 What type of entity is this partner? INDIVIDUAL 12 Section 179 deduction 12 If this partner is a retirement plan(IRA/SEP/KeogWetc.),check here J Partner's share of proflt,loss,and capiffik 13 Other deductions Beginning Ending Profit 90.0000000% 90.0000000% Loss % % Capital % 14 Self-employment earnings(loss) K Partner's share of liabilities at year end: 56,478. Nonrecourse ................................................ $ 136,617. Oualified nonrecourse financing ........................ $ 'See attached statement for additional information. Recourse ...................................................... $ 2 74. L Partner's capital account analysis: Beginning capital account .............................. $ —192,517. r Capital contributed during the year $ Current year increase(decrease)................. ...... $ � Withdrawals&distributions ................. ............ $( 46,177 a Ending capital account .............................. $ —182,2 . U. ®Tax basis F-1 GAAP 0 Section 704(b)book Q Other(explain) M Did the partner contribute property with a built-in gain or loss? Q Yes ® No If"Yee,attach statement see instructions of-913 LFA For Paperwork Reduction Act Notice,see Instructions for form 1085. IRS.gov1torm1065 Schedule K-1(Form 1085) 2012 13 2 09251230 759605 WEST6686 2012.05000 WEST SHORE THEATRE WEST6681 bus\agm\West Shore Theater - Violet & Fred - Partnership Agreement RESTATEMENT OF PARTNERSHIP AGREEMENT THIS AGREEMENT, made this day o 2013, among VIOLET L. BOLLEN and FREDERICK L. BOLLEN, W I T N E S S E T H: WHEREAS, the parties are partners, engaged in the business of WEST SHORE THEATER and desire to restate the terms of the partnership agreement between them; NOW, THEREFORE, in consideration of the mutual promises herein contained and intending to be legally bound hereby, the parties do hereby agree that the terms of the general partnership between them are as follows : 1 . The name of the partnership is WEST SHORE THEATER. 2 . The principal place of the business of the partnership is new Cumberland, Cumberland County, and Commonwealth of Pennsylvania. 3 . The mailing address of the partnership shall be 812 3rd Street, New Cumberland, Pennsylvania 17070 . 4 . The partnership engages in the business of showing movies and such other business as may be agreed upon by the partners . -1- S. The partnership shall continue for an indefinite term. 6. An individual capital account shall be maintained for each partner. 7 . Except by unanimous agreement of the partners, or upon dissolution, the capital contributions of the partners shall not be subject to withdrawal . 8 . Any partner may, from time to time, with the consent of the other partner, advance money to the partnership by loan, and every such loan shall bear interest at a rate agreed upon by the partners from the time it was advanced. 9. The net profits of the partnership shall be divided and the net losses of the partnership shall be borne in the following proportions : VIOLET L. BOLLEN 100 FREDERICK L. BOLLEN 90% 10 . An individual income account shall be maintained for each partner. Profits and losses shall be credited or debited to the individual income accounts as soon as practicable after the close of each fiscal year. 11 . If there is no balance in the individual income accounts, net losses shall be debited to the individual capital accounts . If the capital account of a partner shall have been depleted by the debiting of losses under this paragraph, future profits of that partner shall not be -2- credited to his income account until the depletion shall have been made good, and shall be credited to his capital account. After the depletion of his capital account shall have been made good, his share of the profits shall be credited to his income account. 12 . Each of the partners shall have an equal voice in the management and conduct of the partnership' s business. 13. Any partner may retire from the partnership upon sixty (60) days prior notice to the other partner. 14 . Retirement, death, bankruptcy, or incompetency of a partner shall work an immediate dissolution of the partnership. 15 . In the event of the dissolution of the partnership by the retirement, death, bankruptcy, or incompetency of a partner, a proper accounting shall be made of the capital income accounts of each partner and of the net profit or net loss of the partnership from the date of the last previous accounting to the date of the dissolution. 16 . In the event of the retirement, death, bankruptcy, or incompetency of a partner, the remaining partners shall have the right to continue the business of the partnership under its present name, by themselves or in conjunction with any other person or persons they may select, but they shall pay to the retiring partner or to the legal representatives of the deceased or incompetent partner, as the case may be, the value of his interest in the partnership as provided for below. -3- If the remaining partners elect to continue the partnership business and to acquire the interest of the deceased, bankrupt, incompetent or retiring partner, they shall give notice, in writing, of the election to the legal representative of the deceased partner or to the retiring partner within thirty (30) days after receipt of notice of the appointment of the legal representative or of notice of intention to retire or of the effective date of the bankruptcy. 17 . In the absence of any other agreement between them, each remaining partner shall have the primary right to purchase the retiring, deceased, insolvent or incompetent partner' s entire partnership interest. The election of the remaining partner to purchase a portion not aggregating the retiring, deceased insolvent or incompetent partner ' s entire interest shall be void and of no effect. 18 . The value of the interest of a retiring, deceased, insolvent or incompetent partner shall be its fair market value as determined in accordance with the following provisions . Within ten (10) days after the legal representative of the deceased or incompetent partner or the withdrawing partner receives notice of the desire of the remaining partner to continue the business, the parties shall agree on an appraiser who is a member of the Appraisal Institute . The appraiser shall proceed to promptly determine the fair market value of the partnership interest, including therein a fair market valuation of the interest and equity in 4' the partnership of the partner in question taking into consideration any outstanding indebtedness, liabilities, liens and obligations relating to the partnership property. The determination of such fair market value by the appraiser shall be final and binding on all parties . If the parties are unable to agree on an appraiser, the Court of Common Pleas of Cumberland County shall, upon the petition of either party, appoint the appraiser. Each party shall pay an equal portion of the fee and expense of the appraiser . 19. The purchase price shall be paid in cash on or before three (3) months after the receipt of the notice of remaining partner ' s desire to continue the business. 