HomeMy WebLinkAbout01-0484
PETITION FOR PROBATE and GRANT OF LETTERS
~I-O/-OY.~
Estate of
also known as
SAMUEL AA RLAC:K
No.
To:
Register of Wills for the
. Deceased. County of Cumberland in the
Social Security No. 17fi-c)4-Qfic)c) Commonwealth of Pennsylvania
The petition of the undersigned respectfully represents that:
Your petitioner(s), who is/are 18 years of age or older an the executrix
in the last will of the above decedent, dated February 22
and codicil(s) dated None
named
, 19R-
(state relevant circumstances, e.g. renunciation, death of executor, etc.)
Decendent was domiciled at death in Cumberland County, Pennsylvania, with
h is last family or principal residence at 117 East Marble Street, Borough of Mech-
anicsburg, Cumberland County. Pennsylvania 17055.
(list street, number and muncipality)
Decendent, then 42 years of age, died May 8 , Mk 2001 ,
at Borough of Mechanicsburg, Cumberland County, Pennsylvania
Except as follows, decedent did not marry, was not divorced and did not have a child born or adopted
after execution of the will offered for probate; was not the victim of a killing and was never adjudicated
incompetent: None
Decendent at death owned property with estimated values as follows:
(If domiciled in Pa.) All personal property
(If not domiciled in Pa.) Personal property in Pennsylvania
(If not domiciled in Pa.) Personal property in County
Value of real estate in Pennsylvania
situated as follows: Miller Township, Perry County,
$ Unestimated
$
$
$ Unestimated
Pennsylvania
WHEREFORE, petitioner(s) respectfully request(s) the probate of the last will and codicil(s)
presented herewith and the grant of letters tes tamen tary
(testamentary; administration c.t.a.; administration d.b.n.c.t.a.)
theron.
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Kierna A. Black
117 F.RR~. MRrh1p Strppt
MechanicsburgA PA 17055
OATH OF PERSONAL REPRESENTATIVE
COMMONWEALTH OF PENNSYLVANIA I s~
COUNTY OF CUMBERLAND J S
The petitioner(s) above-named swear(s) or affirm(s) that the statements in the foregoing petition are
true and correct to the best of the knowledge and belief of petitioner(s) and that as personal represen-
tative(s) of the above decedent petitioner(s) will well and truly administer the estate according to law.
swo.rn. to, ~r affirme.9 -E-110d. SUb,scribedJti ~ . __~~LuL-.J ~
. before me ~ I I It-"" ay of K~erna A. Black ~
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I t.v - ~31 - 5
No.
~ 1-01- DY- i4
Estate of
SAMUEL A. BLACK
, Deceased
DECREE OF PROBATE AND GRANT OF LETTERS
11
AND NOW May ~9 2001, in consideration of the petition on
the reverse side hereof, satisfactory proof having been presented before me,
IT IS DECREED that the instrument(s) dated February 22, 1991
described therein be admitted to probate and filed of record as the last will of
Samuel A. Black
and Letters 'T'pg 1"" .qmpn 1""::l ry
are hereby granted to
Kierna A. Black
By
. ' . A r.Q...[ V m ,~/U{j~
egis er of Wills ) ~ fJpto..
& SPARE, P. C. ~.
f
'3b 00
Probate, Letters, Etc. ......... $ tt) ,
:::t~~~esfh .......... $ I~'~~
......~: Ig,~O
h. . 7 TOTAL - $atol.OO
Filed ... ~).' .I ~. : (,of. . . . . . . . . . . . . . . . . . . . .
FEES
ADDRESS
(717) 697-8528
PHONE
LL f(l216 n~ L TO A rr-1
~1-DI-D4~4
REGISTER OF WILLS OF CUMBERLAND COUNTY
OATH OF SUBSCRIBING WITNESS
uly qualified according to
present and saw
codicil
(each) a subscribing witness to the will presented herewith, (each) bein
law, depose(s) and say(s) that
the testat , sign the same and that
request of testat_ in h presence and (i
other subscribing witness(es)).
signed as a witness at the
e presence of each other) (in the presence of the
Sworn to or affirmed and subscribed
me this day of
19_
(Name)
(Address)
Register
(Name)
(Address)
REGISTER OF WILLS OF CUMBERLAND COUNTY
OATH OF NON-SUBSCRIBING WITNESS
Kierna A. Black and Richard C. Snelbaker
(each) a subscriber hereto, (each) being duly qualified according to law, depose(s) and say(s) that
each is familiar with the signature of Samuel A. Black
~k
testaL~ of (mu~x~txmexJmUiCtibi:IlgCxwim~XOOJ the will presented herewith and
oodi:am
that each believes the signature on the will is in the handwriting of
Samuel A. Black~ the Testator therein,
to the best of Oil r
knowledge and belief.
~~~~ )
(Name)
Marble 'Street
Thi~ is to certify that the information here given IS correctly copied from an original cerrific~lte of death dul~ filed with me as
1 'f' '11 b f'orw',ll"ded to the State Vital Records Office for nermanenr filmg.
I ()L:a\ Registrar. The origin,{ cert I Kate WI e t
WARNING: It is illegal to duplicate this copy by photostat or photograph.
Fee for this certificate, $2.00
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P 7401754
No.
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Local Registrar
MAY 1 0 2001
Date
Hl05.143 Rev. 2187
COMMONWEALTH OF PENNSYLVANIA · DEPARTMENT OF HEALTH. VITAL RECORDS
CERTIFICATE OF DEATH
PRIM,.
~
~MENl'
KINK
NAME ~ DECEDENl' {First, Middle, Last)
1. Samue..e AndJte.w B.eac.k
SEX
2. Ma.e e.
AGE (Last Birthday)
UNDER 1 YEAR
Months Days
5.
COUNTY ~ DEATH
UNDER 1 DAV
Hours 1 Minut..
BIRTHPlACE (City and
Stata Of Foreign ~"'lntry)
He.Jt-6ne.!!,rA
PLACE OF DEATH (Check oniy one - see instructions on OthOf sida)
HOSPITAL:
Inpallent 0
7. ...
FACILITY NAME (If not inSlitution. give .tr.... and numbar)
~:;"y) 0
Old
~nt
live In.
lown.hip? 17d.Ci ~~hi=~I':;::' of
MOTHER'S NAME (First, Middle. Maiden Surname)
a Joanne. M. F.e nn
INFORMANT'S MAILING ADDRESS (Street. CitylTown, Stale. l'i' Code)
~.117 Ea-6t MaJtble. St. Me.enan~c.-6buJtg, PA 17055
PLACE OF DISPOSITION. Nam. Of Cemet.ry, Crematory LOCIITION . CllylTown. Stala. Lip Code
or Other Placa
42
Vrs.
~I
. Cumbe.Jt.eand
lb.
DECEDENT'S USUAL OCCUPlJION
(~~'f'n:Iif~~d=u~~~f~~
WAS DECEDENT EVER IN
U.S. ARMED FORCES?
YesO NO~
. 11.. llb.
DECEDENT'S MAILING ADDRESS (Street. CilylTown. State. lip Code)
. 117 Ea-6t Makb.ee. St.
Me.c.han~c.-6bukg, PA 17055
11.
FIITHER'S NAME (First. Middle. Last)
Samuel H. B.eac.k
12. 13.
17.. SI.t. Pe.n1'1 11 lJiva ni a
17b. Coun r.llmh" It in I1d
11.
INFORM,yIT'S NAME ~r'"9
2Oe. K-te.kna /j.{ac.R
METHOD OF DISPOSITION DATE OF DISPOSITION
Burial 0 Cremation ~ Removal from State 0 (Month. Day, Year)
Othe<(Specity\ 0 21b. MAY 14,2001
SERVICE LICENSEE OR PERSON ACTING AS SUCH LICENSE NUMBER
22b.011589L
To the bast of my know1adge. daath oceurred at ths time. date.nd place stated.
(Signatute and TiUe)
SWE FILE NUMBER
SOCIAL SECURITY NUMBER
3. 176 - 54
MARITAL STIITUS - Married
Never M.rrled. w._,
0Iv0rc<<f ISpecity)
Makk-te.a
14.
17c.0 Yes. dec_nl lived in
RACE - ,6.merican Inman, Black, White, efe
(Specity)
10. Wh-i..te.
SURVIVING SPOUSE
(It wife, give maiden name)
Se.~6eJtt
twr
citylborc
23a.
TIME OF DEATH
24. 7: 25PM M. 25.
27. PART I: Enter t~ diseases, injuries or compl;cat'ons whtch caused the death. 00 not enter the mode of dying, luch 81 cardiae or respiratory arrest, shock or heart failure.
list only one cause on each line:.
( :.
d.
WERE AUTOPSV FINDINGS
AVAILABLE PRIOR TO
COMPLEl'ION OF CAUSE
~ DEATH?
DUE TO (OR AS A CONSEOUENCE OF):
MANNER ~ DEATH
DATE ~ INJURV
(Month. Day, Year)
1ij
o
o
21d. HaH~-6bUk , PA 17109
Spk~ng-6,PA 77065
DIITE SIGNED
(Month. Day. Vear)
23b. 230.
WAS CASE REFERRED TO MEDICAL EXAMINERICORONER1
Va. KJ
NoD
21.
t Approxim8le
: interval-.n
I on..t and daath
I
l
PART":
OtMr' significant conditions contributing to death, but
not resutl.ing in the undertying cause given in PART I
TIME OF INJURV
INJURY AT WORK? DESCRIBE HOW INJURV OCCURRED
Pending Invastlgallon
Could not be detarmined
o
o
o ~~E ~ INJURV . At home. lar:~;..t,lectory, OtflCO
IKriIdlng. ate. (Specity)
3Cle.
Natura'
Homickla
Accklant
Ves 0
No 0
Suicide
.210. 21b.
CERTIFIER (Check only ana)
"CEllTII'YIHG PHVSICIAN (Physoc,"" certifying cause of death wtlen another physician has pronounced aeath and completed Item 23)
TO"," beet Of my knowlaclga, da.thocCurredd...IOIllaCIIUM(.).ndmann.....t.ted............................................
211.
'PRONOUNCING AND CER'TtI'YING PHVSICIAN (PlIysician boIh pronouncIng de8th end eertitying to cause ol death)
To ilia beet of my knowlaclge, daath occurred al tho _, dal.,.nd pIac.,.nd d... to tho c.UM(.).nd manner.. .talad......... . .. . ., ... .... ... .
<MEDICAL EXAMINER/CORONER
On the - 01 examination and/or Inveetlgatlon, In my opinion, d.alh occurred ., lhe time, d.le. .nd place, end due 10 Ihe c.uee(.) .nd
_nnet' .. alated.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . .. . .. . . . . . . . . . . . . .. . . . . . . . . , . . . . . . . . . . . .. . . . . . .
31..
REGISTRAR'S SIGNATURE AN
I~ 11d.t llol
o
o
34.
LAST WILL AND TESTAMENT
I, SAMUEL A. BLACK, of the Borough of Mechanicsburg, County
of Cumberland and State of Pennsylvania, being of sound mind,
memory and understanding, do make, publish and declare this to
be my Last Will and Testament, hereby revoking and making void
all former wills, codicils and other testamentary dispositions
by me at any time heretofore made.
1 .
I direct my executrix, hereinafter named, to pay as soon
as practicable after my decease all my just debts and expenses
of my last illness and burial.
2 .
I give, devise and bequeath all the rest, residue and
remainder of my estate, whatsoever and wheresoever situate,
unto my wife, Kierna A. Black, providing she shall survive me
by (60) sixty days.
3 .
Should my said wife, Kierna A. Black, predecease me or
die on or before the sixtieth day following my death, then and
in that event, I give, devise and bequeath my entire estate
unto my Trustee, hereinafter named, IN TRUST for the following
uses and purposes:
A. To use and ?pply so much of the income as, in
Trustee's discretion, may be necessary or
appropriate for my son's, Aaron J. Black,
support and education until he attains the age
of eighteen (18) years. Any income not so
used or applied shall be accumulated and added
to and thereafter treated as a part of
principal.
B. To pay the net income therefrom to my son,
Aaron J. Black, from and after the day and date
he attains the age of eighteen (18) years until
the termination of this trust as hereinafter
provided.
C. As much of the principal of this trust as my
trustee may from time to time think advisable
for the support and education (including post
high school education) of my son, Aaron J. Black,
after taking into consideration his other
readily available assets and sources of income,
or during illness or emergency, shall be either
paid to him or else be applied directly for his
benefit by my trustee.
D. My trustee may apply the net income of this
trust for the support and education of my son,
Aaron J. Black, should he by reason of age,
illness, or any other cause, in the opinion of
my trustee, be incipable of disbursing it.
E. To pay over the balance of the principal and
any accumulated income to my son, Aaron J.
Black, when he attains the age of twenty-five
(25) years at which time the Trust shall
4.
My personal representative, trustee, and guardian shall
have the following powers in addition to those vested in them
by law and by other provisions of my Will, applicable to all
property, including property held for minors, whether principal
or income, exercisable without court approval, and effective
terminate.
until actual distribution of all property.
(A) To retain any or all of the assets of my
estate, real or personal, without regard to
any principle of diversification, risk or
productivity.
(B) To invest in all forms of property, including
stocks, common trust funds and mortgage
investment funds, without restriction to
investments authorized for Pennsylvania
fiduciaries, as they deem proper, without
regard to any principle of diversification, risk
or productivity.
C. To sell at public or private sale, to exchange or
to lease, for any period of time, any real or
personal property and to give options for sales,
exchanges or leases, for such prices and upon
such terms or conditions as they deem proper.
D. To allocate receipts and expenses to principal or
income or partly to each as my Trustee from time
to time thinks proper in its sole discretion.
E. To deliver the assets of my estate and the trust
herein created either ln cash or in kind, or
partly in cash and partly in kind.
S .
I appoint The First Bank and Trust Company of Mechanicsburg,
Pennsylvania, guardian of any property which passes, either under
this Will or otherwise, to a minor and with respect to which I
am authorized to appoint a guardian and have not otherwise speci-
fically done so.
Such guardian shall have the power to use
principal as well as income from time to time for the minor's
education (including post high school education), support and
welfare, or to make payment for these purposes, without further
responsibility, to the minor or to any person taking care of
the minor.
6 .
I appoint The First Bank and Trust Company of Mechanicsburg,
Pennsylvania, trustee of the trust created by this my Last Will
7 .
I hereby nominate, constitute and appoint my wife, Kierna
A. Black, executrix of this my Last Will and Testament. Should
my said wife fail to qualify or cease to act as executrix, then
and in that event, I nominate, constitute and appoint my sister,
Constance E. Roland, executrix of this my Last Will.
8 .
Should my said wife, Kierna A. Black, predecease me, I
appoint my sister-in-law and her husband, Margaret Annan Hollinger
and Eric L. Hollinger, and the survivor of them, guardians of the
person of my minor son.
9 .
I direct that my personal representatives, trustee and
guardian shall not be required to give bond for the faithful
perfornance of their duties in any jurisdiction.
IN WITNESS WHEREOF, I, Samuel A. Black, the Testator have
hereunto set my hand and seal to this my Last Will and Testament
on this;Ld..~J.. day of I::'" { 1991.
1 ~"V) ~ V\. 0... t-'-(
~/CyY~a~~ .
(S E AL)
Signed, sealed, published and declared by the within named
Samuel A. Black as and for his Last Will and Testament in the
presence of us, who, at his request, in his presence and in the
presence of each other, have hereunto subscribed our names as
witnesses thereto.
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CERTIFICATION OF NOTICE UNDER RULE 5.6(a)
Name of Decedent: Samuel A. Black, Deceased
Date of Death:
May 8,2001
No. 2001-00484
PA No. 2101-0484
To the Register:
I certify that notice of beneficial interest required by Rule 5.6(a) of the
Orphans' Court Rules was served on or mailed to the following beneficiaries of the
above-captioned estate on or about May 21, 2001:
Name
Address
Kierna A. Black
117 East Marble Street
Mechanicsburg, P A 17055
Notice has now been given to all persons entitled thereto under Rule 5.6(a) except:
NONE.
Date: May 21, 2001
Richard C. Snelbaker, Esquire
44 West Main Street
Mechanicsburg, PA 17055-0318
(717) 697-8528
(I
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MAY 1 6 2003 \1'
RE: ESTATE OF
SAMUEL A. BLACK, LATE OF
BOROUGH OF MECHANICSBURG
CUMBERLAND COUNTY,
PENNSYLVANIA, DECEASED
IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSYLVANIA
ORPHANS' COURT DIVISION
ESTATE NO. 21-01-0484
DECREE AWARDING REAL ESTATE
AND NOW, thiS'U "\ay of
, 2003, it appearing that the First and Final
Account and Statement of Proposed Distribution of
rna A. Black, Executrix of the Estate and under the
Last Will and Testament of Samuel A. Black, Deceased, have been duly filed and advertised according to
law and rules of court, and that said Account was duly confirmed and Statement of Proposed Distribution
duly approved by this Court on June 17, 2003~ and it further appearing that said Executrix has proposed in
said Statement of Proposed Distribution to distribute the Decedent's real estate in kind to herself in her
individual capacity, as beneficiary under the above mentioned Last Will and Testament, and said Court
having decreed distribution in accordance with said Statement of Proposed Distribution on June 17, 2003
IT IS ORDERED, ADJUDGED and DECREED that all right, title and interest of the said
SAMUEL A. BLACK, Deceased, in and to the following described real estate is hereby awarded in fee
simple to KIERNA A. BLACK:
ALL that certain piece, parcel and lot of ground, situate in Miller Township, Perry County,
Pennsylvania, more particularly bounded and described as follows, to wit:
LAW OFFICES
SNELBAKER
BRENNEMAN
& SPARE
BEGINNING at an iron pin at the southwestern comer of Lot No. 16 on a Plan of three lots
surveyed by Earl D. Palm, R.S., in November of 1969 on the northern side of the Old Pennsylvania
Canal Towpath, now owned by the Penn Central Railroad Company; thence by the northern side of
the Old Pennsylvania Canal Towpath, now the Penn Central Railroad Company, South 38 degree~
32 minutes West, one hundred fifty (150.00) feet to an iron pin at lands now or formerly of Donald
P. and Jane W. McHale; thence by said latter lands, North 32 degrees 30 minutes West, three
hundred forty-two (342) feet to a point at the low water mark of the Juniata River; thence along the
southern bank of the Juniata River in a northeasterly direction by its various courses, one hundred
fifty (150.00) feet, more or less, to a point at the northwestern comer of Lot No. 16 in the
aforementioned Plan of Lots; thence by the western side of Lot No. 16, South 32 \grees 30
...
minutes East, three hundred fifteen (315.00) feet to an iron pin on the northern side of the said
Towpath, the place of BEGINNING.
CONTAINING 1.1 acres, more or less.
BEING Lot No. 17 in a Plan of survey conducted by Earl D. Palm, R.S., in November of
1969, and being an extension of the Plan of Lots of Ralph Bretz, as recorded in Perry County Plan
Book 4, Page 69.
UNDER AND SUBJECT to all rights-of-way of record in the chain of title and as shown
on the Plan of Lots hereinbefore mentioned.
SUBJECT to a right-of-way of ingress and egress over the entire southern sixteen (16) feet
of the property herein conveyed, which right-of-way shall adjoin the northern side of the
hereinbefore mentioned TO\\lpath in common with all property owners owning lots adjoining said
Towpath, as shown on the Plan of Lots hereinbefore mentioned, as recorded in Perry County Plan
Book 4, Page 69, and the plan of three lots as surveyed by Earl D. Palm, R.S., in November of
1969, which is attached hereto marked "Exhibit A" and made a part hereof by reference.
TOGETHER WITH the right of ingress and egress from Township Road #440 leading
from Newport to Bailey's twenty (20) feet in width to the property herein conveyed; said right-of-
way shall include a right-of-way sixteen (16) feet in width along the southern side of the lots as
shown on the hereinbefore mentioned Plan of Lots, as recorded in Perry County Plan Book 4, Page
69, and the plan of three (3) lots as surveyed by Earl D. Palm, R.S., in November of 1969 in
common with the owners of all other lots and the Grantor herein.
BEING the same premises which Donald P. McHale and Jane W. McHale, his wife, by
their deed dated September 20, 1988, and recorded in the Recorder's Office aforesaid in Deed
Book 0512, Page 126, granted and conveyed to Samuel A. Black, the Decedent herein.
IT IS FURTHER ORDERED AND DIRECTED that a certified copy of this Decree shall be
recorded in the Office of the Recorder of Deeds in and for Perry County, Pennsylvania, among the deeds
recorded in said Office, said Decree to be indexed in the Grantor Index for Deeds against the Estate of
SAMUEL A. BLACK, Deceased, and in the Grantee Index for Deeds to KIERNA A. BLACK, pursuant to
00
-~ the SectThn 3536 dfthe Decedents, Estates and Fiduciaries Code (20 Pa. C.S. 3536).
, 0"1 ~--
LAW OFFICES
SNELBAKER.
BRENNEMAN
& SPARE
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RE: ESTATE OF
SAMUEL A. BLACK, LATE OF
BOROUGH OF MECHANICSBURG
CUMBERLAND COUNTY,
PENNSYLVANIA, DECEASED
IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSYLVANIA
ORPHANS' COURT DIVISION
ESTATE NO. 21-01-0484
DECREE AWARDING REAL ESTATE
O h.....~ d f ~ ., . .
AND N W, t IS I" ay 0 , 2003, It appeanng that the FIrst and FInal
Account and Statement of Proposed Distribution 0 . rna A. Black, Executrix of the Estate and under the
Last Will and Testament of Samuel A. Black, Deceased, have been duly filed and advertised according to
law and rules of court, and that said Account was duly confirmed and Statement of Proposed Distribution
duly approved by this Court on June 17, 2003; and it further appearing that said Executrix has proposed in
said Statement of Proposed Distribution to distribute the Decedent's real estate in kind to herself in her
individual capacity, as beneficiary under the above mentioned Last Will and Testament, and said Court
having decreed distribution in accordance with said Statement of Proposed Distribution on June 17, 2003
IT IS ORDERED, ADJUDGED and DECREED that all right, title and interest of the said
SAMUEL A. BLACK, Deceased, in and to the following described real estate is hereby awarded in fee
simple to KIERNA A. BLACK:
ALL that certain piece, parcel and lot of ground, situate in Miller Township, Perry County,
Pennsylvania, more particularly bounded and described as follows, to wit:
LAW OFFICES
SNELBAKER
BRENNEMAN
& SPARE
BEGINNING at an iron pin at the southwestern comer of Lot No. 16 on a Plan of three lots
surveyed by Earl D. Palm, R.S., in November of 1969 on the northern side of the Old Pennsylvania
Canal Towpath, now owned by the Penn Central Railroad Company; thence by the northern side of
the Old Pennsylvania Canal Towpath, now the Penn Central Railroad Company, South 38 degrees
32 minutes West, one hundred fifty (150.00) feet to an iron pin at lands now or formerly of Dcnald
P. and Jane W. McHale; thence by said latter lands, North 32 degrees 30 minutes West, three
hundred forty-two (342) feet to a point at the low water mark of the Juniata River; thence along the
southern bank of the Juniata River in a northeasterly direction by its various courses, one hundred
fifty (150.00) feet, more or less, to a point at the northwestern comer of Lot No. 16 in the
aforementioned Plan of Lots; thence by the western side of Lot No. 16, South 32 degrees 30
,- .. .
minutes East~ three hundred fifteen (315.00) feet to an iron pin on the northern side of the said
Towpath, the place of BEGINNING.
CONTAINING 1.1 acres, more or less.
BEING Lot No. 17 in a Plan of survey conducted by Earl D. Palm, R.S., in November of
1969, and being an extension of the Plan of Lots of Ralph Bretz, as recorded in Perry County Plan
Book 4, Page 69.
UNDER AND SUBJECT to all rights-of-way of record in the chain of title and as shown
on the Plan of Lots hereinbefore mentioned.
SUBJECT to a right-of-way of ingress and egress over the entire southern sixteen (16) feet
of the property herein conveyed, which right-of-way shall adjoin the northern side of the
hereinbefore mentioned Towpath in common with all property owners owning lots adjoining said
Towpath, as shown on the Plan of Lots hereinbefore mentioned, as recorded in Perry County Plan
Book 4, Page 69, and the plan of three lots as surveyed by Earl D. Palm, R.S., in November of
1969, which is attached hereto marked "Exhibit A" and made a part hereof by reference.
TOGETHER WITH the right of ingress and egress from Township Road #440 leading
from Newport to Bailey's twenty (20) feet in width to the property herein conveyed; said right-of-
way shall include a right-of-way sixteen (16) feet in width along the southern side of the lots as
shown on the hereinbefore mentioned Plan of Lots, as recorded in Perry County Plan Book 4~ Page
69, and the plan of three (3) lots as surveyed by Earl D. Palm, R.S., in November of 1969 in
common with the owners of all other lots and the Grantor herein.
BEING the same premises which Donald P. McHale and Jane W. McHale, his wife, by
their deed dated September 20, 1988, and recorded in the Recorder's Office aforesaid in Deed
Book 0512, Page 126, granted and conveyed to Samuel A. Black, the Decedent herein.
IT IS FURTHER ORDERED AND DIRECTED that a certified copy of this Decree shall be
recorded in the Office of the Recorder of Deeds in and for Perry County, Pennsylvania, among the deeds
recorded in said Office, said Decree to be indexed in the Grantor Index for Decds against the Estate of
SAMUEL A. BLACK, Deceased, and in the Grantee Index for Deeds to KIERNA A. BLACK, pursuant to
the Section 3536ofthe' D~~edents, Estates and Fiduciaries Code (20 Pa. C.S. 3536).
. .
~~.
I-
I.
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~~ '. ~<<
, J.
LAW OFFICES
SNELBAKER
BRENNEMAN
& SPARE
LAW OFFICES
SNELBAKER.
BRENNEMAN
& SPARE
RE: ESTATE OF SAMUEL
A. BLACK, LATE OF
BOROUGH OF MECHANICSBURG,
CUMBERLAND COUNTY,
PENNSYL VANIA, DECEASED
IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSYLVANIA
ORPHANS' COURT DIVISION
ESTATE NO: 21-01-0484
DECREE CA CELLING DEC E DATED MAY 20 2003
AND NOW, this ~ day of , 2003, upon consideration of the
within Motion to Correct Distribution Process Resul . rom Decree Awarding Real Estate
Prematurely Entered, it is
ORDERED AND DECREED: That the Decree Awarding Real Estate entered on May 20,
2003, is hereby cancelled and made void as though never entered.