20. Unless dissolved by the retirement, death or incompetency of a partner, the partnership shall continue until dissolved by agreement of the partners . Upon any such voluntary dissolution by the partners, the business of the partnership shall be wound up and liquidated as rapidly as business circumstances and orderly business practice will permit, and the assets shall be applied in the following order: A. To the payment of the debts and liabilities of the partnership owing to creditors . B . To the repayment of the capital contributed by the partners, the partners to share the remaining assets if they shall not be sufficient to repay such contributions in full, prorata according to the ratio that the amounts of their respective contributions bear to the amount of all of the contributions . C. The surplus, if any, of the assets remaining, shall be divided among the partners in the same proportion as to that to which they are entitled, as aforesaid, to share in the profits of the partnership. IN WITNESS WHEREOF, the parties have hereunto set their hands and seals the day and year first above written. Witness FREDERICK L. BOLLEN, Individually Witness FREDERICK L. BOLLEN, agent under power of attorney for VIOLET L. BOLLEN -6- bus\mis\Bol len.Violet—transfer(West Shore Theater) LOPY TRANSFER OF PARTNERSHIP INTEREST IN THE WEST SHORE THEATER PARTNERSHIP KATHLEEN I. FRALEY, Executrix of the Last Will and Testament of VIOLET L. BOLLEN, in accordance with Item IV of the Last Will and Testament of VIOLET L. BOLLEN dated July 19, 2011, hereby transfers unto FREDERICK L. BOLLEN, his heirs and assigns, all of VIOLET L. BOLLEN'S 10% interest in West Shore Theater Partnership. IN WITNESS WHEREOF, this transfer is executed this Q day of �M , 2014. KATHLEEN I. FRALE , Executrix of the Last Will and Testament of VIOLET L. BOLLEN Consignor Settlement ^ C�di��uctions &Appm���W� , 15�� ������ ������ Harrisburg, PA 17104 Date: 1/10/2015 Phone: 717-731-8662 Fax: 717-731-9830 Page: 1 Consinnor: 3726 Estate ofViolet L. Bollen Kathleen Fraley, Executrix c/o David Stone,Esquire Stone LaFaver&Shek|etski 4l4Bridge Street New Cumberland, PA17D7U E-Mailedon1127120Y5 todm&ona@atonelaw(net Auction: K8u|ti-Con$iQnor Auction 1/1O/15 Lol Description Unit Price Bd.Pdos Comm/Buy8uok Expenses 17 BL CHEST OF DRAWERS 2.50 2.50 -0.88 0.00 --' --- --- --- -'-' ---- ---- - ------''- - -'---- --- -- ' --- --- '- - --' Bid-Card-- �rd#148- ------- 18 BLMAPLE TWIN BED 2.50 2'50 -0'80 0.00 __ _______ ___ __ __ ___ ___ __ ____ _____ ________ _________________ _ __ _ __ 8id-Card#148_ 48 BLLEGOG/%9 30.00 30.00 -10'50 0.00 --- --- -- --- -- '--- ----'--- --'------' --------'--- ------------'--'- ----'--- -Bid-Card--- ---- 53 BLXMAS DECORATIONS 60.00 60'08 -ZI.OV 0.00 -' -- -' '-- '--- - ---- -- '--- ----- -' ------- - ---- ---'------- -'---- -''--BidCend#12S--- ---- 54 BLXMAS DECORATIONS 20.80 20'00 -7'00 O'DO � -- -'- ----- -''-'--- -- ---- '--'--'' '---'-----'-------'-----''-- --'---- - --- ------BidCand#176--- -- - 56 BLBLOCKS,TYPEWRITER,FTC I0.00 10'00 -3'50 0'00 Bid-Card------ - '- ------- ----'-- -'-- -' ---''- -------'---- --------- ------ - --- --- -'---'---- 57 8LXMAS ITEMS 35.00 25'00 -8.75 O'OO ---'---' ---' -' -'- - ---'-------- -'-- --- '- ----- --- '---'---- ----------------8idC--- ard#129----'- -- S8 BLDISHES(GERMAN) 2'50 3.50 -0'08 0.00 -- -- ----''-'-'-'- -- - --' ---'---'- ------------ --------'---- ---- --' -- -'- Bid-Card#147-- -- ' 62 GLHORSE,TOOL BOX,HAND TOOLS,LAMP, 5-00 5.00 -1.75 0.00 ETC Bid Card#182 --' '-- ---- -- --- ''- ''-'' -- ---- --- -'- ----- -- --------'- --- '-----' -'-- --- -'-- H4 BLCAST IRON SKILLETS,BINOCULARS,ETC 50'00 50.80 -17'58 0.00 '- -'-- -- '-' -'-- ''----- -'- --- --' ----- --' -- ----- --'- ------- -'-'--- -'BidCard#139-' ---' 79 BLNORTHGTARSPRAYER 30'00 30.80 -I0'50 0'00 '- ''-- -' -- '- -- --'' -- '-'- ---- ------- ---- -- --- - -- -- --- --Bid-Card#148-- --- ' 80 BLCRAFTSMAN WEED VVACKER(GAS) 40.88 40.80 -14'80 0.00 -- --- ---'- -- --' ------- ---'- --- ---- ---'----' --- -'-------'-- ----- ---'--- -BidCard#18U-- ---- 83 CROCK'3GAL (HAS HAIRLINE) 5'00 5'00 -1'75 0.00 -- --'- '-'- '' - --'---- -- ' --'' -- ----- ---- --- --- ----'-- -'--'--- --- ----Bid-Card#132-- ---- 84 BUTTER CHURN-2GAL'TEXAS 20.00 20'88 -7'00 8'80 -- ---- -- -- -- --'-- -- -' ---- -- ----'--'- --- --- --- - --- --- '--' --- Bid-Card 176-- --'--- 140 HANGING LAMP 5.80 5'00 -I'75 0'00 Bid Card#1S6 -- -'-- -- -- - '-' -'- '-- -- --- '---' ---' --- --- ---------- --- --- - --- -- ' ---- 212 LDNGABERGERPOTTERY(2PC8)-CAKE 15'00 16'00 -5'25 O'OO PLATE,PITCHER Bid Card#148 -- --- -- -'--'---- '-- -------'---- ------- --- --'---- --- - --- ---- ------ ' --- --- - Consignor Settlement Cordier Auctions & Appraisals CO#. -� --- - 10605 1500 Paxton Street _ Harrisburg, PA 17104 Date: 1/10/2015 Phone: 717-731-8662 Fax: 717-731-9830 Page: 2 Lot# Description Unit Price Ext.Pdoe Gomm/BuyBack Expenses 215 TL BUFFALO CHINA(23 PCS) 5.00 5.00 -1.75 0.00 Bid Card#170 --------- ----------------------------------------------------------------------------------------- 216 CARNIVAL GLASS(2 PCS)-BLUE 10.00 10.00 -3.50 0.00 Bid Card#176 --------------------------------------------------------------------------------------------------- 217 ENGLISH MADE NESTING MIXING BOWLS 70.00 70.00 -24.50 0.00 Bid Card#142 ---------- ----------------------------------------------------------------------------------------- 218 TL-GLASS, CERAMICS(8 PCS) 20.00 20.00 -7.00 0.00 Bid Card#210 --------------------------------------------------------------------------------------------------- 220 SHEFFIELD CARVING SET,FIREKING DISHES 15.00 15.00 -5.25 0.00 (4) Bid Card#112 --------------------------------------------------------------------------------------------------- 222 DEPRESSION GLASS BOWL,CANDLE 5.00 5.00 -1.75 0.00 HOLDER Bid Card#111 ------ --------------------------------------------------------------------------------------------- 265 JOHN DEERE D170 TRACTOR-54"DECK 1,100.00 1,100.00 -220.00 0.00 Bid Card#137 --------------------------------------------------------------------------------------------------- 267 ENTERPRISE CHERRY STONER 5.00 5.00 -1.75 0.00 Bid Card#149 --------------------------------------------------------------------------------------------------- 269 ADVERTISING JUG-LA CIDER COMPANY 5.00 5.00 -1.75 . 0.00 Bid Card#163 --------------------------------------------------------------------------------------------------- 271 OIL LAMPS(3) 25.00 25.00 -8.75 0.00 Bid Card#149 274 APPLE PEELER 10.00 10.00 -3.50 0.00 Bid Card#123 ----------- ---------------------------------------------------------------------------------------- 328 BR SET-BASSETT-BED,DRESSER 80.00 80.00 -28.00 0.00 W/MIRROR, CHEST Bid Card#206 --------------------------------------------------------------------------------------------------- 351 CHEST OF DRAWERS 20.00 20.00 -7.00 0.00 Bid Card#206 -------------------------------------------------------------------------------------------------- 365 PR BLUE ANTIQUE LAMPS(NEED SOME 10.00 10.00 -3.50 0.00 REPAIR) Bid Card#151 --------------------------------------------------------------------------------------------------- 375 DECORATED ASIAN STYLE ON TOP ROUND 50.00 50.00 -17.50 0.00 TABLE Bid Card#115 --------------------------------------------------------------------------------------------------- 378 END TABLE 5.00 5.00 -1.75 0.00 Bid Card#165 381 NIGHTSTANDS(2) 70.00 70.00 -24.50 0.00 Bid Card#187 --------------------------------------------------------------------------------------------------- 404 PENNA HOUSE STAND 25.00 25.00 -8.75 0.00 Bid Card#187 407 MIRRORED DRESSER&BED 30.00 30.00 -10.50 0.00 Bid Card#148 --------------------------------------------------------------------------------------------------- Consignor Settlement Colydier Auctions &Appraisals CO#. - 10605 1500 Paxton Street Harrisburg, PA 17104 Date: 1/10/2015 Phone: 717-731-8662 Fax: 717-731-9830 Page: 3 Lot# Description Unit Price Ext.Price CommlBuyBack Expenses 424 HUTCH&TABLE 10.00 10.00 -3.50 0.00 Bid Card#187 502 HAND WORKED COPPER SHEET-HUNTING 250.00 250.00 -62.50 0.00 SCENE Bid Card#105 ---------- ----------------------------------------------------------------------------------------- 529 PRIITIVE OIL PAINTING-/S/L.SCHWARTZ 10.00 10.00 -3.50 0.00 Bid Card#210 ---------- ----------------------------------------------------------------------------------------- 538 FRAMED MIRROR 5.00 5.00 -1.75 0.00 Bid Card#206 ---------- ----------------------------------------------------------------------------------------- 541 CHIPPENDALE MIRROR 60.00 60.00 -21.00 0.00 Bid Card#174 -------------------------------------------------------------------------------------------------- 557 PRINT OF DEER (COULSON) 5.00 5.00 -1.75 0.00 Bid Card#210 -------------------------------------------------------------------------------------------------- CO Expense-Pick Up Fee ( 50.00) --------------------------------------------------------------------------------------------------- Total Quantity: 41.00 Total Invoice Sale Price: 2,222.50 Total Expenses: ( 50.00) Total Commission: ( 587.89) Total Due to Consignor: 1,584.61 Total Payments: 0.00 Balance: $1,584.61 Positive Balance, Monies Owed to Consignor COMMISSION SETTINGS Calculate Commission By: Each Commission Structure Type: Sliding Scale up to $100 35% $100.01 - $1,000 25% $1,000.01 - $10,000 20% over $10,000 15% Description Definitions: TL-tray lot BL-box lot Consignor Settlement Cordier Auctions &Appraisals CO#: — 10680 1500 Paxton Street — Harrisburg, PA 17104 Date: 1/17/2015 Phone: 717-731-8662 Fax: 717-731-9830 Page: 1 Consignor: 3725 Estate of Violet L. Bollen Kathleen Fraley, Executrix c/o David Stone,Esquire Stone LaFaver&Shekletski 414 Bridge Street New Cumberland, PA 17070 Auction: Consignment Auction 1/17/15 Lot# Description Unit Price Ext.Price Comm/BuyBack Expenses 601 FRAMED OIL ON CANVASS/S/FITSAMYER 5.00 5.00 -1.75 0.00 --------------------------------------------------------------------------------------- BidCard#152 641 FRAMED CHROMOLITHOGRAPH- 5.00 5.00 -1.75 0.00 MOTHER/CHILD Bid Card#167 --------------------------------------------------------------------------------------------------- Total Quantity: 2.00 Total Invoice Sale Price: 10.00 Total Commission: 3. 50) Total Due to Consignor: 6.50 Total Payments: 0.00 Balance: $6.50 Positive Balance, Monies Owed to Consignor COMMISSION SETTINGS Calculate Commission By: Each Commission Structure Type: Sliding Scale up to $100 35% $100-01 - $1,000 25% $1,000.01 - $10,000 20% Over $10,000 15% Description Definitions: TIL-tray lot BIL-box lot .Mar, t. 2014 1 : 54PM PNC Bank No, 7179 P. 1/2 March 4, 2014 David H Stone Esq, Stone Lafaver& Shekletski 414 Bridge St PO Box E New Cumberland, PA 17070 RE: Name: 'Violet L Bollen SSN: DOD: 01-23-2014 Dear Sir/Madam: In response to your request for Date of Death(DOD)balances for the customer noted above, our records show the following: - - Checking Account Account# 5140005404 Established: 01-011978 VIOLET L BOLLEN DOD balance: $ 0.00 non interest bearing Account# 5140082151Established: 11-13-1984 VIOLET L BOLLEN DOD balance: $4,341.18+0.03 accrued interest Interest paid 0101-2014 thm 01-23-2014 $ 0.05 YTD Safe Deposit Box The decedent maintained safe deposit box#02222B VIOLET L BOLLEN STANLEY F BOLLEN located at: New Cumberland 331 Bridge St New Cumberland, PA 17070 (717)774-2982 The decedent maintained safe deposit box#0222B STANLEY F BOLLEN Box 525-T- VIOLET L BOLLEN .located'at: New Cumberland 331 Bridge St . New Cumberland, PA 17070 (717)774-2982 Page 1 of Mar. 4. 2014 1 : 54PM PNC Bank No. 7179 P. 2/2 Please note that this office provides date of death balances for deposit accounts(IRAs,CDs, Checking and Savings). We do not process any financial transactions or provide statements. If you need assistance with any of these items,please call 1-888-PNC-BANK.(1-888-762-2265)or stop by your local PNC Bank branch office. Sincerely, National Financial Services Center PNC Bank,N.A. Member FDIC This message is intended for the use of the individual or entity to which it is addressed and may contain information that is privileged, confidential and exempt from disclosure under applicable law. . If the reader of this message is not the intended recipient or the employee or agent responsible for delivering this message to the intended recipient,you are hereby notified that any dissemination, distribution or copying of this communications is strictly prohibitedIf you have received this communication in error,please notify me immediately by reply or by telephone at 800-7621'775 and immediately destroy this faxed document. Page 2 of 2 STATEMENT OF PAYMENT Check No. 117337272 FOR: BENEFIT PROCEEDS FROM ACCOUNT N0. 710920802 C/O DAVID STONE 0 MB 01 000870 50298 B 5 C ttnlllltllIIIIIIIIIIItIIIIuIIIIiII�I�titilllulll�tt�tli g ESTATE OF VIOLET Y BOLLEN PO BOX E NEW CUMBERLAND, PA 17070-0180 07/21/2014 GROSS AMOUNT 11 , 635 . 90 NET AMOUNT 11 , 635 . 90 Federal Taxable Amount 8 , 931 . 32 To change your withholding on future distributions , please contact =_ Hartford Life. Withholding too little may result in tax penalties . The Hartford Wealth Management - Global Annuities -_ PO Box 14293 Lexington , KY 40512-4293 800-862-6668 Form ELC-21-2 DETACH AT PERFORATION < D• • • •' • •' D • D • • D JPMorgan Chase Bank 50-93; 6040 Tarbell Road 00100 800-8626.668 213 Syracuse, NY 13206 THE CHECK NO.'.117337272 Date, 07/21/2014 ffiiTFORD PAY"Eleven Thousand Six Hundred Thirty-Five and 90/100 Dollars"'*...... $11,635.90** FOR: BENEFIT PROCEEDS FROM ACCOUNT NO. 710920802 ESTATE O F VIOLET Y BOLLEN VOID IF NOT CASHED:,IN 180 DAYS TO THE C/O DAVID STONE ORDER OF PO B O X E / NEW CUMBERLAND, PA 17070 �W— Authorized signature Y— Il' L 17337 27 20 1:0 2 L3093791:601866 13011' ECHT&ASSOCIATES, P.C. } 650 North Twelfth Street Suite 100 Lemoyne,PA 17043 Wayne AL Pecht Telephone: 717-691-9808 < Member of California Bar Fax: 717-695.6550 tLU to Taxation wpecht@pechtlaw.com www.pechtlaw.com ' .Rob Bleecher January 7, 2015 David Stone, Esquire Stone, LaFaver&Shekletski 414 Bridge Street New Cumberland PA 17070 RE: Estate of Violet L. Bollen Dear Dave: A•s we-previously--discussed;-Fred Bollen has expended his personal funds on items now in-the- Estate. This letter will serve as a formai request for reimbursement by the Estate to him for the following expenditures: L &R Roofing $ 6,000 Fagers Plumbing Supplies $ 6,500 Fuel oil supplier $ 1,700 Ralph Fenstermacher $ 1,750 (garage roof 215 Geary Ave) Fix back porch and paint steps $ 950 at Geary Avenue TOTAL $16,900 _ After you have discussed this matter with the Executrix, please notify me when a check will be available for pick up by Fred. Thank you for your anticipated cooperation. Very truly yours, PECHT&ASSOC TES,P.C. -d,, wkI -��/aLf— /' C� Wayne M, Pecht 50 WMP/alh cc: Fred Bollen K & C Fuel Oil Invoice Summary 4313 William Penn Hwy Mifflintown, PA 17059 January 29, 2015 (717) 436-8553 INVOICE SUMMARY Account Number (d)Violet L Bollen Estate 600060 c/o Frederick Bollen, Son Amount Enclosed 812 3rd St New Cumberland, PA 17070-2021 Please Return This Upper Portion With Your Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Location Information: Use This List of Location#s and Corresponding Addresses As a Reference To Where the Delivery/Work Was Performed DOCUMENT DATE: 1/29/15 ACCOUNT NUMBER: 600060 1 DATE REF NUM-'Loc#[quantity REFERENCE SALES PAYMENTS TOTAL 11/23/11 5967 1 99.9 02 Dyed Heating Oil @$3.659 $365.53 $0.00 $365.53 11/23/11 5967 1 Prompt Pay Discount $0.00 $19.98 $-19.98 10/12/12 5338 1 272.3 02 Dyed Heating Oil @$3.799 $1,034.47 $0.00 $1,034.47 10/19/12 258417 1 Service Invoice: Heating Service $107.68 $0.00 $107.68 10/26/12 5338 Check CNB 7650 $0.00 $959.66 $-959.66 10/26/12 5338 Prompt Pay Discount $0.00 $54.46 $-54.46 11/30/12 15436633 Finance Charge $1.62 $0.00 $1.62 12/4/12 258417 Mastercard $0.00 $109.30 $-109.30 2/12/13 7608 1 375.9 02 Dyed Heating Oil @$3.899 $1,465.63 $0.00 $1,465.63 3/14113 7608 Check CNB 2113 $0.00 $1,465.63 $-1,465.63 12/23/13 1198 1 388.5 02 Dyed Heating Oil @$3.699 $1,437.06 $0.00 $1,437.06 1/31/14 15910527 Finance Charge $21.56 $0.00 $21.56 2/28/14 15952550 Finance Charge $21.23 $0.00 $21.23 3/31/14 15988503 Finance Charge $21.56 $0.00 $21.56 5/6/14 1198 Visa $0.00 $1,501.41 $-1,501.41 Totals* 1136.6 $4,476.34 $4,110.44 Previous Balance: $-365.90 Current Over 30 Days Over 60 Days Over 90 Days Over 120 Days AMOUNTDUE $0.00 $0.00 $0.00 $0.00 $0.00 ' Thank You $0.00 K&C Fuel Oil Call your local office today to sign up for a Service Plant 4313 William Penn Hwy Mifflintown, PA 17059 (717)436-8653 0- Invoice INVOICE DATE INVOICE NUMBER 2058 STATE RD. ,x/28/12 S1918033 . 002 Signatuys TO: PAGE NO.,gVTr CAMP HILL PA 17011 R. F. PAGER CO. 717-761-0660 Fax 717-761-6428 -- _1.2058,STATE RD. V=in:ad 14ame P HILL PA 17011 BILL TO: SHIP TO: STANLEY F BOLLEN STANLEY F BOLLEN 812 THIRD STREET 1000124 HILLSIDE DRIVE NEW CUMBERLAND, PA 17070 MIFFLINTOWN, PA 17059 CUSTOMER NUMBER CUSTOMER PO NUMBER .-JOB NAME 1 RELEASE NUMBER ORDERED BY 2362 BOLLEN CABIN FRED WRITER SHIP VIA TERMS SHIP DATE ORDER DATE MATT REDMOND OT OUR TRUCK 08/09/12 DESCRIPTION ORDER QTY SHIP QTY Unit Price Extension +++ SHOWER AND ASSOCIATED ... BASCO 7150-46T SHOWER DOOR 44-46 X lea lea 371 . 