By the Court,
P.l
; : 1~~~
1 c !-
(-n
c~l.J~
RE: ESTATE OF SAMUEL
A. BLACK, LATE OF
BOROUGH OF MECHANICSBURG,
CUMBERLAND COUNTY,
PENNSYLVANIA, DECEASED
IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSYLVANIA
ORPHANS' COURT DIVISION
ESTATE NO: 21-01-0484
MOTION TO CORRECT DISTRIBUTION PROCESS RESULTING
FROM DECREE AWARDING REAL EST ATE PREMATURELY ENTERED
TO THE HONORABLE GEORGE E. HOFFER, President Judge:
AND NOW, comes Kierna A. Black, Executrix of the Estate and under the Last Will and
Testament of Samuel A. Black, Deceased, by Snelbaker, Brenneman & Spare, P.C., her attorneys
and avers the following:
1. On or about May 16,2003, said Executrix filed with the Register of Wills and
Clerk of Orphans' Court her First and Final Account with Statement of Proposed Distribution,
together with a suggested Decree Awarding Real Estate.
2. By apparent inadvertence, the suggested Decree Awarding Real Estate was
transmitted to the Court prior to the presentation and confirmation of the First and Final Account,
which form of Decree was signed by the Court on May 20,2003. A true and correct copy of said
Decree is attached hereto marked "Exhibit A" and incorporated herein by reference thereto.
3. The First and Final Account was duly confirmed and distribution ordered by
Decree of this Court on June 17, 2003.
4. Because of the premature issuance of the attached Decree Awarding Real Estate,
it is necessary to cancel said attached Decree and to issue a revised Decree A warding Real Estate
LAW OFFICES
SNELBAKER.
BRENNEMAN
8: SPARE
which conforms to the sequence of the confirmation of the First and Final Account.
LAW OFFICES
SNELBAKER.
BRENNEMAN
& SPARE
WHEREFORE, Executrix respectfully requests your Honorable Court to (a) cancel and
void the Decree Awarding Real estate dated May 20,2003, and (b) issue a revised and new
Decree Awarding Real Estate based upon the confirmation of account on June 17,2003.
SNELBAKER, BRENNEMAN & SPARE, P.C.
BY:U~ /~ _
~ESqUire
44 West Main Street
P.O. Box 318
Mechanicsburg, P A 17055-0318
(717) 697-8528
Attorneys for Executrix
-2-
RE: ESTATE OF
SAlYIUEL A. BLACK. LATE OF
BOROUGH OF rvlECHANICSBURG
CUlYIBERLAND COUNTY.
PENNSYL VANIA, DECEASED
IN THE COURT OF COl'vIl'vION PLEAS OF
CUrvIBERLAND COUNn". PEN'NSYL VANIA
ORPHANS' COURT DIVISION
ESTATE NO. 21-01-0484
DECREE A\VARD~G REAL ESTATE
AND NO\V. this 2C)TI-I day of rV( A '''---{ . 2003. it appearing that the First and Final
''---
Account and Statement of Proposed Distribution of Kierna A. Black. Executrix of the Estat~ and under the
: Last \Vill and Testament of Samuel A. Black. Deceased. have be~n duly filed and acve;:lsed accJrding to
la,\" and ndes of court. and that said Account \\"as duly confirmed and Statement of Proposed Distribution
duly approved by this Court on June 17,2003: and it further appearing that said Executrix has proposed in
said Statement of Proposed Distribution to distribute the Decedent's real ~state in kind to herself in her
individual capacity, as beneficiary under the above mentioned Last Will and Testament. and said Court
having decreed distribution in accordance with said Statement of Proposed Distribution on June 17, 2003
IT IS ORDERED, ADJUDGED and DECREED that all right. title and interest of the said
SAl\IUEL A. BLACK, Deceased. in and to the following described real estate is hereby awarded in fee
simple to KIERl~A A. BLACK:
ALL that certain piece. parcel and lot of ground. situat~ in l\liller To\\"nship, Perry County.
Pennsylvania. more particularly bounded and described as follo\vs. to \\"it:
:: ::;.::...::::::
BEGINNING at an iron pin at the southwestern corner of Lot No. 16 on a Plan of three lots
surveyed by Earl D. Palm. R.S.. in November of 1969 on the northern side of the Old Pennsylvania
Canal To\vpath. no\v owned by the Penn Central Railroad Company: thence by the northern side of
the Old Pennsylvania Canal Tmvpath. no\\;" the Penn Central Railroad Company. South 38 degrees
32 minutes \tVest. one hundred fifty (150.00) feet to an iron pin at lands now or formerly of Donald
P. and Jane \tV. l\IcHale: thence by said latter lands. North 32 degrees 30 minutes \tVest. three
hundred fony-t\vo (342) feet to a point at the low \vater mark of the Juniata River: thence along the
southern bank of the Juniata River in a northeasterly direction by its various courses. one hundred
tiny (L50.00) feel. more or less. to a point at the north\vestern comer of Lot 1\0. 16 in the
J.toremennonl.:d Plan cf Lots: thcnc~ by ~!1c \\'est~r;I SIde cf Lot NO.1 f). South ::-2 dc~re~s :,\
_..:. ,'" 4" ....__
.= ,'.. ~:..=..:.." ~ ~
-=.:::: "I ~ :::.'.:';' "i
EXHIBIT A
minutes East~ three hundred fifteen (315.00) feet to an iron pin on the northern side of the said
Towpath~ the place of BEGINNING.
CONTAINING 1.1 acres, more or less.
BEING Lot No. 17 in a Plan of survey conducted by Earl D. Palm. R.S.. in November of
1969. and being an extension of the Plan of Lots of Ralph Bretz. as recorded in Perry County Plan
Book 4. Page 69.
UNDER AND SUBJECT to all rights-of-\\'ay of record in the chain of tItle and as sho\\n
on the Plan of Lots hereinbefore mentioned.
SUBJECT to a right-of-\\'ay of ingress and egress over the entire southern si:\:tc~n (16) feet
of the property herein conveyed. which right-of-way shall adjoin the northern side of the
hereinbefore mentioned To\\-path in common with all property o\\"ners O\\'ning lots adJoining said
TO\\-path. as ShO\\'11 on the Plan of Lots hereinbefore mentIOned. as r~corded 111 P..:r:-y C cum: Pbn
Book 4. Page 69. and the plan of three lots as surveyed by Earl D. PJ.lm. R.S. in :-;O\'cmber of
1'169. \\"hich is attached hereto marked "Exhibit A" and made a pJ.IT hereof by reference
TOGETHER \VITH the right of ingress and egress from T o\\"nship Road #4-W leading
from Ne\\-port to Bailey's nventy (20) feet in \vidth to the property herein conveyed: said right-of-
way shall include a right-of-\vay sixteen (16) feet in width along the southern side of the lots as
sho\vn on the hereinbefore mentioned Plan of Lots~ as recorded in Perry County Plan Book 4~ Page
69~ and the plan of three (3) lots as surveyed by Earl D. Palm, R.S., in November of 1969 in
common with the o\vners of all other lots and the Grantor herein.
BEING the same premises \vhich Donald P. ~tcHale and Jane \V. lVIcHale. his wife, by
their deed dated September 20~ 1988, and recorded in the Recorder's Office aforesaid in Deed
Book 0512, Page 126, granted and conveyed to Samuel A. Black. the Decedent herein.
IT IS FURTHER ORDERED AND DIRECTED that a certified copy of this Decree shall be
recorded in the Office of the Recorder of Deeds in and for Perry County. Pennsylvania. among the deeds
recorded in said Office. said Decree to be indexed in the Grantor Index for Deeds against the Estate of
SANIUEL A. BLACK. Deceased. and in the Grantee Index for Deeds to KIERl'IA A. BLACK. pursuant to
the Section 3536 of the Decedents. Estates and Fiduciaries Code (20 Pa. C.S. 3536).
2:. S.:;j~~=:
A TRUE COpy FROM RECORD
In Testimony wherof. I hereunto
set my hand and the seal
of said Court at Carlisle. PA ._
.tThiS. 2~ay~r ~'-I ~Q~
i"'-.JLW~u\'-111. ~LL-.lW)~+- \
II Clerk of tRe-orphans Cou
Cumberland County
By the Court.
LAW OFFIC:=:S
SN:::L8AKE=:.
2RENNEMAN
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ESTATE NO. 21-01-0484
FIRST AND FINAL ACCOUNT AND STATEMENT OF PROPOSED
DISTRIBUTION OF AND BY KIERNA A. BLACK, EXECUTRIX
OF THE ESTATE AND UNDER THE LAST WILL AND TESTAMENT
OF SAMUEL A. BLACK, DECEASED, LATE OF THE BOROUGH OF
MECHANICSBURG, CUMBERLAND COUNTY, PENNSYLVANIA
Kierna A. Black, Executrix as aforesaid and Accountant herein,
avers as follows:
DATE OF DECEDENT'S DEATH:
DATE LETTERS TESTAMENTARY ISSUED:
May 8, 2001
May 17,2001
DATES EXECUTOR'S NOTICE ADVERTISED:
Cumberland Law Journal
Patriot-News Co.
June 1, 8, 15, 2001
May 29, June 5, 12, 2001
FIRST AND FINAL ACCOUNT
PERSONALTY - PRINCIPAL ACCOUNT
DEBITS
'"he Accountant charges herself with the receipt of the Decedent's personalty,
goods and chattels as set forth in her inventory heretofore filed in the amount of:
TOTAL, PERSONALTY, PRINCIPAL ACCOUNT, DEBITS:
$ 249,669.76
$ 249,669.76
PERSONALTY - PRINCIPAL ACCOUNT
CREDITS
he Accountant claims credit for the payment of the following items from
Decedent's Personalty Account:
Hollinger Funeral Home & Crematory, Inc., funeral services
). Snelbaker, Brenneman & Spare, P.C., attorney services
3. Snelbaker, Brenneman & Spare, P.C., costs advanced:
a. Register of Wills probate fees
b. Cumberland Law Journal, advertising Executrix notice
c. Patriot-News, advertising Executrix notice
d. Register of Wills, certified Will for federal return
e. Register of Wills, filing fee for Inheritance Tax Return
f. Register of Wills, additional probate fee
g. Greenawalt & Company, P.C., tax consultation fee
TOTAL, PERSONALTY, PRINCIPAL ACCOUNT, CREDITS:
$ 3,788.32
3,200.00
569.10
267.00
75.00
110.10
2.00
10.00
35.00
70.00
$ 7,557.42
PERSONALTY - INCOME ACCOUNT
DEBITS
LAW OFFiCES
SNELBAr<.ER
BRENNEMAN
& SPARE
he Accountant charges herself with the receipt of the following
Income from the investment of Personalty Principal:
TOTAL, PERSONALTY, INCOME ACCOUNT, DEBITS:
$
$
NONE
NONE
Page 1
LAW OFFICES
SNELBAKER.
BRENNEMAN
Be SPARE
. "
PERSONAL TV - INCOME ACCOUNT
CREDITS
The Accountant claims credit for the payment of the following items
from the Personalty Principal Account:
TOTAL, PERSONAL TV, INCOME ACCOUNT, CREDITS:
$
$
NONE
NONE
REAL ESTATE - PRINCIPAL ACCOUNT
DEBITS
The Accountant charges herself with the receipt of Decedent's
Real Estate as set forth in her Inventory heretofore filed in the
amount of:
TOTAL, REAL ESTATE, PRINCIPAL ACCOUNT, DEBITS:
$ 17,000.00
$ 17,000.00
REAL EST ATE - PRINCIPAL ACCOUNT
CREDITS
The Accountant claims credit for the payment of the following
items from Real Estate Principal Account:
1. Diversified Appraisal Services, appraisal fee
TOTAL, REAL ESTATE, PRINCIPAL ACCOUNT, CREDITS:
$
$
1,550.00
1,550.00
REAL ESTATE - INCOME ACCOUNT
DEBITS
The Accountant charges herself with the receipt of the
income from the investment of Real Estate Principal Account:
TOTAL, REAL ESTATE, INCOME ACCOUNT, DEBITS:
$
$
NONE
NONE
REAL ESTATE - INCOME ACCOUNT
CREDITS
The Accountant claims credit for the payment of the following items
From the Real Estate Income Account:
TOTAL, REAL ESTATE, INCOME ACCOUNT, CREDITS:
$ NONE
$ NONE
Page 2
LAW OFFICES
SNELBAKER,
BRENNEMAN
Be SPARE
I
PERSONALTY:
PRINCIPAL ACCOUNT:
Debits
Credits
Balance
INCOME ACCOUNT:
Debits
Credits
Balance
TOTAL PERSONALTY
REAL ESTATE:
PRINCIPAL ACCOUNT:
Debits
Credits
Balance
INCOME ACCOUNT:
Debits
Credits
Balance
TOT AL REAL EST ATE:
TOTAL FOR DISTRIBUTION'
RECAPITULA TION
Page 3
$ 249,669.76
$ 7,557.42
$ 242,112.34
$ NONE
$ NONE
$ NONE
$ 17,000.00
$ 1,550.00
$ 15,450.00
$ NONE
$ NONE
$ NONE
.'
..
. "
$ 242,112.34
$ 15,450.00
$ 257,562.34
LA W OFFICES
SNELBAKER.
BRENNEMAN
& SPARE
.A . J iI
COMMONWEALTH OF PENNSYLVANIA)
55.