700/ea 371. 70 68" SILVER FRAME, OBSCURE GLASS GROHE 27018000 AQUATOWER 2000 lea lea 1530 . 100/ea 1530 . 10 SHOWER TOWER SYSTEM, 3 BODY SPRAYS AND HANDSHOWER *Non-Stock Item-Frt Chrgs May Apply GROHE 28983000 CHROME JUMBO SHOWER lea lea 230. 100/ea 230. 10 ARM *Non-Stock Item-Frt Chrgs May Apply GROHE 28783000 CHROME JUMBO lea lea 1075 . 100/ea 1075 . 10 RAINSHOWER HEAD 16" DIA. *Non-Stock Item-Frt Chrgs May Apply , , GROHE 19150000 TENSO VALVE TRIM lea lea 155. 350/ea 155.35 CHROME f:1.) J! *Non-Stock Item-Frt Chrgs May.* A 1pp-,jyj GROHE 35015000 GROHSAFE PRESSME- lea 4— lea 94 .250/ea 94 .25 BALANCE VALVE LESS TRIM ... WHIRLPOOL AND ASSOCIATED MOEN T933 TRIM KIT FOR 2 HANDLE lea lea 156. 000/ea 156 . 00 ROMAN TUB *Non-Stock Item-Frt Chrgs May Apply ... TOILET ... KOHLER 3979-0 HIGHLINE t. lea lea 220 . 000/EA 220 . 00 COMFORT HEIGHT 1 . 6 GPF TOILET ELONGATED BOWL ADA Kit Components 1 - KOHLER 4468-0 WELLWORTH 1. 6 G WHITE TANK 1 - KOHLER 4199-0 HIGHLINE COMFOR,r eprint Reprint Reprint Invoice ,i { ; A .f INVOICE DATE INVOICE NUMBER . : . . � . /28/12 S1918033 . 002 2058 STATE RD. CAMP HILL PA 17011 Q si nat azs R. TO: PAGE NO. 717-761-0660 Fax 717-761-6428 -"2 P. PAGER CO. " 058„STATfi RD. •�'_Ill=ed. I+Id2te t♦ P HILL PA 17011 2 BILL TO: SHIP TO: STANLEY F BOLLEN STANLEY F BOLLEN 812 THIRD STREET 1000124 HILLSIDE DRIVE NEW CUMBERLAND, PA 17070 MIFFLINTOWN, PA 17059 CUSTOMER NUMBER CUSTOMER PO NUMBER JOB NAME t RELEASE NUMBER ORDERED BY 2362 BOLLEN CABIN FRED WRITER SHIP VIA TERMS SHIP DATE ORDER DATE MATT REDMOND OT OUR TRUCK 1 09/28/12 08/09/1.2 DESCRIPTION ORDER QTY SHIP QTY Unit Price Extension * HEIGHT WHITE BOWL EB : KOHLER 4636-96 CACHET ELONGATED°'' ' r%` i lea lea 51 . 000/EA 51. 00 SEAT- QUIET-CLOSE QUICK-REL +++ VANITY AND ASSOCIATED +++ MOEN 69000 (9000) M-PACT W/S LAV lea lea 64 . 000/ea 64 . 00 ROUGH-IN VALVE MOEN T6620 BRANTFORD W/S LAV FCT lea lea 96 . 000/ea 96 . 00 P/C CHROME +++ WATER HEATER +++ AMTROL ST-12 EXPANSION TANK FOR lea lea 112 . 677/ea 112 . 68 WATER HEATER 4 .4 GAL - 5 YEAR WARRANTY CAMPBELL 2PS-B SEDIMENT FILTER 3/4 lea lea 101 . 799/ea 101 . 80 W/RELIEF DOUBLE CAMPBELL 10586030 MOUNTING BRACKET lea lea 10 .386/ea 10 . 39 & SCREW 1PSB IPCB & 2PSB 2PCB SERIES CAMPBELL 1C9-12 TASTE / ODOR / SED 1pk 1pk 27.371/pk 27 .37 CARTRIDGE 9-3/4 2/PK (2 MICRON) CAMPBELL 10974030 SW-2 LARGE FILTER lea lea 3 .348/ea 3 . 35 WRENCH !'iJ * All claims for shortages, errors, and returned goods must be accompanied by Subtotal 4299 . 19 * a copy of this invoice. S&H CHGS 34.79 * No returns after 30 days. * Overdue accounts wilt be charged 1-112% per month Finance Charge Sales Tax 260 .04 Amt Paid -4594 .02 Amount Due 0. 00 ** Reprint ** Reprint ** Reprint ** Invoice r d *****«++*r,•;*y*, ,,,««Y.rr *.jNwVgICE DATE INVOICE NUMBER """' • 2058 STATE RD. ru' ir� ^�'y�µ'` 09/19/12 51918033 . ool — ��. T0: PAGE NO. CAMP HILL PA 17011 g-�l'�Y - t9 P, PAGER CO. 717-761-0660 Fax 717-761-6428 1 2058 STATE RD. •1'Y�11'.H;: �1i:me # �ffp-'IILL PA 17011 1 BILL TO: SHIP TO: STANLEY F BOLLEN STANLEY F BOLLEN 812 THIRD STREET 1000124 HILLSIDE DRIVE NEW CUMBERLAND, PA 170.70;•,. , . • MIFFLINTOWN, PA 17059 CUSTOMER NUMBER CUSTOMER PO NUMBER JOB NAME / RELEASE NUMBER ORDERED BY 2362 BOLLEN CABIN FRED MRITER SHIP VIA TERMS SHIP DATE ORDER DATE MATT REDMOND OT OUR TRUCK 09/19/12 08/09/12 DESCRIPTION ORDER QTY SHIP OTY Unit Price Extension +++ SHOWER AND ASSOCIATED +++ DIAMOND SRS483779 BISCUIT 48" 1PC lea lea 385 . 222/ea 385 .22 SHOWER RIGHT HAND SEAT JONES STEPHENS D41001 SHOWER DRAIN lea lea 8 . 225/ea 8 . 23 2" PVC STANDARD +++ WHIRLPOOL AND ASSOCIATED +++ KOHLER 1148-96 PROFLEX lea lea 1200 . 000/ea 1200 . 00 72X42X19-3/4 DROP IN WHIRLPOOL BISC OVAL GEBERIT 151 .504 . 00 . 1 WASTE & lea lea 42 . 000/ea 42 . 00 OVERFLOW 17-22" -BODY ONLY- (TRIM SOLD SEPARATELY) GEBERIT 151 . 550 . FF. 1 TRIM KIT'dNLY.q lea lea 32 . 899/ea 32 . 90 BISCUIT (BODY SOLD SEPARATELY) :; MOEN 4992 ROUGH-IN VALVE FOR TWO lea lea 75 . 000/ea 75 . 00 HANDLE ROMAN TUB - • --' *Non-Stock Item-Frt Chrgs May Apply +++ TOILET +++ +++ VANITY AND ASSOCIATED +++ +++ WATER HEATER +++ AO SMITH ECT80 80 GL ELEC lea lea 604 . 800/ea 604 . 80 60 . 5X22 . 5 6/6 YR 240V 45/45 EL WI'R HTR Serial# : 1235A013565 * ALL claims for shortages, errors, and returned goods must be accompanied by Subtotal 2348. 15 * a copy of this invoice. S&H CHGS 0. 00 * No returns after 30 days. 7-" * Overdue accounts will be charged 1-1/2% per month Finance Charge Sales T aX 140 . 89 '�x7 _`;- Amt Paid -2489 . 04 Amount Due 0. 00 Reprint ** Reprint ** Reprint ** Invoice .d INVOICE DATE INVOICE NUMBER „"„' , • , Lt��n �.ct.r ��'''r 10/29/12 S1918033 . 003 2058 STATE RD. .�• . CAMP HILL PA 17011 ` -�=u=^._ �tC ItEhP. FAGOER co. PAGE N0. 717-761-0660 Fax 717-761-6428 ATE RD. 7i"iIlt'ed flame 0 P HILL PA 17011 1 BILL T0: SHIP T0: STANLEY F BOLLEN STANLEY F BOLLEN 812 THIRD STREET 1000124 HILLSIDE DRIVE NEW CUMBERLAND, PA 17070 MIFFLINTOWN, PA 17059 CUSTOMER NUMBER CUSTOMER PO NUMBER JOB NAME / RELEASE NUMBER ORDERED BY 2362 BOLLEN CABIN FRED WRITER SHIP VIA TERMS SHIP DATE ORDER DATE MATT REDMOND OT OUR TRUCK 10/29/12 08/09/12 DESCRIPTION ORDER QTY SHIP QTY Unit Price Extension +++ SHOWER AND ASSOCIATED +++ +++ WHIRLPOOL AND ASSOCIATED +++ LUICANA BACKSPLASH 79-3/4X12 lea lea 172 . 800/ea 172 . 80 GTB329 (PADOVA) *Non-Stock Item-Frt Chrgs May Apply LUICANA BACKSPLASH 52X12 GTB329 lea lea 112 . 500/ea 112 . 50 (PADOVA) *Non-Stock Item-Frt Chrgs May Apply ” LUICANA BACKSPLASH 38X12 GTB329- ° ' lea lea 100 . 000/ea 100 . 00 (PADOVA) *Non-Stock Item-Frt Chrgs May Apply +++ TOILET +++ +++ VANITY AND ASSOCIATED +++ OMEGA DYNASTY D-V482134SDLR MORRIS lea lea 1200 . 000/ea 1200 . 00 OAK BUTTERNUT SLAB, IO, PROFILE F, FINISH BOTH SIDES *Non-Stock Item-Frt Chrgs May Apply OMEGA DYNASTY TKSTAINED8 lea lea 44 . 000/ea 44 . 00 OAK/BUTTERNUT TOEKICK *Non-Stock Item-Frt Chrgs May Apply LUICANA 49X22 GTB329 (PADOVA) 201 lea lea 496 . 000/ea 496 . 00 WHITE NEWPORT BOWL 8" DRILL *Non-Stock Item-Frt Chrgs May Apply +++ WATER HEATER +++ i\iii l * ALL claims for shortages, errors, and returned goods must be accompanied by Subtotal 2125.30 * a copy of this invoice. S&H CHGS 15 . 00 * No returns after 30 days. f =i= ° >' * Overdue accounts will be charged 1-1/2% per month Finance Charge Sales Tax 128.42 Amt Paid -2268.72 Amount Due 0 . 00 ** Reprint ** Reprint ** Reprint ** Invoice d INVOICE DATE INVOICE NUMBER I�II'rIJ • ,� 06/10/13 S1918033 . 005 2058 STATE RD. REMIT TO: PAGE NO. CAMP HILL PA 17011 R. P. PAGER CO. 717-761-0660 Fax 717-761-6428 2058 STATE RD. CAMP HILL PA 17011 1 I BILL TO: SHIP T0: STANLEY F BOLLEN STANLEY F BOLLEN 812 THIRD STREET 1000124 HILLSIDE DRIVE NEW CUMBERLAND, PA 17070 MIFFLINTOWN, PA 17059 CUSTOMER NUMBER CUSTOMER PO NUMBER JOB NAME t RELEASE NUMBER ORDERED BY 2362 BOLLEN CABIN FRED WRITER SHIP.VIA- TERMS SHIP DATE ORDER DATE MATT REDMOND OT OUR TRUCK 06/10/13 08/09/12 DESCRIPTION ORDER QTY SHIP QTY Unit Price Extension +++ SHOWER AND ASSOCIATED +++ +++ WHIRLPOOL AND ASSOCIATED +++ OMEGA C-CD/FF 17 X 24-1/2 lea lea 200 .100/ea 200 . 10 MORRIS OAK BUTTERNUT SLAB, IO, PROFILE F 17 X 24-1/2 *Non-Stock Item-Frt Chrgs May Apply OMEGA C-CD/FF 28-1/2 X 24-1/2 lea lea 335 .340/ea 335 . 34 MORRIS OAK BUTTERNUT SLAB, IO, PROFILE F 28=1/2 X 24-1/2 *Non-Stock Item-Frt Chrgs May Apply OMEGA C-CD/FF 39-1/2 X 24-1/2 lea lea 462 . 990/ea 462 . 99 MORRIS OAK BUTTERNUT SLAB, IO, PROFILE F 39-1/2 X 24-1/2 *Non-Stock Item-Frt Chrgs May Apply LUICANA WPOOL DECK GTB329 (PADOVA) lea lea 585 .720 ea 585 . 72 82 X 52-3/4 WITH DIAD CORNER AND.,'.:. CUTOUT FOR TUB *Non-Stock Item-Frt Chrgs May ,App,Ty . +++ TOILET +++ +++ VANITY AND ASSOCIATED +++ " +++ WATER HEATER +++ * All claims for shortages, errors, and returned goods must be accompanied by Subtotal 1.584 . 15 * a copy of this invoice. S&H CHGS 0 .00 * No returns after 30 days. Sales Tax 95 .05 * overdue accounts will be charged 1-1/2% per month Finance Charge Amt Paid -1679 .20 Amount Due 0 .00 ** Reprint ** Reprint ** Reprint ** :,i,iM. OMB Approval No.2502-0265 A ,�'��„� A. Settlement Statement (HUD-1) FINAL .. 