COUNTY
OF CUMBERLAND)
Kierna A. Black, being duly sworn according to law deposes and
says: that she is the Executrix of the Estate and under the Last Will and
Testament of Samuel A. Black, Deceased; that she is the Accountant herein;
that the foregoing is a true and complete accounting of her administration of
said Estate; that the attached list or schedule [*] contains the names,
addresses and amounts due unpaid creditors who have given proper notice
of their claims; that the attached list or schedule [**] contains the names and
addresses of all persons interested in the distribution of said Estate; and that
the facts set forth herein are true and correct to the best of her knowledge,
information and belief.
~;;yJ~
Kierna A. Black, Executrix
Sworn to and subscribed ~fore
me this d 9-n.,day of Lf;:71R-1 C 2003
_~O-~ ~ ?loA
~SaaJ
~ L.~, ~Publtc
~Jl!!~~Qm-~.OQUfft'1
\::.t.~~~ !jpb'G~ t~ 24 00i:i~~
'\;,~5o~, :7:';~:'-':,. '. -,.. ,/. ~::".::,; '~f1~~~f:;'
Page 4
LA W OFFICES
SNELBAKER,
BRENNEMAN
& SPARE
*
UNPAID CREDITORS:
** PERSONS INTERESTED IN DISTRIBUTION OF ESTATE:
1, Kierna A. Black
117 East Marble Street
Mechanicsburg, PA 17055
Page 5
{' .. I.
NONE
LA W OFFICES
SNELBAKER.
BRENNEMAN
& SPARE
,c' ..-
STATEMENT OF PROPOSED DISTRIBUTION
Kierna A. Black, Executrix and Accountant herein, proposes to
distribute the balance of the Estate of Samuel A. Black, Deceased, to wit:
$257,562.34 in accordance with the Last Will and Testament of said Decedent
as follows:
1. TO:
Kierna A. Black
100% of residue as per Item 2 of Will
$ 257,562.34
TOTAL DISTRIBUTION:
$ 257,562.34
Page 6
LAW OFFICES
SNELBAKER.
BRENNEMAN
8c SPARE
. ,.
COMMONWEALTH OF PENNSYLVANIA)
SS.
COUNTY
OF CUMBERLAND:
Kierna A. Black, being duly sworn according to law, deposes and
says that the facts set forth in the foregoing Statement of Proposed Distribution
are true and correct to the best of her knowledge, information and belief.
~~() ,vi!ad))
Kierna A. Black, Executrix
Sworn to and subscribed before me
this ~~flaay of j:JpJf!'~2003.
Lx:~
~8ea1
~.: ~~=.~00unIV
~~Ncw.M~ OOM
~'t..,,>%,1f;f/iJ ;,'"',~;-:?i;;:'if!'J''; .~ "'1'1.';:./",,1;7''') !!l i~t~~
Page 7
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF CUMBERLAND
I
J
ss:
~
..J
Kierna A. Black
being duly swo rn according to law, deposes and says that she ic th@ Exec l1t rj y
of the Estate of Samuel A. Black
late of _BQ~O\J.SIll_ _ of -.11~911~nic ~~~ , Cumberland County, Pa., deceased and that the
within is an inventory made by Kierna A. Black _, the said Executrix
of the entire estate of said decedent, consisting of all the personal prop~rty and real estate, except real estate outside
the Commonwealth of Pennsylvania, and that the figures opposite each item of the Inventory represent it's fair value
as of the date of decedent's death.
Sworn
and subscribed before me,
dl't-fb1 de. 1 6,L H P~/ t ){9( 2003
L ;( '~A
~':..,:{i'3:~:J';f;'~ ct f~~
Date of De<lth
8th
Day
~ (/mvlJ0
Executor. Administrator
Kierna A. Black, Executrix
117 East Marble Street
Mprn~nir~hl1rg. PA 17055
Address
May
Month
2001
Year
INSTRUCTIONS
I. An inventory must be filed within three months after appointment of personal representative.
2. A supplement inventory must be filed within thirty days of discovery of additional assets.
3. Additional sheets may be attached as to personalty or realty
4. See Article IV, Fiduciaries Act of 1949.
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Inventory of the real and personal estate of
SAMUEL A. BLACK, Deceased
PERSONAL TV:
1 IBM, 32 shares of common stock valued at $116.63 per share
2 Affinity Online, Inc., 37,879 shares of common stock valued at $ .33 per share
3 S.H. Black & Son, Inc., 51 % ownership
4 J.P. Turner & Company, L.L.C., investment account #13308973
TOTAL PERSONAL TV:
$ 3,732.16
12,500.07
230,265.00
3,172.53
$ 249,669.76
REAL ESTATE:
Property consisting of 1.1 acre tract of land located at James Drive,
Miller Township, Perry County, Pennsylvania
17,000.00
$
266,669.76
TOTAL PERSONAL TV AND REAL ESTATE:
00
~
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-
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1..0
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.:30
Page 1
..21-01- Y~1
DEPARTMENT OF THE TREASURY
201 W. Rivercenter Blvd., Covington KY 41019
~\b INTERNAL REVENUE SERVICE
WI' Internal Revenue Service Center
ESTATE TAX CLOSING LETTER
(NOT A BILL FOR TAX DUE)
Date:
August 14, 2002
Estate of
SAMUEL A BLACK
Decedent's Social Security Number:
176-54-9655
Date of Death:
May 8, 2001
Person to Contact:
Brian Kaufmann
Contact Telephone Number:
1-866-699-4083
KIERNA A BLACK
% RICHARD C SNELBAKER
44 WEST MAIN ST
MECHANICSBURG PA 17055
Our computation of the Federal tax liability for the above estate is shown at the bottom of this letter.
It does not include any interest thatmay be charged. If you have made a request for discharge of
personal liability under Section 2204 of the Internal Revenue Code, proof of request and payment of
tax will discharge you from personal liability for the tax and any deficiency that may later be found due.
This letter and proof of payment, such as canceled checks or receipts, will establish that your
personal liability for the tax has been settled.
This letter is evidence that the Federal tax return for the estate has either been accepted as filed or
has been accepted after an adjustment to which you have agreed. You should keep this letter as a
permanent record. Your attorney may need it to close probate proceedings for the estate.
This is not a formal closing agreement under Section 7121 of the Internal Revenue Code. We will
not reopen this case unless Revenue Procedure 94-68 applies.
Sincerely,
'-/(
.
.
Field Director, Cincinnati Compliance Service Center.
TENTATIVE TAX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
LESS: TOTAL GIFT TAXES PAYABLE $0.00
(FOR GIFTS MADE AFTER 12/31/1976)
UNIFIED CREDIT $220,550.00
CREDIT FOR STATE DEATH TAXES $0.00
CREDIT FOR FEDERAL GIFT TAXES $0.00
CREDIT FOR FOREIGN DEATH TAXES $0.00
CREDIT FOR TAX ON PRIOR TRANSFERS $0.00
TOTAL SUBTRACTIONS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NET ESTATE TAX
GENERATION SKIPPING TRANSFER TAXES
TOTAL ESTATE TAXES. . . . . . . .'. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$10,613.96
$220,550.00
$0.00
$0.00
$0.00
, I t, -dJ / -__rJ
COMMONWEALTH OF PENNSYLVANIA
DEPARTMENT OF REVENUE
BUREAU OF INDIVIDUAL TAXES
INHERITANCE TAX DIVISION
DEPT. Z80601
HARRISBURG, PA 171Z8-0601
NOTICE OF INHERITANCE TAX
APPRAISEMENT 1 ALLOWANCE OR DISALLOWANCE
OF DEDUCTIONS AND ASSESSMENT OF TAX
RICHARD C SNELBAKER U2
SNELBAKER ETAL
44 W MAIN ST
MECHANICSBURG
DATE
ESTATE OF
DATE OF DEATH
FILE NUMBER
COUNTY
ACN
04-01-2002
BLACK
05-08-2001
21 01-0484
CUMBERLAND
101
f\F[( -~
-c;u
*'
/
V
REV-1547 EX AFP (01-02)
SAMUEL
A
Allount Rellitted
l~_,
P AcllR;~5
MAKE CHECK PAYABLE AND REMIT PAYMENT TO:
REGISTER OF WILLS
CUMBERLAND CO COURT HOUSE
CARLISLE1 PA 17013
CUT ALONG THIS LINE ~ RETAIN LOWER PORTION FOR YOUR RECORDS ~
RE-V = iS47-Ex--AFP--foi-:ozl--NcfficE--oF-'rNHEifiTAifcE-TAx-A-PPRA-isEi'-ENT~--A[ioWAifcE-ifR-------------- ---
DISALLOWANCE OF DEDUCTIONS AND ASSESSMENT OF TAX
ESTATE OF BLACK SAMUEL A FILE NO. 21 01-0484 ACN 101 DATE 04-01-2002
TAX RETURN WAS: (X) ACCEPTED AS FILED
CHANGED
RESERVATION CONCERNING FUTURE INTEREST - SEE REVERSE
APPRAISED VALUE OF RETURN BASED ON: ORIGINAL RETURN
1. Real Estate (Schedule A)
2. Stocks and Bonds (Schedule B)
3. Closely Held Stock/Partnership Interest (Schedule C)
4. Mortgages/Notes Receivable (Schedule D)
S. Cash/Bank Deposits/Misc. Personal Property (Schedule E)
6. Jointly Owned Property (Schedule F)
7. Transfers (Schedule G)
8. Total Assets
(1)
(2)
(3)
(4)
(S)
(6)
(7)
17.000.00
16.232.23
.00
.00
233.437.53
80.246.79
6.667.35
(8)
APPROVED DEDUCTIONS AND EXEMPTIONS:
9. Funeral Expenses/Adll. Costs/Misc. Expenses (Schedule H)
10. Debts/Mortgage Liabilities/Liens (Schedule I)
11. Total Deductions
12. Net Value of Tax Return
13. Charitable/Governllental Bequests; Non-elected 9113 Trusts (Schedule J)
14. Net Value of Estate Subject to Tax
(9)
(10)
91000.42
.00
(11)
(12)
(13)
(14)
NOTE: I~ an assessment was issued previously, lines
re~lect ~igures that include the total o~ ALL
ASSESSMENT OF TAX:
IS. Allount of Line 14 at Spousal rate (IS)
16. Allount of Line 14 taxable at Lineal/Class A rate (16)
17. Allount of Line 14 at Sibling rate (17)
18. Allount of Line 14 taxable at Collateral/Class B rate (18)
19. Principal Tax Due
TAX CREDITS:
NOTE: To insure proper
credit to your account 1
subllit the upper portion
of this forll with your
tax paYllent.
3531583.90
9 000 42
3441583.48
.00
3441583.48
14, 15 and/or 16, 17, 18 and 19 will
returns assessed to date.
3441583.48 X 00 =
.00 X 045=
.00 X 12 =
.00 X 15 =
(19)=
.00
.00
.00
.00
.00
I "' I n..." I KE[;EIt"T (+J AMOUNT PAID
DATE NUMBER INTEREST/PEN PAID (-)
TOTAL TAX CREDIT .00
BALANCE OF TAX DUE .00
INTEREST AND PEN. .00
TOTAL DUE .00
· IF PAID AFTER DATE INDICATED 1 SEE REVERSE
FOR CALCULATION OF ADDITIONAL INTEREST.
IF TOTAL DUE IS LESS THAN $11 NO PAYMENT IS REQUIRED.
IF TOTAL DUE IS REFLECTED AS A "CREDIT" (CR)I YOU MAY BE DUE
A REFUND. SEE REVERSE SIDE OF THIS FORM FOR INSTRUCTIONS.)
\ ~ / t:. -- .;2~? / - ~)~
BUREAU OF INDIVIDUAL TAXES
INHERITANCE TAX DIVISION
DEPT. 280601
HARRISBURG, PA 17128-0601
COMMONWEALTH OF PENNSYLVANIA
DEPARTMENT OF REVENUE
NOTICE OF DETERMINATION AND
ASSESSMENT OF PENNSYLVANIA
ESTATE TAX BASED ON FEDERAL
ESTATE TAX RETURN
*
REY-483 EX AFP (01-02>
.02
hPH -1
DATE
ESTATE OF
DATE OF DEATH
~~trE NUMBER
COUNTY
ACN
04-01-2002
BLACK
05-08-2001
21 01-0484
CUMBERLAND
201
SAMUEL
A
RICHARD C SNElBAKER
SNElBAKER ETAl
44 W MAIN ST
MECHANICSBURG PA 17055
Allount Rellitted
-\, .
l... ,.
Cun
MAKE CHECK PAYABLE AND REMIT PAYMENT TO:
REGISTER OF WIllS
CUMBERLAND CO COURT HOUSE
CARLISLE, PA 17013
NOTE: To insure proper credit to your account, subllit the upper portion of this forll with your tax paYllent.
CUT ALONG THIS LINE ~ RETAIN LOWER PORTION FOR YOUR FILES ~
iifv:481f-Ex--AFP--(oi~-02)-----j(i-No-ficE--oF--DETifRHIiiATIo-N-ANiD-As;sEss;MENif----------------------------
OF PENNSYLVANIA ESTATE TAX BASED ON FEDERAL ESTATE TAX RETURN ..