1.2)FMA 2.❑RHS 3. Conv.Unins. S.Ftie Number 7.Loan Number. 8.Mortgage Insurance Case Number. 14-0803GC 15437890 446.2086626-703 4.❑VA 5.❑Conv.Ins. C.Note:This form is furnished to give you a statement of actual settlement costs.Amounts paid to and by the settlement agents are shown Items marked "(p.o.c)"were paid outside the dosing;they are shown here for Informational purposes and are not Included in the totals, D.Name&Address of Borrower. E.Name&Address of Seller. F.Name&Address of Lender. Brian D.Semuta Estate of Violet L Bollon M&T Bank 901 Allen St.,New Cumberland,PA 17070 One Fountain Plaza,61h Floor,Buffalo,NY 14203 G.Property Location: H.Settlement Agent: 1.Settlement Date:06/0412014 504 3rd St, Guardian Transfer Corporation Disbursement Date:06104/2014 New Cumberland,PA 17070 4075 Market SL,Camp Hill,PA 17011 New Cumberland Borough 717-909-0700 Place of Settlement: TitieExpress 4785 Unglestown Road,Harrisburg,PA 17112 Printed 06104/2014 at 1:49 pm by AL J.Summary of Borrower's Transaction K.Summary of Seller's Transaction 100. Gross Amount Due from Borrower 400. Gross Amount Due to Seiler 101. Contract sales price 75X)M 401. Contract sales price 75,000.00 102. Personal property 402. Personal rty 103. Settlement charges to borrower(line 1400) 7,389.19 403. 104, 404. 105. 405, Adjustments for Items paid by seller In advance Adjustments for Items paid by seller In advance 108. Cityltown taxes to 406. Cityltown taxes to 107. County taxes 06/04/2014 to 1213112014 582.38 407. County taxes 06/04/2014 to 12/31/2014 582.38 108. School taxes 06/0412014 to 06130/2014 112.30 408. School taxes 06/0412014 to 06/30/2014 112.30 109. 409. 110. Refuse A/MN 06/04/2014 to 06/302014 11.45 410. Refuse A/M/J 06/04/2014 to 06/30/2014 11.45 111. 411. 112. 412. 120• Groes Amount Due from Borrower 83,095.32 420. Gross Amount Due to Seller 75,706.13 200. Amounts Pffid b or In Behalf of Borrower 500 Reductions to Amount Duo to Sellar 201. Deposit or aamest money 1,000.00 501. Excess deposit(see instructions) 202. Principal amount of new loan(s) 73,641.00 502. Settlement charges to seller(line 1400) 8,342.43 203. Existing bas taken subect to 503. Exist!ng la s taken subject to 204• 504. Payoff of first mortgage loan 205. 505. Payoff of second mortgage loan 206. 50& 207. Sellers Assist 3,750.00 507. Sellers Assist 3,750.00 208. 508, 209. 509. Ymentt for items unpaid by seller Adjustments for Items unpaid by seller City/town taxes to 510. City/town taxes to 211. County taxes to 511. County taxes to 212. School taxes to 512. School taxes to 213. 513. 214. 514. 215. 515. 216. 516. 217. 517. 218. 518. 219, 519. 220• Total Paid by/for Borrower 78,391.00 520. Total Reduction Amount Due Seller 12,082.43 300. Cash at Settlement fromito Borrower 600. Cash at Settlement tolfrom Seller 301. Gross amount due from borrower(fine 120) 83,095.32 601. Gross amount due to seller(line 420) 75,706.13 302. Less amounts paid by/for borrower(line 220) 78,391.00 602. Less reductions in amount due seller(line 520) 12,092.43 303. Cash ® From ❑ To Borrower 4,704.32 603. Cash X❑ To ❑ From Seller 63,613.70 D OMI3 COn11a1 n"Mrf.NO mnMn,II.My b n."n6IN!GublW.b mxMaf.'1M.b C.agM010 pONO.Uw Nx1b.m i RE6VA Ww.G tr.mllalon wXl,YNOIMY,11or,A"Np VIM �eSS 7 o b 13 bsolete Page 1 of 4 HU5-1 Ru^*6- 4- 1 t3 24 , 36 700. Total Real Estate Broker Fees $5,170:00 Paid From Paid From 1 Division of commission line 700 as follows; Borrower's Seller's 701• $2,437.50 to Caldwell Banker Select Professionals Funds at Funds at 702. $2732.50 to CokfwellBankerSelect Professionals Settlement Settlement 703. Commission paid at settlement 595.00 4,575.00 800. Items Payable In Connection with Loan 801. Our origination charge (includes Origination Paint 0.000%or$0.00) $985.00 (from GFE#1) 802. Your credit or charge(points)for the specific Interest rate chosen $-92.05 (from GFE 92) 803. Your adjusted origination charges (from GFE A) 892.95 804. Appraisal fee to Solidi i (from GFE#3) 425.00 805. Credit report to CBC $11,00 P.O.C,B (from GFE#3) 806, Tax service to Cora is $75.00 P.O.C.B (from GFE#3) 807. Flood certification to Corel is (from GFE#3) 8.00 808, Pre-Closing Inspection to Solidifi (from GFE#3) 155.00 900. items Required by Lender to be Paid In Advance 901. Daily interest charges from from 06/04/2014 to 0710112014 Q$7.8181/day (from GFE#10) 211.09 902. Mortgage Insurance premium for months to M&T Bank (from GFE#3) 1,265.56 903. Homeowner's insurance for years to Reamstovm Mutual $674.00 P.O.C.8 (from GFE#11) 904. months to from GFE#11 1000,Reserves 1001.Initial deposit for your escrow account (from GFE#9) 1,751.84 1002.Homeowner's insurance 3 months A$ 56.17/month $168,51 1003.Mortgage insurance months A$ 80.75/month $ 1004.Property taxes months 0.00/month $ 1005.County taxes 5 months $ 83.951month $41975 1006.School taxes 13 months $ 123.98tmonth $1,611.74 1007.Aggregate Adjustment $448,16 1100.TitleCha es i 101.Title services and lender's title insurance from GFE#4 1,082.00 25.00 1102. Settlement or closing fee to $ 1103.Owner's title Insurance-First American Title Insurance Company $ from GFE#5 81.75 1104.Lander's title Insurance-First American Title Insurance Company $757.00 1105. Lender's title policy limit$73,641.00 lenders Policy 1106.Owners title policy limit$75,000.00 Owner's Policy 1107.Agent's portion of the total title insurance premium $712.94 to Guardian Transfer Corporation 1108.Underwritets portion of the total title Insurance premium $125.81 to First American Title Insurance Company 1109. 100 No Vid1100 to First American Title $50.00 Insurance Company 1110. 300 Survey1300 to First American Title $50.00 Insurance Company 1111.900 EPL-ReWA to First American Title $50.00 Insurance Company 1112.ClosingSvcLIACL to First American Title $75.00 Insurance Company 1200.Govemment Recordina and Transfer Charges 1201.Government recording charges $ (from GFE#7) 170.00 1202• Deed$67.00 Mortgage$103.00 Release$ 1203.Transfer taxes $ (from GFE#8) 750.00 1204.City/County tax/stamps Deed$750.00 mortgage$ 1205. State Taxistamps Deed$750.00 Mort e$ 750.00 1206. Deed$ Mortgage$ 1207. $ 1300.Additional Settlement Charges 1301.Required services that you can shop for (from GFE#6) 1302. 2014 Cty/Twp Taxes to Robin Gas eret0 1,007.43 1303.Home Warranty to First American Some Buyers Protection 365.0 1304. Deed Preparation to Stone Waver&Shekletski 225.00 1305.Trash Removal to At H kes 675.00 1306.Sewer&Refuse Oct-Mar 4penalty to New Cumberland Borough Office 562.43 1307. Sewer A/MIJ to New Cumberland Borough Office 157.57 r r r t 7,389.191 8,342.43 'Paid outside of closing by(B)onower,(S)eller,(L)ender,(I)nvestor,Bro(K)er.-Credit by lender shown on page 1.-Credit by seller shown on page 1. Previous editions are obsolete Page 2 of 4 HUD-1 'Compadion,dtG'bdd:Faith.EiUiifite(GIFE).ahtill.113,11 Chargeq�-,, Gdbd;Faith:UtImate,.,' HU—DA!t;—, — Char ges ThitiCahn6t i H U D;,I I In"i N u hi 6 if fi 985.00 985,00 -Tou-r.cWit rg -92.05 -92.05 q--'q4a q'(po iqc�lntdrest Ints),ldr li�espe."q Your adjusted 892.95 892.95 Transfer,laxes:. 750.00 750.00, Cha'*Thititn'.T6W.Cififi6illifi'ie-iii'Mo i6.T iw HUM :,GVod.Fafth Estimate, -7 governmentT99rolng chargo. 21800 170.00' —4 425.00 25-00 Credit A .00 Tax'servloe,4%." 11.00 —7500 75-00 Flood cerliftcallon.: 80 8.00 8.00 5 00 F. 155.00 Mortgagonsurarica,premiurk r'-P 1,266.56 1,266.56 2,169.56 2,110.56 Increase between GF�and HUD-11 Charges -59.00 of -2.7194% Chargaili-Thaftini handef.;.4. 3,352.00 1,751.84 Initial Pallyinterest,charges.frbm�y,*�l�.'i"-'..;",�i�.',-,-,,.., 'ld@'y 117.27 211.09 ,Homeownersiinsorance7i.'.*t!i,', :"4 660.00 674.00 Title 1 1,537.00 ,082.00 SM 81,75 jV Loan Terms Your InItIM11dam.am,ount I $73,641.00 Your loanA :;,.