ESTATE OF BLACK
SAMUEL
A FILE NO.21 01-0484
ACN 201
DATE 04-01-2002
ESTATE TAX DETERMINATION
1. Credit For State Death Taxes as Verified
.00
2. Pennsylvania Inheritance Tax Assessed
(Excluding Discount and/or Interest)
.00
3. Inheritance Tax Assessed by Other States
or Territories of the United States
(Excluding Discount and/or Interest)
.00
4. Total Inheritance Tax Assessed
.00
5. Pennsylvania Estate Tax Due
.00
TAX CREDITS:
PAYMENT RECEIPT DISCOUNT (+) AMOUNT PAID
DATE NUMBER INTEREST/PEN PAID (-)
TOTAL TAX CREDIT .00
BALANCE OF TAX DUE .00
INTEREST AND PEN. .00
TOTAL DUE .00
-IF PAID AFTER THIS DATE, SEE REVERSE SIDE (IF TOTAL DUE IS LESS THAN $1, NO PAYMENT IS REQUIRED
FOR CALCULATION OF ADDITIONAL INTEREST. IF TOTAL DUE IS REFLECTED AS A "CREDIP' (CRl:l YOU MAY BE
DUE A REFUND. SEE REVERSE SIDE OF THIS FORM FOR INSTRUCTIONS,)
STATUS REPORT UNDER RULE 6.12
Name of Decedent:
Samuel A. Black
Date of Death:
5/8/2001
Will No.
21-01-0484
Admin. No.
Pursuant to Rule 6.12 of the Supreme Court Orphans'
Court Rules, I report the following with respect to completion of
the administration of the above-captioned estate:
1. State whether administration of the estate is complete:
Yes No X
2. If the answer is No, state when the personal
representative reasonably believes that the administration will be
complete: Approx. 3 months
3. If the answer to No. 1 is Yes, ~tate the following:
a. Did the personal representative file a final
account with the Court? Yes No
b. The separate Orphans' Court No. (if any) for
the personal representative's account is:
c. Did the personal representative state an
account informally to the parties in interest? Yes - No
d. Copies of receipts, releases, joinders and
approvals of formal or informal accoun may be filed with the
Cerk of the Orphans' Court and may b' at ac this report.
Date: 4/14/03
Richard C. Snelbaker
Name (Please type or print)
44 West Main Street
Mechanicsburg, PA 17055
Address
(717) 697-8528
Te 1. No.
Capacity: Personal Representative
X Counsel for personal
representative
(MAH:rmf/AM3)
(
~h
Cumberland County - Register Of Wills
Hanover and High Street
Carlislel PA 17013
of Phone: (71 7) 240 - 6345
Date: 4/09/2003
KIERNA A BLACK
117 EAST MARBLE STREET
MECHANICSBURGI PA 17055
RE: Estate of BLACK SAMUEL A
File Number: 2001-00484
Dear Sir/Madam:
It has come to my attention that you have not filed the Status
Report by Personal Representative (Rule 6.12) in the above captioned
estate.
As per the AMENDMENTS TO SUPREME COURT ORPHANS' COURT RULES I NO.
103 SUPREME COURT RULES DOCKET NO. 11 for decedents dying on or after
July 1, 1992, the personal representative or his counsell within two
(2) years of the decedent's deathl shall file with the Register of
Wills a Status Report of completed or uncompleted administration.
This filing will become delinquent on: 5/08/2003
Your prompt attention to this matter will be appreciated.
Thank You.
SincerelYI
DONNA M. OTTO
DEPUTY REGISTER OF WILLS
cc:
.JFile
Counsel
Judge
~
STATUS REPORT UNDER RULE 6.12
0;~
/
Name of Decedent: Samuel A. Black
Date of Death: 5/8/2001
Will No.:
21-01-0484
Admin. No.:
Pursuant to Rule 6.12 of the Supreme Court Orphans' Court Rules, I report the
following with respect to completion of the administration of the above-captioned estate:
1. State whether administration of the estate is complete:
Yes ~ No 0
2. If the answer is No, state when the personal representative reasonably believes
that the administration will be complete:
3. If the answer to No.1 is Yes, state the following:
a. Did the personal representative file a final account with the Court?
Yes _x No 0
b. The separate Orphans' Court No. (if any) for the personal representative's
account is:
c. Did the personal representative state an account informally to the parties
in interest? Yes 0 No 0
c. Copies of receipts, releases, joinders and approval of formal or
informal accounts may be file ith he Clerk of the Orphans' Court
and may be attached to this X port.
Date:~2/03
Richard C. Snelbaker
N~4 West Main Street
Mechanicsburg, PA 17055
""-
::'-J
Address
. '
~',. '-. ,..,....
(717) 697-8528
Telephone No.
Capacity: 0 Personal Representative
UCounsel for personal representative
4
~.
REV-1500 EX + (6-00) OFFICIAL USE ONLY
COMMONWEALTH OF PENNSYLVANIA REV-1500 I {,-;)3 /-5
DEPARTMENT OF REVENUE
DEPT. 280601 INHERITANCE TAX RETURN FILE NUMBER
HARRISBURG, PA 17128-0601 RESIDENT DECEDENT 21 2001 0484
COUNTY CODE YEAR NUMBER
DECEDENT'S NAME (LAST, FIRST, AND MIDDLE INITIAL) SOCIAL SECURITY NUMBER
Black, Samuel Andrew 176-54-9655
DECE - DATE OF DEATH (MM-DD-YEAR) I DATE OF BIRTH (MM-DD-YEAR) THIS RETURN MUST BE FILED IN DUPLICATE
DENT
05/08/01 05/08/1959 WITH THE REGISTER OF WILLS
(IF APPLICABLE) SURVIVING SPOUSE'S NAME (LAST, FIRST, AND MIDDLE INITIAL) SOCIAL SECURITY NUMBER
Black, Kierna A,
3 Remainder Return
CHECK ~ ,. Original Return ~ 2. Supplemental Return ~ (date of death prior to 12-13-82)
APPRO- 4. Limited Estate 48. Future Interest Cornpr()r~15e 5 Federal Estate Tax Return Required
(dateot death Jtter 12-12-32)
PRIATE 6 Oece:::er: D'ed Testa;e 7 Decedent Malntaineda LlvmgTrust 0 8. Total Number of Safe Deposit Boxes
(Attach copy.JiWill) (Attach acopyat Trust)
BLOCKS 9. Litigation Proceeds Received 10 Spousal Poverty Credit(dateoi death between 0 11 Elecllontotaxunde' :.e:.91131""
1Z-31-91and1-1-95) (Attach Sch 0)
:rljl!lcSECT1()N/iilU$'t~EqpMe4E:tSI),AWc61\I\s$PPNbSNCS~j:;9NF!Pl;l'lT!ALT,,*li'I~QI!MAtlON$HOQU:lBEbIR~C:rEOTOi
NAME COMPLETE MAILING ADDRESS
COR- Richard C. Snelbaker 44 West Main Street
RE- FIRM NAME (If Applicable) Mechanicsburg, PA 17055
SPON & Snare,
DENT Snelbaker, Brenneman P,C.
TELEPHONE NUMBER
717-697-8528
:1(.. OFFICIAL USE ONLY
,. Real Estate (Schedule A) (1) 17,000,0e: if d
2. Stocks and Bonds (Schedule 8) (2) 16,232.2~. =.- N
3. Closely Held Corporation, Partnership or Sole-Proprietorship (3) None '"r1
4. Mortgages & Notes Receivable (Schedule 0) (4) None ".,
CD
5. Cash, Bank Deposits & Miscellaneous Personal I
Property (Schedule E) (5) 233,437.53 CO
6. Jointly Owned Property (Schedule F) . -0
0 Separate Billing Requested (6) 80,246,7fJ c..)
RECA- I:', ::;
0',
PITULA- 7. Inter-Vivos Transfers & Miscellaneous
TION Non-Probate Property (Schedule G or L) (7) 6,667,35
8. Total Gross Assets (total Lines 1-7) (8) 353,583.90
9. Funeral Expenses & Administrative Costs (Schedule H)(9) 9,000.42
10. Debts of Decedent, Mortgage Liabilities, & Liens{Schedule I) (10) None
". Total Deductions (total lines 9 & 10) (11) 9,000.42
12. Net Value of Estate (Line 8 minus Line 11) (12) 344,583 .48
13. Charitable and Governmental Bequests/See 9113 Trusts for which an election to tax (13) None
has not been made (Schedule J)
14. Net Value Subject to Tax (Line 12 minus line 13) (14) 344,583.48
SEE INSTRUCTIONS ON PAGE 2 FOR APPLICABLE RATES
15. Amountol Line 14taxableatthespousal tax
rate, or transfers under Sec. 9116(a)(1.2) 344,583.48 X .0 0 (15) 0.00
TAX 16. Amountol Line 14 taxable at hneal rate 0.00 X .0 45 (16) 0.00
- 0.00
COMPU- 17. Amountoi Line 14 taxable at sibling rate 0,00 X .12 (17)
T A TION 18. Amountol Line 14 taxable at collateral rate 0,00 X .15 (18) 0.00
19. Tax Due (19) 0.00
20. 0 ICHECKHI$!'l!;!/"'t()IJAREREQIlE$"l'lNQAf!I$\W",QQfAil/O\IERiitAvI\lElfiCI
o PA15001
NTF 291S~
>> BE SURE TO ANSWER ALL QUESTIONS ON. PAGE ~. ANI) RECHECK MATH"'.
Copyright 2000 Great:andINelco LP - Forms ,software Only
PA REV-1500 EX (6-00)
Decedent's Complete Address:
Page 2
STREET ADDRESS
11 7 East Marble Street
Bora of Mechanicsburg, Cumberland Ctv.
CI1Y I STATE I ZIP
Mechanicsburq PA 17055
Tax Payments and Credits:
1. Tax Due (Page 1 Line 19)
2. Credits/Payments
A. Spousal Poverty Credit
B. Prior Payments
C. Discount
(1)
0.00
Total Credits (A + B + C)
(2)
J.JO
:J Interest/Penalty if applicable
D. Interest
E. Penalty
Total Interest/Penalty (0 + E)
4 If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT.
Check box on Page 1 Line 20 to request a refund
5 If Line 1 + Line 3 IS greater than Line 2. enter the difference. This is the TAX DUE.
A. Enter the interest an the tax due.
S. Enter the total of line 5 + 5A This is the BALANCE DUE.
Make Check
(3) 0.00
(4)
(5) 0.00
(5A) 0.00
(58) 0.00
1.
Did decedent make a transfer and:
a. retain the use or income of the property transferred:
b. retain the right to designate who shall use the property transferred or its income;
c. retain a reversionary interest; or.
d. receive the promise for life of either payments, benefits or care?
If death occurred after December 12, 1982, did decedent transfer property within one year of death
without receiving adequate consideration?
Did decedent own an "in trust for" or payable upon death bank account or security at his or her death?
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.
Yes No
~ I
B ~
2.
3.
4.
o
o
Under penalties of perjury, I declare that 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 personal representative is based on information of
which preparer has any knowledqe.
SIGNATU F PERSO~ RESPONSI8L~TPR FILING RETURN DA E
/. 'V'I~--J / ...1 7 0
attached
OTHER THAN REPRESENTATIVE
DAT !c
? C.:L.
an or LIse survIving spouse IS
[n P.S. 8 9116 (a)(1.1)(i)].
For dates of death on or after January 1 1995, the tax rate rS Imposed on the net value aftransters to ortorthe useof thesurv,v'ng spouse IS 0010[72 P,5. 89116Ia)!1,1)li'l]
The statute nn",,,,- nfl! "~..mnj a transfer to a surviving spouse tram tax, and the statutory requ,rements tor disclosure ot assets and tiling a lax return are st,11 applicable even
It
the surviving spouse is the only beneficiary.
For dates of death on orafterJuly 1,2000
The tax rate imposed on the net value of transfers ham a deceased child twenty-one years of age or younger at death to or forthe use of a natural parent, an adoptive parent,
ora stepparent of the child is 0% [n P.S. 89116(a)(1,2)].
The tax rate imposed on the net value 01' transfers to or for the use at the decedent's lineal beneficiaries is 4.5%, except as noted in n.p.s. fj 9116(1.2) [72 P.S,fj9116(a)(1)].
The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12% [72 P.S. 89116(a)(1,3)], A sibling is defined, under Section 9102, as an individual
who has at least one parent,n common with the decedent, whether by blood or adoption
o PA15002
:.JTF 291~,3
o'-'''gr' 2000 Cirealland/Nelco :"'P- Furrrs So,tware Onlv
Estate of: Samuel Andrew Black
21-2001-0484
The following person (s) are signing the return as representative (s) of the estate:
Kierna A. Black
117 East Marble Street
Mechanicsburg, PA 17055
REV-1502 EX + (1-97)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Samuel Andrew Black
SCHEDULE A
REAL ESTATE
FILE NUMBER
21-2001-0484
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 w[l1ing buyer and a willing seller, neither being compelled to buy or sell, both having
reasonable knowledge of the relevant facts, Real property which Is Jointly-owned with right of survivorship must be disclosed on Schedule F.
ITEM
NO.
DESCRIPTION
VALUE AT DATE
OF DEATH
1 Property consisting of 1.1 acre tract of land located at James
Drive, Miller Township, Perry County, Pennsylvania (appraisal
attached)
17,000.00
7 CPA21 NTF 10904
Copyr'ght Forms Soltware OnlY, 1997 Nelco, :nc.