-w 30.years Your InItlaitint- 3.8750% Your"Infiltalimonthly smo-urit,owe'd,f. $427.04 Includes Insurance l I principal rX-1 Interest Mortgage Insurance No. ❑Yes,it can rise to a maximum of %. The first change 11 be on and can change again every years after Every change data,your interest rate can increase or decrease by %. Over the life of the loan,your Interest rate Is guaranteed to never be lower than %or higher r than %. Even 6 an sj' 0 No. El Yes,it can rise to a maximum of$ Even If-you:make payments'ion'llme,,,camy'ur,monthlrar No. [I Yes,the first Increase can be on I I and the monthly p rind pal;I n I a rdsit;, n"dj mart pgJe:Ihsurance. se amount owed can rise to$i; i ` The maximum It can ever rise to Is$ Does youilUaNh Pvea prepa M No. El Yes,your maximum prepayment penalty Is$ D6Gs-your.loan hav6ja balioksn-payment?r .-P` No. f-1 Yes,you have a balloon payment of$ due in years on Total monthlir-amount owed-including,dicrdWaccountp ax You do not have a monthly escrow payment for items,such as property taxes and homeowner's Insurance. You must pay these items directly yoursellf. You have an additional monthly escrow payment of$264.10 that results In a total Initial monthly amount owed of$691.14. This includes -.w— 71: principal,interest,any mortgage Insurance and any items checked below: ©Property taxes nX Horneowner's insurance Al 7. School taxes Flood insurance FXJ Note: If you have any questions about the Settlement Charges and Loan Terms listed on this form,please contact your tender. Previous editions are obsolete Page 3 of 4 HUD-1 iiiation of Your .. Oriqination Name of Borrower. Name of Seiler. File Number Brien 0.Semuta Estate of Violet L Bollen 14.0803GC Prepared 06/0412014 at 1:49 pm Note:This page displays an Itemization of the adjusted origination charges shown In section 800 of the HUD-1 Settlement Statemen This page accompanies but is not a part of the HUD-1 Settlement Statement If a discrepancy exists,the Information on the HUD-1 Settlement Statement applies. Your Loan Origination Charges Borrower Seger 801. Our odginatton charge (includes Origination Print 0.000%or$0.00 Origination Fee to AT Bank $ 985.00 802. Your credit or charge(points)for the specific Interest rate chosen Credit Points to M&T Bank $ •92.05 803. Your adjusted origination charges 892.951 0.00 Itemizationi Name of Borrower: Name of Seller. Fife Number. Brian D.Semuta Estate of Violet L Bollen 14-0803GC Prepared 06/04/2014 at 1:49 pm Note:This page displays an Itemization of the charges shown on line 1101 of the HUD-1 Settlement Statement This page accompanies but is not a part of the HUD-1 Settlement Statement.If a discrepancy exists,the information on the HUD-1 Settlement Statement applies. 1100.Title Charges Total Charge Borrower Seller 1101.Title services and lenders title Insurance to Wire In to Guardian Transfer Corporation $ 15.00 15.00 Notary Fee-Purchasers to Guardian Transfer Corporation $ 35.00 35.00 Courier Fee-Purchase to Guardian Transfer Corporation $ 15.00 15.E Electronic Document Fee to Guardian Transfer Corporation $ 35.00 35.00 Notary Fee.Sellers to Guardian Transfer Corporation $ 15.00 15.00 Tax Cert Reimbursement Fee to Guardian Transfer Cogioration $ 10.00 10.00 1102.Settlement or closing fee to $ 0.00 1104.tender's title insurance-First American Tit to First American Title Insurance Ct$ 757.00 757.00 1109.100 No Vlott100 to First American Title Insurance G$ 50.00 50.00 1110.300 Survey= to First American Title Insurance Cr$ 50.00 50.00 1111.900 EPL-Res%.1 to First American Title Insurance Cc$ 50.00 50.00 1112.ClosingSvcLKL to First American Title Insurance G$ 75.00 75.00 Totals: $ 1,107.00 0.00 1,082.00 25.00 SeiledLender credits showmon page 1 AOC=Paid Outside Closing CR-Lender Credit . Previous editions are obsolete Page 1 of 1 HUD-1 HUD CERTIFICATION OF BUYER AND SELLER I have carefully reviewed the HUD-1 Settlement Statement and to the best of my knowledge and belief,it Is a true and accurate statement of all receipts and disbursements made on my account or by me in this transaction.I further certify that 1 have received a copy of the HUD-1 Settlement Statement B an a Semuta' ESTATE OF VIOLET L BOLLEN Kathleen I.Fraley,Executrix, nt Agent The HUD 1 Settlement Statement which I have prepared Is a true and accurate account of this transactlor►I have caused or will cause the funds to be disbursed In accordance with this statement SETTLE ENLAGENT U DATE WARNING:IT IS A CRIME TO KNOWINGLY MAKE FALSE STATEMENTS TO THE UNITED STATES ON THIS OR ANY SIMILAR FORM.PENALTIES UPON CONVICTION CAN INCLUDE A FINE AND IMPRISONMENT.FOR DETAILS SEE TITLE 18:U.S.CODE SECTION 1001 AND SECTION 1010. Previous editions are obsolete Page 4 of 4 HUD-1 OMB Approval No.2502-0265 aR �IIA. Settlement Statement (HUD-1) N- 'BST a of Loan YP - -I 6,File Number. 7.Loan Number: S.Mortgage Insurance Case Number: 1,0 FHA 2. RHS 3.L Conv.Unins. 4YC., VA 5.I J Conv.Ins,C.Note:This form is furnished to give you a statement of actual settlement costs.Amounts paid to and by the settlement agent are shown.Items marked "(p.o.c.)"were paid outside the closing;they are shown here for informational purposes and are not included in the totals. I D.Name&Address of Borrower: E.Name&Address of Seller: F.Name&Address of Lender: Homer A.Troyer and Emma A.Troyer,htw Kathleen I.Fraley,Ex'trx Violet Bollen Est. AgChoice Farm Credit,AGA :Atlee H.Troyer,single I II 1275 Troyer Lane 900 Bent Creek Boulevard iMifflintown PA 17059 -_ _ _ Mechanicsburg PA ,17050 1 G.Property Location: I H.Settlement Agent: - I.Settlement Date: I Andrew L.Winder,Esquire E 'WTownship,Juniata County,PA 25 North Main Street,P4 Box 149 12/11/2014 IMifflintown PA 17059 1 124 Hillside Drive I Place of Settlement: _ I -- ,Mifflintown PA 17059 { 25 North Main Street (Mifflintown PA 17059 J.Summary of Borrower's Transaction _ 1 K.Summary of Seller's Transaction - 100,Grass Amount Due from Borrower [400.Gross Amount Due to Seller 101.Contract sales price _ 210,000,00 !401.Contract sales price 1- 210,000.001 102.Personal property �_ 402.Personal property !103.Settlement charges to borrower(line 1400) 6,432.31 1403. 1 104. 104. 105. 405. I Adjustments for items paid by seller in advance Adjustments for items paid by seller in advance -- ----.._.__-- 1 1106.City/town taxes _ to 1406.City/town ta-.es to i 107.County saxes 12J1212014to12t31J2414 29,25 1407.County taxes 12112/2014to1213l/2014 29.251 {108.Assessments to I 1408,Assessments to j 109.School Taxes 12/12/2014to6130/2015 707.86 409. School Taxes 12/12/2014tc6/30/2015 _ 707.861 to � X410. to 1 1411. to ' 412. (120.Gross Amount Due from Borrower 217 169.42 420.Gross Amount Due to Seller 210,737.11 j 200.Amounts Paid by or in Behalf of Borrower 500.Reductions In Amount Due to Seller 1201_Deposit or earnest money i 10,000m 501.Excess deposit(see instructions) 242.P incipal amount of new loan(s) 218 000.00 502.Settlement charges to Seiler(line 1400) 11,646.44 203,Existing loan(s)taken subject to _-� 503.Existing loan(s)taken subject to 204, 504.Payoff of first mortgage loan 05. - 505.Payoff of second mortgage loan 206. 506, ! F 207 507. 1 208. ---�_.__- I 508.------ I 209. I 509. Adjustments for items unpaid by seller Adjustments for items unpaid by seller ^J 210.City/town taxes to 510.City/town taxes _ to 1211.County taxes to 511.County taxes 1/1/2014 td12/31/2014 587,121 212.Assessments to ; I 512.Assessments to _ 213. to _ - j 513•Schoot lazes 711!2014to6/3012015___...__. 1,424.31 1 2144 t0 1514. t0 .__......___._.-_ _.!.__......_ ...r 215, to .515. - to �- 216. _..._.._.....-. �....-_-.......� i 516. 217. I 1517. 218. 219. ---- 1220.Total Paid by/for Borrower 1 228,000.00 520,Total Reduction Amount Due Seller 13._657.89 300.Cash at Settlement from/to Borrower I 1600.Cash at Settlement totfrom Seller _ _ i 301.Gross amount due from borrower(line 120) 217,169.421 601.Gross amount due to seller(line 420)- 210,737.11. 302.Less amounts paid by/for borrower(line 220) ( 22$000.00) 602.Less reductions in amount due seller(line 520) i( 13,657_89)i _---- -._ _ -- 1 - 303.Cash From To Borrower 1 !603.Cash m To From Setter + - _ _.... -10,830.581 197079.22( s(lCCie Pr ICL !formation is estimated at 35 minutes per response for collecting,reviewing,and ;information,and you are not required to complete this form,unless it displays a ility is assured;this disclosure is mandatory.This is designed to provide the parties to ing the settlement process. 13rG-s7 8 9 737. 1 i _ ---------- --- 1 a 9Q 0 :7? Page 1 of 3 HUD-1 t L.Settlement Charges -- _ 700.Total-1 Real Estate Broker Fees # Division of commission(fine 700)as folio " --- Paid from Paid From 1701.s 6,110-00 to Cordier Auctions& A praisats Borrowers Seller's 702.5 Funds at Funds at settlement to Settlement Settlement 743.Commission paid at I. Toa' 6 300.00 . I 800.Items Payable in Connection with Loan "-----� 807 Our origination charge 842.Yourcredit or charge(points)for the specific interest rate chosen$ S (from GFE#1) 803-Your adjusted origination charges -_ (from GFE#2) 804.Appraisal fee to (from GFE A) 805.Credit report to (from GFE#3} ! 808,Tax service to (from GFE#3) ' 807.Flood certification (from GFE#3) 808. (from GFE#3) i 809. I 810, t "� L 900.Items Required by Lender to Be Paid in Advance Exclude last day in talcs line 901 901 Daily interest h n : t0 902•Mortgage insurance premium for @ S /day (from GFE 010) months to (from GFE#3) 903.Homeowners insurance for years to 90L. 4• {from GFE#t 1) 1000.Reserves Deposited with Lender 1001 Initial deposit far your escrow account 1002.Homeowners insurance 1 months S (from GFE#9) 1003.Mortgage insurance @ permonth S ----- 1 months @ S per month S 1044•Property taxes `-_ 1 months @ 5 1005, per month $ i 1 months @$ per month S 1006.a. 1 months @$ 1007.Aggregate Adjustment per month $ 1140.Title Charges - 1101.Title services and lenders title insurance 1102,Settlement or closing fee (from GFE#d) 2355.00 1103 Owners title insurance S 1104.Lenders title Insurance lUniata Valley Settlement Services S (from GFE#5) 1105,Lenders title policy limit S - 1,490.00 11,06-Owner's title policy limit s --218,000.00 210 000.00 i 1107.Agent's portion of the total title insurance premium I T - 1108 Underwriters portion of the total title insurance premium S 1 002 00 1109- Endorsements 100 300 8.1 710 $200.00 344.70 1110. Insured ClosjD9 Protection Letter $125.00 1171•Attorne 's Fees $525.00 i LL1.iz. Wire Fee $15.00IT 1 i 1200.Government Recording and Transfer Charges 1201.Government recording charges ' 1202.Deed S 54.00 Releases S Mortgage a e s (from GFE#7) [1203.Transfer texas I 11204.City/County tax/stamps Deed �- �- (from GFE#8) 2 100.00j 2 100.00 1205.State tax/stamps Mortgage S i Deed S Mortgage S !12os. Filin Exer» lifted Record � _ 1300,Additional Settlement Charges 1301.Required seryices that you can shop for 1302- Clean-Out Fee Cordier Auctions&Appraisals (from GFE#6) t 1303-Advertisin - �'-- _9-..-Cordier Auctions&Appraisals 1,334.141 isals - s 1304. Attomev's Fees Stone LaFaver&Shekletski 1 631,321 1 1305. Tax Certification Shirie Hostler -.._ i 225.00t 1400.Total Settlement Charges(enter on lines 103,Section J and 502,Section K) FICATION 6,432,311 11,646.46 1 have carefully reviewed the HUD-1 Settlement Statement and to the best otmy knowledge and belief,it is a true and accurate statement of all receipts and disbursements made on my a co nt or by me in this transaction,I further certify that 1 have recei4hl copy of the and ac ttlement Statement. Borrower; Date:/�?A �% Homer -Troyer and Em�Tlo Setter. ate: een I-Fraley,Ex'trx Violet 8 n Est. Borrower: Date: Atlee H.Troyer,singte Seller: Date: To the best of my knowledge the HUD-1 Settlement Statement which I have prepared is a true and accurate account of the funds which were received and have been or will be disbursed by the undersigned as part of the settlement of this transaction. Date: Settlement I I Agent: Date: Andrew L.Winder,Esquire WARNING:It is a crime to knowingly make false statements to the United States on this or any other similar form.Penalties upon conviction can include a fine and imprisonment.For details see:Title 18 U.S.code Section 1001 and Section 1010. Previous editions are obsolete Page 2 of 3 NUO.1 9/8/2014 9:52:06 AM A. Settlement Statement U.S.Department of Housing OMB Approval No.2502-0265 and Urban Development B.Type of Loan 1.❑FHA 2.Q FmHA :3.[]Conv.Unins. 6.File Number. 7.Loan Number. 8.Mortgage lrtsurance Case Number: 4.0VA 5.0 Conv.Ins. Other 20140925 C.Note: This form is furnished to give you a statement of actual settlement costs.Amounts paid to and by the settlement agent are shown. items marked'(pocr were paid outside the closing;they are shown here for informational purposes and are not included In the totals. D.Name&Address Moly K.Nace,PO Box 141,Naw Cumberland,PA 17070 of Borrower E.Name&Address Estate or Violet L.Bollen,213 Geary Avenue,New Cumberland,PA 17070 of Seller: F.Name&Address of Lender: G.Property Location: Property Address 213 Geary Avenue New Cumberland,Pennsylvania 17070 PIN 25250006217 H.Settlement Agent: Great Road Settlement Services,LLC,6 S.1 Tth Street,Camp Hill,PA 17011,(717)731-1040 Place of Settlement: 6 S.17th Street,Camp Hill,PA 17011 I.Settlement Date: 9/8/2014 Proration Date: 9/8/2014 Disbursement Date: 9/8/2014 J.Summary of Borrowers Transaction K.Summary of Sellse$Transaction 100. Gross Amount Due from Borrower 400. Grass Amount Due to Seller 101. Contract sales price $87,500.00 401. Contract sales price $87,500.00 102. Personal property 402. Personal property 103. Settlement charges to borrower(line 1400) $1,813.00 403. 104. 404. 105. 405. Adjustments for Items paid by seller in advance Adjustments for items paid by seller In advance 106. City/town taxes 408. City/town taxes 107. County taxes 918/2014 to 12/3112014 $251.65407. County taxes 9/8/2014 to 12/31/2014 $251,65 108. Assessments 408. Assessments 109. School Taxes 9/8/2014 to 6/30/2015 $1,010.52 409. School Taxes 9/8/2014 to 6/30/2015 $1,010.52 110. Refuse 9/8/2014 to 9/30/2014 $18.61 410. Refuse 9/8/2014 to 9/30/2014 $18.81 111. 411. 112. 412. 120. Gross Amount Due from Borrower $90,583.78 420. Gross Amount Due to Seller $88,780.78 200. Amounts paid by or in Behalf of Borrower 500. Reductions in.Amount Due to Seller 201. Deposit or earnest money $1,000.00 501. Excess deposit(see instructions) 202. Principal amount of new loan(s) 502. Settlement charges to seller(line 1400) $8,754.39 203. Existing loan(s)taken subject to 503. Existing loan(s)taken subject to 204' 504. Payoff of first mortgage loan 205' 505. Payoff of second mortgage loan 206. 506. 207. Clean Out Credit $450.00 507. Clean Out Credit $450.00 208' 508. 209. 509. Adjustntertts for Items unpaid by seller Adjustments for items unpaid by seller 210. City/town taxes 510. City/town taxes 211. County taxes 511. County taxes 212. Assessments 512. Assessments 213. Sewer 7/1/2014 to 9/8/2014 $28.98 513. Sewer 7/1/2014 to 9/8/2014 $28.88 214. 514, 215. 515. 216. 516. 217. 517. 218. 518. 219. 519. 220. Total Paid by/for Borrower $1,478.98 520. Total Reduction Amount Due Seller $9,233.37 300. Cash at Settlement from/to Borrower 600. Cash at Settlement tolfrom Seller 301. Gross amount due from borrower(line 120) $90,593.78 601. Gross amount due 10 Salle r(line 420) $88,780.78 302. Less amounts paid by/for borrower{line 220) {$1,478.98)602. less reductions in amount due sailer(line 520 1 ($9,233.37) 303. Cash 0From OTo Borrower 1 $89,114.80 603. Cash aToC)From Seller $79,547.41 SUBSTITUTE FORM 1099 SELLER STATEMENT- The information contained in Blocks E,G.H and 1 and on line 401(or, if line 401 Is asterisked,lines 403 and 404),406,407 and 408.412(applicable part of buyer's real estate tax reportable to the IRS)is important tax informatlor *-ished to the internal Revenue Service.if you are required to file a return,a negligence penalty or other sanction will be Imposed on you if this Item is reqs •.