TOTAL (Also enter on line 1, Recapitulation) $
(If more space is needed insert additional sheets of the same size)
17,000.00
APPRAISAL REPORT
OF
A l.l-ACRE TRACT OF LAND
LOCATED AT
JAMES DRIVE, MILLER TOWNSHIP
PERRY COUNTY, PENNSYLVANIA
..
II
I
.
.
..
.
II
..
II
d
PREPARED FOR
THE ESTATE OF SAMUEL A. BLACK
AS OF
MAY 8, 2001
BY
LARRY E. FOOTE
DIVERSIFIED APPRAISAL SERVICES
EAST mGH STREET, SUITE 101
CARLISLE, PENNSYL VANIA
17013-3052
(717) 249-2758
"';';';;"'::"
~--
ql,
~]
~
II
II!
III
III
-.!
"I!
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
LOCATION:
James Drive, Miller Township
Perry County, Pennsylvania
TAX PARCEL NUMBER:
160,047.02-015.000
DESCRIPTION:
A I. I-acre tract of vacant land.
PROPERTY RIGHTS:
Fee simple interest.
IIi
II!
III
.i
SCOPE OF THE ASSIGNMENT: The scope of the assignment included an analysis of the
subject's area, an inspection of the subject property, an
estimation of the property's highest and best use,
consideration of all three approaches to value, and the
application of those relevant to the valuation of the
subject.
OBJECTIVE:
To estimate the market value of the subject property as
unencumbered.
EFFECTIVE DATE:
As of May 8,2001.
IDGHEST AND BEST USE:
Use as a vacation home building lot.
COST APPROACH:
N.A.
SALES APPROACH:
$17,000
.1
INCOME APPROACH:
N.A.
.:
.1
.1
.
.
.
FINAL VALUE CONCLUSION: $17,000
2
Rr
RI
APPRAISAL CERTIFICATION
-:
-
~.
"I'
..
I hereby certifY that upon application for valuation by:
THE ESTATE OF SAMUEL A BLACK
the undersigned personally inspected the following described property:
All that certain piece or parcel ofland situate in the Township of Miller, Perry County,
pennsylvania, bounded and described as follows:
.
Beginning at an iron pin at the southwestern comer of Lot No. 16 on a Plan of three lots
surveyed by Earl D. Palm, R.S., in November of 1969 on the northern side of the Old
pennsylvania Canal Towpath, now owned by the Penn Central Railroad Company; thence by
the northern side of the Old Pennsylvania Canal Towpath, now the Penn Central Railroad
Company, South 38 degrees 32 minutes West, 150 feet to an iron pin; thence North 32 degrees
30 minutes West, 342 feet to a point at the low water mark of the Juniata River; thence along
the southern bank of the Juniata River in a northeasterly direction by its various courses, 150
feet, more or less, to a point at the norlthwestern comer of Lot No. 16 in the aforementioned
Plan of Lots; thence by the western side of Lot No. 16, South 32 degrees 30 minutes East, 315
feet to an iron pin on the northern side of the said Towpath, the place of beginning.
.
q
.
.!
.
.'
.
.
d
.
.
Containing 1.1 acres, more or less, and being Lot No. 17 in a Plan of survey conducted
by Earl D. Palm, RS., in November of 1969, and being an extension of the Plan of Lots of
Ralph Bretz, as recorded in Perry County Plan Book 4, Page 69.
To the best of my knowledge and belief the statements contained in this report are true
and correct, and that neither the employment to make this appraisal nor the compensation is
contingent upon the value reported, and that in my opinion the Market Value as of May 8, 2001
is:
SEVENTEEN THOUSAND DOLLARS
$17,000
The property was appraised as a whole, subject to the contingent and limiting conditions
outlined herein.
~~
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Certified General Appraiser
GA-000014-L
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PURPOSE OF THE APPRAISAL
The purpose of this appraisal is to estimate the Market Value of the subject property as
of May 8,2001.
Market Value, as defined by the courts, is the most probable price estimated in terms of
money which a property will bring if exposed for sale in the open market, allowing a
reasonable time finding a purchaser who buys with knowledge of all the uses to which it is
adapted and for which it is capable of being used.
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Frequently, it is referred to as the price at which a willing seller would sell and a willing
buyer would buy, neither being under abnormal pressure.
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mGBEST AND BEST USE
Highest and Best Use is defined by the Appraisal Terminology and Handbook,
published by the Appraisal Institute, as "the most profitable likely use to which a property can
be put". The opinion of such use may be based on the highest and most profitable continuous
use to which the property is adapted and needed, or likely to be in demand, in the reasonable
near future.
However, elements affecting value that depend upon events or a combination of
occurrences which, while within the realm of possibility, are not fairly shown to be reasonably
probable, should be excluded from consideration. Also, if the intended use is dependent on an
uncertain act of another person, the intention cannot be considered.
Based on the above definition and after seeing the site, neighborhood, and area, it is my
opinion that use of the subject as a vacation home building site is its Highest and Best Use.
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SITE DATA
ADDRESS: Lot No. 17 James Drive
TOWNSHIP: Miller
COUNTY: Perry
STATE: Pennsylvania
LOT SIZE: Approximately 1.1 acres.
SEWERS: None on site.
WATER: None on site.
LANDSCAPING: Typical for the area, with a sodded lawn and trees.
DETRIMENTAL INFLUENCES
The subject property is located in a FEMA identified flood hazard area.
DESCRIPTION OF THE SITE
The subject site consists of a vacant tract of land containing approximately 1.1 acres.
The site has approximately 150 linear feet of gravel road frontage along the cartway known as
James Drive and approximately 150 linear feet of frontage along the Juniata River. The lot
extends in depth approximately 342 linear feet on one side and approximately 315 linear feet
on the other side. The site is level throughout, and there does not appear to be any drainage
problems.
According to the Federal Emergency Management Agency map number 421954-0010-
A, the site is located in an area that is prone to flooding.
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THE APPRAISAL PROCESS
Three approaches to value are generally included in an appraisal report. These
techniques include the cost approach, sales comparison approach, and income approach to
value.
The cost approach to value is based on the assumption that the reproduction cost of a
building plus land value, tends to set the upper limit to value. A key assumption is that a newly
constructed building would have advantages over the existing building, therefore an evaluation
focuses upon disadvantages or deficiencies (depreciation) of the existing building compared to
a new facility.
The sales comparison approach to value assumes that under normal conditions, a given
number of parties acting intelligently and voluntarily, tend to set a pattern from which value
can be estimated. Application of this approach relies on a comparison of the subject with a
sufficient number of recent transactions of comparable properties in the market, based on a
common unit, such as price per square foot of building area or price per acre.
The income approach concerns itself with present worth of the future potential benefits
of a property. The initial estimate involves the net income, which a fully informed person is
justified in assuming the property will produce during its remaining useful life. This estimated
net income is then capitaIized into a value estimate, based upon the level of risk as compared
with that of a similar type and class.
Since the subject property consists of a vacant tract of land or existing improvements
have insignificant value, in accordance with the departure provision of the Uniform Standards
of Professional Appraisal Practice, only the sales comparison approach to value has been
applied to the subject property and is subsequently presented.
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SALES COMPARISON APPROACH
In arriving at this conclusion of the value of the subject property, the appraiser made a
survey of properties that have sold in the area of the subject property.
Consideration was given and adjustments were made on each comparable sale as to
time of sale, size, location, as well as all other factors that might affect value. A resume of
some of the sales considered by the appraiser is as follows:
SALE NO. I:
Location:
Parcel No.:
Date of Sale:
Deed Ref.:
Sale Price:
Size:
Unit Price:
Grantor:
Grantee:
SALE NO.2:
Location:
Parcel No.:
Date of Sale:
Deed Ref.:
Sale Price:
Size:
Unit Price:
Grantor:
Grantee:
SALE NO.3:
Location:
Parcel No.:
Date of Sale:
Deed Ref.:
Sale Price:
Size:
Unit Price:
Grantor:
Grantee:
Lot NO.6 Lower Bailey Road, Miller Township bordering the Juniata
River.
160,047.03-018.000
July 12, 1995.
Book 880, Page 170.
$12,000
1.89 acres.
$6,349 per acre.
Rick L. Snyder.
Cameron E. Drum.
106 Juniata Parkway East, Howe Township bordering the Juniata River.
80,047.02-019
December 1, 1998.
Book 1144, Page 69.
$20,000
.74 acre with a 1968 mobile home in fair condition.
$27,027 per acre, including the mobile home.
Paul R. Matz.
Robert E. and Reba M. Fenicle.
Juniata Parkway East, Howe Township bordering the Juniata River.
80,017.02-030
February 1,2001.
Book 1340, Page 224.
$14,000
.45 acre.
$31,111 per acre.
Joyce A. Leo.
Christine C. Campbell.
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The appraiser, in addition to the sales listed, also considered several additional sales in
arriving at his final opinion of value. On the Sales Comparison Analysis form that follows this
page are dollar adjustments reflecting market reaction to those items of significant variation
between the subject and comparable properties. If a significant item in the comparable
property is superior to, or more favorable than, the subject property, a minus (-) adjustment is
made, thus reducing the indicated value of the subject; if a significant item in the comparable is
inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus
increasing the indicated value of the subject.
After making all of the necessary adjustments, it is the appraiser's considered opinion
that the indicated value of the subject property by the Sales Comparison Approach is $17,000.
SALES COMPARISON ADJUSTMENTS
SALE #1 SALE #2 SALE #3
Sale Price $12,000 $20,000 $14,000
Time +3,600 +3,000
Mobile Home, Well & Septic -10,000
Land Size -4.000 + 1.800 +3.300
Net Adjustment -400 -5.200 +3.300
Indicated Value: $11,600 $14,800 $17,300
The appraiser has analyzed comparable sales and has developed dollar
adjustments, reflecting market reaction to those items of significant variation between
the subject and comparable properties. If a significant item in the comparable property
is superior to, or more favorable than the subject property, a minus (-) adjustment is
made, thus reducing the indicated value of the subject; if a significant item in the
comparable is inferior to, or less favorable than the subject property, a plus (+)
adjustment is made, thus increasing the indicated value of the subject.
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CORRELATION
Correlation may be defined as "the bringing together of parts in a proper relationship."
The parts of this appraisal report are the following approaches to value your appraiser used:
Value Indicated by Cost Approach
Value Indicated by Sales Comparison Approach
Valut Indicated by Income Approach
N.A.
$17,000
N.A.
These approaches are representative of the market value of the subject property. I have
carefully reexamined each step in each method, and I believe the conclusions accurately reflect
the attitude of typical purchasers of this type property in this neighborhood. It is my belief that
this reexamination has confirmed the original conclusions.
The Sales Comparison Approach was based on several recent sales of properties similar
to that of the subject, all of which are located in the same general area. The adjusted sales
prices are most consistent under comparison. This approach is the most reliable because it
reflects the reactions of typical buyers and sellers in the market.
Therefore, as a result of this appraisal and analysis, it is this appraiser's considered
judgment and opinion that the Market Value of the subject property, as of May 8,2001, is:
SEVENTEEN THOUSAND DOLLARS
$17,000
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UNDERLYING ASSUMPTIONS AND LIMITING
CONDmONS SUBJECT TO THIS APPRAISAL
1. I assume no responsibility for matters legal in nature, nor do I render any opinion as to
the title, which is assumed to be marketable. The property is appraised as though under
responsible ownership.
2. The legal description used herein is correct.
3. I have made no survey of the property, and the boundaries are taken. from records
believed to be reliable.
4. I assume that there are no hidden or unapparent conditions of the property, subsoil or
structures which would render it more or less valuable. I assume no responsibility for
such conditions or for engineering which might be required to discover such factors.
5. The information, estimates, and opinions furnished to me and contained in this report
were obtained from sources considered reliable and believed to be true and correct.
However, no responsibility for accuracy can be assumed by me.
6. This report is to be used in its entirety and only for the purpose for which it was
rendered. . .
7. Neither all nor any part of the contents of this report (especially any conclusions as to
value, the identity of the appraiser or the firm with which he is connected) shall be
reproduced, published, or disseminated to the public through advertising media, public
relations media, news media, sales media, or any other public means of communication,
without the prior written consent and approval of the appraiser.
8. This appraisal was prepared for the exclusive use of the client identified in this appraisal
report. The information and opinions contained in this appraisal set forth the
appraiser's best judgment in light of the information available at the time of the
preparation of this report. Any use of this appraisal by any other person or entity, or
any reliance or decisions based on this appraisal are the sole responsibility and at the
sole risk of the third party. The appraiser accepts no responsibility for damages
suffered by any third party as a result of reliance on or decisions made or actions taken
based on this report.
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CERTIFICATE OF APPRAISAL
Your appraiser hereby certifies that:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions, and are my personal, impartial, and unbiased
professional analyses, opinions, and conclusions.
3. I have no present of prospective interest. in the property that is the subject of this report,
and no personal interest with respect to the parties involved.
4. I have no bias with respect to the property that is the subject of this report or to the
parties involved with this assignment.
5. My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
6. My compensation for completing this assignment is not contingent upon the
development or reporting of a predetermined value or direction in value that favors the
cause of the client, the amount of the value opinion, the attainment of a stipulated result,
or the occurrence of a subsequent event directly related to the intended use of this
appraisal.
7. To the best of my knowledge and belief; the statements of fact contained in this
appraisal report, upon which the analyses, opinions, and conclusions expressed herein
are based, are true and correct.
8. This appraisal report sets forth all of the limiting conditions (imposed by the terms of
my assignment or by the undersigned) affecting the analyses, opinions, and conclusions
contained in this report.
9. This appraisal report has been made in conformity with the Uniform Standards of
professional Appraisal Practice adopted by the Appraisal Standards Board of the
Appraisal Foundation, and is subject to the requirements of the Code of Professional
Ethics and Standards of Professional Conduct of the National Association of Realtors
Appraisal Section.
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10. No one other than the undersigned prepared the analyses, conclusions, and
opinions concerning real estate that are set forth in this appraisal report.
Larry E. Foote
Certified General Appraiser
GA-OOOO1 4-L
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LARRY E. FOOTE
REAL ESTATE APPRAISER
EXPERIENCE:
I 979cPresent: Chief Appraiser, Diversified Appraisal Services,. Carlisle, Pa.
Principal Broker, LaRue Development Company, Carlisle, Pa.
1976-1979: Associate Broker, Colonial Realty, Carlisle, Pa.
1972-1976: Realtor Associate, Jack Gaughen Realtor, Carlisle, Pa.
Appraisal experience included undeveloped land, fanns, building lots, single-family dwellings, mobile
home parks, medical centers, nursing homes, motels, apartment buildings and complexes, office
buildings, service stations, veterinary clinics, rehabilitation centers, retail buildings, daycare centers,
warehouses, and manufacturing facilities.
EDUCATION:
Bachelor of Business Administration, Pennsylvania State University, 1976.
Associate Bachelor of Business Administration, Harrisburg Area Community
College, 1974.
Diploma, Carlisle Senior High School, 1965.
Certificate, Pennsylvania Realtors Institote, GRI I, GRI II, GRI III.
Certificate, Realtors National Marketing Institute, CI 101, CI 102, CI 103, CI 104,
CI 105.
Standards of Professional Practice, American Institute of Real Estate Appraisers.
Real Estate Appraisal Principles, American Institute of Real Estate Appraisers.
Residential Valuation, American Institute of Real Estate Appraisers.
Appraisal Procedures, Appraisal Institute.
Principles of Income Property Appraising, Appraisal Institute.
Case Studies in Real Estate Valuation, Appraisal Institute.
Report Writing and Valuation Analysis, Appraisal Institute.
PROFESSIONAL LICENSES:
General Appraiser #GA-OOOOI 4-L, Commonwea1th of Pennsylvania.
Real Estate Broker #RB-029729-A, Commonwealth of Pennsylvania.
PROFESSIONAL DESIGNATIONS:
GRI: Graduate of the Pennsylvania Realtors Institute, awarded by the Pennsyl-
vania Association of Realtors.
CRS: Certified Residential Specialist, awarded by the Realtors National Market-
ing Institute of the National Association of Realtors.
CCIM: Certified Commercial Investment Member, awarded by the Realtors
National Marketing Institute of the National Association of Realtors.
PROFESSIONAL ORGANIZATION AFFILIATIONS:
National Association of Realtors Appraisal Section.
Carlisle Association of Realtors.
Pennsylvania Association of Realtors.
National Association of Realtors.
Realtors National Marketing Institute.
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PAST CLIENTS:
Borough of Carlisle
Keystone Financial Mortgage
Cornerstone Federal Credit Union
Pennsylvania State Bank
Commerce Bank
Cumberland-Peny Association for Retarded Citizens
Carlisle Suburban Authority
Members I" Federal Credit Union
Pennsylvania National Bank
Evans Financial Corporation
Greenawalt & Company, CPA
Smith's Transfer Corporation
Carlisle Department of Parks and Recreation
Executive Relocation Services
Carlisle Area School District
Messiah Homes, Incorporated
ERA Eastern Regional Services
Pennsylvania Turnpike Commission
Chase Home Mortgage Corporation
Defense Activities Federal Credit Union
Pennsylvania State Employees Credit Union
PNC Mortgage Corporation
F&M Trust Company
National City Mortgage Corporation
Washington Mutnal Home Loans, Inc.
Prudential Relocation Services
Lender's Choice
Market Intelligence, Incorporated
United Telephone Employees Federal Credit Union
Cumberland County Commissioners
Allstate Enterprises Mortgage Corporation
Dickinson College
PPG Industries, Incorporated
Gettysburg College
Redevelopment Authority of Cumberland County
Record Data Appraisal Services, Incorporated
First United Federal Savings Association
Fuhon Bank
United States Marshall Service
GMAC Mortgage Corporation
Orrstown Bank
Letterkenny Federal Credit Union
BancPlus Mortgage Corporation
Coldwell Banker Relocation Services, Incorporated
Central Pennsylvania Savings Bank
Mellon Bank
Provident Home Mortgage Corporation
Various law firms and individuals
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PHOTOGRAPH OF THE SUBJECT PROPERTY
16
REV-1503 EX. (1-97)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Samuel Andrew Black
SCHEDULE B
STOCKS & BONDS
FILE NUMBER
21-2001-0484
All property Jointly-owned with right 01 survivorship must be disclosed on Schedule F.
ITEM
NO. DESCRIPTION
VALUE AT DATE
OF DEATH
1 IBM, 32 shares of commn stock, valued at $116.63 per share.
3,732.16
2 Affinity Online, Inc., 37,879 shares of commn stock valued at
.33 cents per share
12,500.07
TOTAL (Also enter on line 2. Recapitulation) $
(If mare space is needed, insert additional sheets of the same size)
16,232.23
7 CPA31
NTF 10905
COPYright Forms Software Only. 1997 NelcQ. Inc.
REV-1508 EX + (1-97)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Samuel Andrew Black
SCHEDULE E
CASH, BANK DEPOSITS, & MISC.
PERSONAL PROPERTY
FILE NUMBER
21-2001-0484
ITEM
NO. DESCRIPTION
InClude proceeds of litigation & date proceeds were received by the estate. All prop. lolntly-owned with right 01 survivorship must be disclosed on Sch. F.
VALUE AT
DATE OF DEATH
1 S.H. Black and Sen, Inc., 51% ownership calculated as follows:
230,265.00
Ownership is as follows:
Samuel Andrew Black - 51%
Joanne M. Black - 49%
Fair Market value of Corporation's common stock is the total of
the following:
a) Appraisal of business by Srroker, Smith & Associates, P.C. is
$425,000.00
b) Motor vehicles:
1) 1991 Buick Regal $ 500.00
2) 1996 GMC 3/4 Ton pickup $12,000.00
3) 2000 Chevy van $14,000.00
$26,500.00
Total value of Decedent's
51% share:
$230,265.00
Calculated as follows:
$425,000.00 + $26,500.00 = $451,500.00 X 51% = $230,265.00
2 J.P. Turner & Company, L.L.C., investment account #13308973
3,172.53
7 CPA81 NTF 10908
Copynght Forms Software Only, 1997 Nelco, Inc.
TOTAL (Also enter on line 5, Recapitulation) $
(If more space is needed, insert additional sheets of the same size)
233,437.53
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S. H. BLACK AND SON, INC.
Valuation Analysis
December31, 2000
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CONTENTS
INTRODUCTION ........................................................................................................................................ 3
BACKGROUND, S. H. BLACK & SON, INCORPORATED..................................................................5
FINANCIAL INFORMA TION ................................................................................................................... 5
ADJUSTMENTS TO FINANCIAL INFORMA TION.............................................................................. 5
V ALUA TION METHOD.............................................................................................................................6
CONTROL.................................................................................................................................................... 7
LEVEL OF VALUE ..................................................................................................................................... 7
V ALUA TION ANAL YSIS CONCLUSIONS............................................................................................. 7
ADDITIONAL CONTROL PREMIUM .................................................................................................... 8
SUMMARY OF VALUATION ANALySIS.............................................................................................. 9
EXHmITS
COMPILED FINANCIAL STATEMENTS
EXIDBIT A
ADJUSTMENTS TO NET INCOME AND WEIGHTED
AVERAGE NET INCOME
EXIDBIT B
WEIGHTED AVERAGE COST OF CAPITAL
EXIDBIT C
APPENDICES
STATEMENT OF CONTINGENT AND LIMITING CONDITIONS
APPENDIX A
APPRAISAL CERTIFICATION
APPENDIX B
PROFESSIONAL QUALIFICATIONS OF
PRINCIPAL APPRAISER
APPENDIX C
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SMOKER, SMITH ~ -
& ASSOCIATES _
P.C. =
CERTIFIED PUBLIC ACCOUNTANTS
July 17, 2001
PERSONAL AND CONFIDENTIAL
Mr. Samuel Black, President
S. H. Black and Son, Inc.
106 North Walnut Street
Mechanicsburg, P A 17055
RE: Valuation Analysis, S. H. Black and Son, Inc. (The Company)
Dear Sam:
We have completed a valuation analysis of S. H. Black and Son, Inc. (an S-Corporation),
as of December 31,2000. The purpose of the valuation analysis is to estimate the fair
market value of a 100% interest in the common stock of the Company, for planning
purposes.
A valuation analysis is limited in scope to a calculation of value using one or more
selected methods we believe to be appropriate, and the presentation of the results for your
consideration. A valuation analysis should not under any circumstances be construed as
an opinion of fair market value. Rather, the value calculations performed are intended to
indicate only an estimate of value of a 100% ownership interest in the Company for the
purpose stated above. If additional procedures were performed, the results of the
valuation analysis could change, and the extent of the change could be significant.
STANDARD OF VALUE:
The standard of value used in this appraisal is one of fair market value. Fair market value
is the price at which the subject securities would change hands between a hypothetical
willing buyer and willing seller, with both having reasonable knowledge of all relevant
facts, and neither party being under any compulsion to buy or sell. Fair market value also
assumes that the price is paid all in cash or its economic equivalent at closing.
Hershey ()ff1('e:
339 West Governor Road, Hershey, PA 17033 . (717) 533-5154 . Fax (717) 533-1442 . Toll Free (888) 277-1040
Mechanicsburg Office:
2000 Technology Parkway, Suite 150 . Mechanicsburg, PA 17050 . (717) 441-9069 . Fax (717) 441-9068
Members of American and Pennsylvania Institutes of Certified Public Accountants
www.ssa-pc.com
4.
INPACT
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SOURCES OF INFORMATION:
The historical financial information presented in the exhibits to this report is included
solely to assist in the development of the valuation conclusion presented in this report. It
should not be used to obtain credit or for any other purposes. We were provided with
certain internally and externally prepared and reviewed financial and operational data for
the Company. We have relied upon all data as fairly representing the results of operations
and the financial position of the Company. We have not audited, reviewed, or compiled
the data as part of our valuation analysis. Therefore, we express no opinion or other form
of assurance regarding the data, as such work was outside the scope of this appraisal
engagement.
Based on our analysis, the estimated fair market value of a 100% interest in the common
stock of S. H. Black and Son, Inc. as of December 31,2000 is $325,000 to $425,000.
This conclusion excludes the following: value of real estate located at 20 I Walnut Street,
value of a 1991 Buick Regal, value of a 1996 GMC % ton pickup and a 2000 Chevy Van.
The results of our valuation analysis are subject to the contingent and limiting conditions
discussed in Appendix A and appraisal certifications discussed in Appendix B.
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We appreciate this opportunity to serve you.
Very truly yours,
SMOKER, SMlTI:I & ASSOCIATES, P.C.
~~tP~~q
Reuel R. Deppen, CPA, CV A
J
S. H. BLACK AND SON, INCORPORATED.
S. H. Black and Son was incorporated on January 15,1997.
. According to the Company's federal income tax returns, as of December 31, 2000,
owners of the issued and outstanding common stock shares are:
S. Andrew Black
Joanne M. Black
51%
49%
We understand there are no written or informal agreements which control the transfer of
company stock shares, and that since inception, there have been no sales, purchases, or
transfers of company stock.
The Company's office facility, which is owned by S. Andrew and Kiema Black, is
located at 106 North Walnut Street, Mechanicsburg, PA.
The Company is primarily engaged in residential fire restoration construction services,
general residential and commercial construction and cleaning services. The Company
maintains a relationship as 'a franchisee' of Fabrizone Carpet, Upholstery and Duct
Cleaning Professionals.
The Company operates with approximately 25 employees. We understand there are no
employment agreements with any officers or employees.
FINANCIAL INFORMATION
Financial information for the calendar years 1998 to 2000, obtained from the Company's
compiled financial statements (prepared by other certified public accountants on the
accrual method of accounting) are attached as Exhibit A. The Company is taxed as an
"s" Corporation, so the financial information does not include corporate level income tax
expenses.
ADJUSTMEJI.'TS TO FINANCIAL INFORMA nON
We adjusted the financial information to normalize owner's wages, adjust cost of sales,
record estimated corporate income tax obligations, and to adjust for certain expenses that
may be considered discretionary. These adjustments were reviewed with you and are
summarized in Exhibit B.
Adjusted net income is used in determining our estimate of value.
5
VALUATION METHOD
We used the capitalization of earnings method to estimate the value of 100% of the
common stock of S. H. Black & Son, Inc.
The capitalization of earnings method determines value by estimating the economic
income for the next accounting period (in this case a year), and then dividing that amount
by a single number called the capitalization rate.
We consider weighted average adjusted income for the years 1998 to 2000 to be the best
indicator of income for the following year. Weighted average income for the years 1998
to 2000 is $78,072 (see Exhibit B).