--_.,".,,,,, d. SELLER INSTRUCTION- If this real estate was your principal residence,rile form 2119,Sale or Exchs &4,f, PrlCe tar other transactions,complete the applicable parts of form 4797,Form 6252 and/or Schedule D(Form 7 rSdU•o You are required to provide the Settlement Agent with your correct taxpayer Identification number. if you do not provide the Settlement Agent with your correct taxpayer Identification number,you may be ESTATE OF VIOLET L.BOLLEN LesO�S,.,,� 1 ;11 90 g Kathleen I.Fraley Executrix �4I 9/8/2014 9:52:08 AM Fite Number:20140821 L.Settlement Charges 700. Total Sales/Brokers Commission based on rice$87,500.00 6.000000%_$5 250.00 Paid From Paid From Division of commission tine 700 as follows: 701. $2,625.00 to Coldweli Banker Select Professionals Borrower's Seller's 702. $2,625.00 to Re-Resit Associates Funds at Funds at 703. Commission aid at settlement$5,250.00 Settlement Settlement 704. $5,250.00 705. Broker Fes to Cokiweii Banker Select Professionals a00. Items Payable in Connection with Loan $300.00 801. Loan origination fee 802. loan discount 803. Appraisal fee 804. Credit report 805. Lender's inspection fee 806. Mortgage insurance application tee 807. Assumption fee 808. 809, 810. 811, 812. 813. 900, items Required by Lander to Be Paid In Advance 901. Interest from 902. Mortgage insurance premium for' 903. Hazard insurance premium for 904. 905. 1000.Reserves Deposited with Lender 1001.Hazard insurance 1002.Mortgage insurance 1003.City property taxes 1004.County property taxes 1005,Annual assessments 1006, 1007. 1008. 1009. 1100,Titie Charges 1101. Settlement or closing fee 1102.Abstract or title search 1103.Title examination 1104.Titta insurance binder 1105.Document preparation 1106, Notary fees 1107.Attomel fees to Includes above item numbers: 1108. Title Insurance to Great Road Settlement Services,LLC Includes above item numbers: $834.00 1109. Lender's coverage 1110. Owners coverage $87,500.00 $834.00 1111.Erecording/Recording Services Fee to Great Road Settlement Services,LLC 1112. $25.00 1113. 1200.Goverrtment Recording and Transfer Charges 1201. Recording fees:Deed$79.00 1202.Citylcounty tax/stamps:Deed 5875.00 $79.00 1203.State tax/stamps:Deed$875.00 $87500 1204, $875.00 1205. 1206. 1300.Additionai Settlement Charges 1301. Survey 1302.Pest inspection 1303. 3rd Quarter refuse to Naw Cumbanand Borough 1304.2nd Quarter Sewer tp Naw Gumberfand Borough POCS$77.2 POCS S153.2 1305.2014 CountytTownship Tax to Robin Gasperetti,Tax Cotiectar 1306. 2014.15 School Taxes on 7/12/2014 to Robin Gasperet0,Tax Collector $904.39 1307.Refuse Removal to Albert J.Hykes DOCS St,25o.3 1400.Total Settlement Charges{enter on lines 103,Section J and 502,Sactlan K) $1,425.00 Items marked^POC"vera pall oumide the closing by:Borrower(POCK),Lender(POCL),Mortgage Broker(POCM),Other(POGO).Real EatamlAgent aPOCR),or Seller(7OCS9 9/8/2014 9:52:06 AM File Number:20140921 CERTIRCATION: I have carefully reviewed the HUD-1 Settlement Statement and to the best of my knowledge and belief,it is a true and accurate statement of ag receipts and disbursements made on my account or by me in this transaction.i further certify that I have received a ropy of HUD-1 Settlement Statement.The Settlement Agent does not warrant or represent the accuracy of information provided by any party,including Information concerning POC items and fnfonnetion sup by a lender,if any,in this transaction �appearing on this HUD-1 Settlement Statement and the parties hold harmless the Settlement Agent as to any ina=ales i au ma ars. E ATE OF L 1jr1 Molly K.No othleen t.F To the best of my know1 ,the H� UDt Settlement Statement which I have prepared Is a true and accurate account of the ds which were received and have been or will be disbursed by the nd ralgned as part of the settlement of this transaction. Js s A.Miller,Esq. Date ARNINO: It Is a cdme to kn ngy make false statements to the United States on this or any other similar form.Penalties upon conviction can Include a fine and imprisonment.For details .Title 18:U.S.Cade Section 1001 and Section 1010. NOTICE OF CLAIM (Filed Pursuant to 20 Pa.C.S. § 3532) COURT OF COMMON PLEAS OF CUMBERLAND COUNTY,PENNSYLVANIA ORPHANS' COURT DIVISION ESTATE OF VIOLET L BOLLEN DECEASED No. 21-14-0116 To.the Clerk of the Orphans' Court Division: Enter the claim of PNC BANK Credit Card Account No. 4311963109092523 in the (Claimant) amount of$- 10,043.54 against the above entitled Estate. The Decedent,who resided at 812 3rd St (SlreetAddress) New Cumberland PA,17070 died on January 23, 2014 Written notice of (Date of Death) said claim was given to Kathleen I Fraley (Personal Representative or his/her counsel) at 2323 Forest Hills Dr* Harrisburg PA 17112 on /V (Address) (Date) PNC BANK /e4A/nd/erson (Claimant) One Financial Parkway (Street Address) Kalamazoo MI 49009 800-788-9350 (City,State,Zip) (Claimant's Counsel) (Supreme Court LD.Ara.) (Address) (Telephone) Form OC-07 rev. /0.!3.08 NOTICE OF CLAIM (Filed Pursuant to 20 Pa.C.S. § 3532) COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION ESTATE OF VIOLET L BOLLEN , DECEASED No. 2014-00116 To the Clerk of the Orphans' Court Division: Enter the claim of BANK OF AMERICA (Claimant) in the amount of$ 7,084.53 , against the above entitled Estate. The Decedent, who resided at (Street Address) died on 1/23/2014 Written notice of (Date oJDeath) said claim was given to DAVID HEAN STONE (Personal Representative or his/her counsel) at PO BOX E NEW CUMBERLAND, PA 17070 (Address) on JUN 2 7 2m (Date) Ben P. Olson Authorized Representative BANK OF AMERICA N/A N/A P.O.BOX 982238 (Claimant's Counsel) (Supreme CourtLD.No) (Street Address) N/A EL PASO,TX 79998-2238 (Address) (City,State,Zip) N/A N/A (Telephone) Form OC-07 rev.10.13.06 PA Default 810140129 Case Number: - { PF Reference No: 2014-00116 CL576290 sewviees IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII CLAIM DETAIL CL576290 IN RE ESTATE OF: VIOLET L BOLLEN Claim detail is as follows: ************8219 (ORIGINAL ACCOUNT NO: ************8745) BANK OF AMERICA $7,084.53 UNSECURED. THIS CLAIM IS BASED ON AN ACCOUNT FOR GOODS AND/OR SERVICES IN THE AMOUNT OF $7,084.53, EVIDENCED BY ACCOUNT NUMBER ************8219. i Claim Balance: $7,084.53 Claim—Details—R20140214 STONE LAFAVER & SHEKLETSKI ATTORNEYS AT LAW 414 BRIDGE STREET DAVID H. STONE POST OFFICE BOX E OF COUNSEL GERALD J. SHEKLETSKI N$w CUMBERLAND.PA 17070 CHARLES N. STONE www stonelaw net JON F. LAFAVER TELEPHONE(717)774-7438 January 22, 2015 FACSIMILE (717)774-3889 PA Department of Revenue Bureau of Individual Taxes Inheritance Tax Division-Ext PO Box 280601 Harrisburg, PA 17128-0601 RE: Estate of Violet L. Bollen is Cumberland County File #21-14-0116 DOD: January 23, 2014 To Whom It May Concern: -h� qsk I represent the Estate of Violet L. Bollen in which Kathleen I. Fraley is the Executrix. Please be informed that I am requesting a second extension of three months on the filing of the Inheritance Tax Return and Inventory. Violet L. Bollen's 2013 state and federal income tax returns are currently under extension because of the poor record keeping of the deceased. We do expect a liability on both returns which we prefer to show on the Inheritance Tax Return. We hope to have the income tax returns completed in the next month and at that time we will file the inheritance tax return. We have paid the prepayment of inheritance tax in the amount of$40,000.00 on April 22, 2014 and a copy of the receipt was attached on the first request. We do not anticipate owing any further tax and now anticipate a refund. Your attention and cooperation to this request is greatly appreciated. Should you have any questions, please do not hesitate to contact me. Very truly yours, ONE L AVER & SHEKLETSKI David tone DHS/tmb cc: Kathleen I. Fraley, Executrix STONE LAFAVER & SHEKLETSKI ATTORNEYS AT LAW 414 BRIDGE STREET DAVID H.STONE POST OFFICE BOX E OF COUNSEL GERALD J.SHEKLETSKI NEW CUMBERLAND.PA 17070 CHARLES H.STONE wwwstonelaw.ne[ JON F LAFAVER TELEPHONE(717)774-7435 March 13 , 2015 FACSIMILE (717)774-3869 Register of Wills Office Cumberland County Courthouse 1 Courthouse Square Carlisle; PA 17013=3887 RE: Estate of Violet L. Bollen No. 21-14-0116 Greetings : Enclosed please find an original and one copy of the Inheritance Tax Return and Inventory for . the above mentioned estate. Please clock in the copy of the Inventory and send it back to my office along with any receipts in the enclosed stamp addressed envelope. Should you have any questions, please do not hesitate to contact my office . Very truly yours, STONE LAFAVER & SHEKLETSKI ODH. tone DHS/tmb Enclosures �, . C=. Mf `r>r . =C; c. I7 n. 1 C .,n q?, 4 . m, o -y. FJ :'?1