Income Year Weight Weighted
55,982 1998 1 55,982
66,263 1999 2 132,527
93,307 2000 3 279,921
Weighted Average = $78.072
. ]
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The capitalization rate is a measure of the risk associated with the estimated income.
Risk is commonly defined as the degree of certainty or uncertainty as to the realization of
expected returns (Pratt).
We have calculated the Company's capitalization rate using Weighted Average Cost of
Capital (W ACC). (See Exhibit C).
W ACC is calculated based on the company's respective amounts of debt and equity.
As of December 31, 2000, the company's capital structure is approximately 18% debt
and 82% equity (based on estimated fair market value of equity).
The company's capitalization rate, calculated using weighted average cost of capital, is
22.0%.
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CONTROL
Control is defined as "the power to direct the management and policies of a business
enterprise". Majority control is defined as "the degree of control provided by a majority
interest". A majority interest is defined as "an ownership interest greater than fifty
percent of the voting interest in a business enterprise".
LEVEL OF VALUE
The capitalization of earnings method may result in a conclusion that reflects a
marketable minority interest or a conclusion that reflects a controlling interest value.
"Almost all of the difference in control versus minority value in the income approach is
found in the numerator - the expected income, rather in the denominator - the
capitalization rate (pratt)."
If NO adjustments are made to earnings, the result most likely reflects a minority value.
If adjustments are made to earnings, results are more likely to reflect control value. We
have made certain adjustments to earnings that are indicative of a majority interest.
Accordingly, the conclusion resulting from this method is NOT considered to be a
minority value.
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V ALUA nON ANALYSIS CONCLUSIONS
Our valuation analysis indicates the estimated fair market value of a 100% interest in the
common stock of S. H. Black & Son, Inc. (before considering an additional control
premium) as of December 31,2000 is:
Weighted Average Income
Capitalization Rate
$ 78.072
22.00%
Entity Value
$354,871
Less, Long-Term Debt
(31.994)
Value of Equity
$322.877
Say
$325.000
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ADDmONALCONTROLPREMIUM
Based on our discussions with management, and our analysis of the company's financial
information, we noted the company conducts substantial business in fire restoration work.
About 60% of year 2000 sales are from fire restoration work.
We understand the company's current management has "preferred" relationships with at
least three area insurance companies and their adjusters. Contractors working in the
insured damages industry bid on work differently. Often there is a set of "pre-agreed"
values for each type of work done. Generally, a "premium" is buried within the "pre-
agreed" rates.1
Insurance Companies prefer: I
. A contractor with a working knowledge of the relationship between the contractor,
policyholder, and insurance company.
. A knowledge of the internal format and structure of the cost of the repair analysis
process
. A reasonable "arms length" relationship
A willing buyer may place significant value on these relationships if they are transferable
and "introduce" the buyer to prefe=d insurance company relationships. A willing buyer
may place less value on the relationships if they are not transferable or they merely
enhance existing relationships maintained by the buyer.
While we have made certain financial adjustments to address control prerogatives, we
believe an additional control premium to reflect value that may be inherent in the existing
"preferred" relationships with insurance companies is appropriate. We have applied an
additional control premium equal to 29 percent.2
Estimated Value without Additional Control Premium
Additional Control Premium (29%)
$354,871
102.913
Entity Value with Additional Control Premium
457,784
Less, Long-Term Debt
01.994)
Value of Equity
$425.790
Say
~25.00.!l
1 Assured Contractors Expeditiary Services
2 Control premium based, in part, on data from Mergerstat Review
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SUMMARY OF VALUATION ANALYSIS
Based on the Company's historical and anticipated financial results, and various
qualitative factors, our estimated value of a 100% interest in the common stock of S. H.
Black & Son, Incorporated as of December 31, 2000 is:
$325,000 to $425,000 (rounded)
The attached Exhibits and Appendices are integral parts of this valuation analysis.
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EXHIBIT A - COMPILED FINANCIAL STATEMENTS
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1998 1999 i 2000 AVERAGE
ASSETS !
Current Assets I
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General Checking $ 3,910 $ (1,192)1 $ 761 869
Payroll Checking 795 765 I 1,539 775
Savings 419 429 : 435 321
Total Cash 5,124 2 2,734 1,965
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IAccounts Receivable 55,073 76,606 66,669 66,116
Total Accounts Receivable I 55,073 76,606 66,669 66,116
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Emp, Pay Advance 349 376 68 264
Inventory - Trucks 1,742 3,454 2,442 2,546
Totai Other Current Assets I 2,091 3,830 2,510 2,810
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Total Current Assets 62,288 80,438 71,914 53,660
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Property and Equipment -
Office Equipment 26,740 27,539 32,605 28,961
Service EqUipment 81,673 89,197 89,526 86,799
201 Wainut Street 49,395 56,178 56,178 53,917
Vehicies 118,521 120,271 175,670 138,154
Leasehold Improvements 6,525 6,525 6,525 6,525
Accumulated Depreciation (199,411) (222,201 ) (256,923) (226,178)
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Total Property and Equipment 83.443 77,509 I 103,581 88,178
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TOTAL ASSETS I 145,731 157,947 175,495 159,724
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LIABILITIES & EQUITY -
Liabilities -
Current Liabilities -
Accounts Payable $ 18,295 $ 38,781 $ 20,139 25,738
Saies Tax Payable 340 781 392 504
Local W/H Tax Payabie - - - -
Unemployment Taxes I - - 100 33
1 Line of Credit , 74,026 39,326 47,285 I 53,545
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I Note Payable-M& T Bank I - - I 7,994 2,665
I Pension Payable I - - I 2,696 899
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Total Current Liabilities , 92,660 78,888 I 78,606 I 62,538
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Long Terrn Liabilities I -
I Notes Payabie - Financial. 1,801 - I - 450
IA. J, Black 12,000 - - I 3,000
1 Sam Black . 20,000 I 41,000 I 24,000 ! 21,250
I Note Payable Stockhold A B 3,188 3,453 I 3,453 I 2,524
Total Long Tenn Liabilities I 36,989 I 44,453 I 27,453 I 27,224
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TOTAL LIABILITIES 129,650 123,341 106,059 89,763
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EQUITY I -
Capital Stock 1,000 1,000 1,000 750
Paid-in-Capital - 27,761 27,761 27,761 20,821
Retained Earnings ---- (12,680) 5,845 40,675 8,460
TOTAL EQUITY I 16,081 I 34,606 I 69,436 30,031
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TOTAL LIABILITIES & EQUITY 1$ 145,731 I $ 157,947 I $ 175,495 119,793
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T 1998 1999 I 2000 AVERAGE
OPERATING STATEMENT
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Sales
FZ Carpet Sales $ 65,811 $ 96,583 $ 107,939 $ 90,111
FZ Upholstery Sales 8,923 14,610 18,036 13,856
FZ Drapery Sales 1,903 3,156 943 2,001
Mini-Blind Cleaning 189 3,992 610 1,597
Cleaning Restoration Sales 161,056 194,336 107,665 154,352
Structural Restoration Sales 243,374 338,391 481,861 354,542
FZ Retail Sales 82 85 106 91
Custodial Sales 87,546 59,151 57,577 68,091
Painting Sales 34,421 7,382 14,070 18,624
Construction/Repair Sales 319,793 324,620 314,482 319,698
Total Sales 923,100 1,042,504 1,103,289 1,022,964
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Cost of Sales -
FZ Supplies 7,404 19,225 17,996 14,675
Restoration Contract Labor 16,269 1,150 - 5,607
Custodial Cleaning Supplies 5,064 4,24" 2,080 3,795
Painting Supplies 7,531 7,008 8,012 7,517
Construction/Repair Supplies 166,494 124,679 102,397 131,190
Structural Restoration Supplies 65,203 148,560 160,252 124,672
Cleaning Restoration Supplies 10,016 17,609 6,507 11,377
Const/Repair Contract Labor 65,873 61,048 81,734 69,552
Bad Dept Expense 5,183 3,572 3,151 3,969
Royalties 800 - - 267
Bonus Expense 2,500 9,943 10,417 7,620
Supervision 24,800 27,789 47,481 33,356
Fabri~Zone 20,806 39,751 38,558 33,038
Restoration Const. Repair... 28,489 60,815 57,522 48,942
Restoration Cleaning Labor 22,694 28,346 37,255 29,432
In-Plant Cleaning Labor 2,274 2,570 2,263 2,369
Custodial 38,457 33,369 29,725 33,850
Construction/Repair 64,240 45,180 44,061 51,160
Painting 16,902 12,695 19,103 16,233
IPost Construction 11,702 2,130 - 4,610
I Drywall Repair 2,679 1,973 - I 1,550
I Shop Time 6,538 6,369 I 9,227 I 7,378
Total Cost of Sales I 591,918 I 658,024 I 677,741 I 642,561
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Gross Profit I 331,182 I 384,480 I 425,548 I 380,403
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Operating Expenses 1998 1999 ! 2000 AVERAGE
Pension Plan - SIMPLE - - 4,766 1,569
Automobile Expense 19,330 33,645 31,626 26,200
Rent & Utilities 15,969 14,906 14,465 15,120
'Telephone 20,065 26,577 25,456 24,039
Insurance - Automobile 6,935 7,663 6,164 7,567
Insurance - Liability 6,147 4,370 6,166 5,566
Insurance - Health 4,616 10,461 14,665 10,054
Ilnsurance - Workers Compo 13,466 10,196 14,435 12,699
i1nsurance - Other 1,325 1,964 169 1,159
IAdvertising - Fabrizone 2,400 1,020 520 1,313
Advertising - Help Wanted 306 346 177 276
Advertising 3,675 5,453 2,302 3,610
Professional Fees 4,046 5,022 6,147 5,071
Uniforms 3,916 4,421 4,254 4,197
Shareholder Wages 95,000 96,600 105,507 99,769
Other Wages 29,963 46,095 46,546 41,542
Office Supplies 5,601 11,616 9,742 9,053
Travel & Entertainment 1,216 1,233 1,555 1,335
Dues & Membership 412 705 625 561
Contributions 1,640 1,191 1,247 1,359
Interest Expense 12,036 9,472 6,075 9,662
! Miscellaneous (1,446) 451 I 700 (96)
I Bank Fees 769 1,002 1,015 935
IDepreciation and Amortization 29,092 22,790 39,395 30,426
I Payroll Taxes 35,626 36,070 40,611 36,103
ISales, Use, and Other Taxes 276 405 472 365
i Restoration -
Total Operating Expenses 312,671 356,112 I 391,027 353,937
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Operating Income (Loss) 16,510 26,366 34,521 26,467
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Other Income/Expenses -
IInterest & Other Income 10 11 10 10
I Rental Income 5,400 5,410 5,750 5,520
I Gain on Saie of Assets (3,000) . ! 900 (700)
I Capital Stock Tax I (500) . (200) (233)
Total Other Income 1,910 5,421 i 6,460 ! 4,597
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Not Income (Loss) $ 20,421 $ 31,769 I $ 40,961 $ 31,064
EXHIBIT B - ADJUSTMENTS TO NET INCOME AND
WEIGHTED AVERAGE NET INCOME
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ADJUSTMENTS TO NET INCOME (LOSS)
Net Income (Loss) $ 20,421 $ 31,789 $ 40,981 31,064
Adjustments:
Shareholder Wages 30,000 33,800 40,507 34,769
Payroll Taxes/Benefits 3,000 3,380 4,051 3,477
Cost of Sales 8.500 8,500 8,500 8.500
Vehicle Expense 8,750 8,750 8,750 8,750
Interest Expense - - 750 250
Depreciation - - 16,000 5,333
Rental Income (5,400) (5,410) (5,750) (5,520)
Gainl(Loss) Sale of Assets 3,000 - - 1,000
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Adjusted Earnings 68,271 80,809 113,789 87,623
"Corporate" Income Taxes 12,289 14,546 20,482 15,772
After Tax Adjusted Earnings 55,982 66,263 93,307 71,851
Weighting 1 2 3
Weighted Earnings 55,982 132,527 279,921 76,072
ICapitalization Rate 22%
Total Entity Value Before Control Premium $ 354,871
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Additional Control Premium, 29% 102,913
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Entity Value with Additional Control Premium 457,764
I Less: Long-Term Debt 31,964
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IValue of Equity, with Additional Control Premium I i$ 425,790
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ExHlli'T C _ wElG1<rED ,,,,,,,,,GE COST OF cAl'fTAL
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WEIGHTED AVERAGE COST OF CAPITAL
Cost of Equity Capital:
Risk-free Rate of Return
Long-term Equity Risk Premium
Small Stock Risk Premium
Unsystematic Risk Premium
Total Equity Rate
Cost of Debt Capital:
Average Cost of Debt
Tax Rate
After-tax Debt Rate
Capital Structure:
Equityllnvested Capital
Debtllnvested Capital
Total Invested Capital
WACC (Rounded)
5.58%
8.10%
2.20%
9.12%
25.00%
10.50%
17.80%
8.63%
82%
18%
100.00%
22.00%
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Source
The Wall Street Journal ,December 29, 2000
Stocks Bonds Bills & Inflation, Ibbotson Assoc., 2000
Stocks Bonds Bilis & inflation, Ibbotson Assoc., 2000
Management Factors
.25 X .82 = 20.5%
The Wall Street Journal, December 29, 2000 (Prime
plus 1%)
8.63% X 18% = 1.55%
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APPENDIX A - STATEMENT OF CONTINGENT AND
LIMITING CONDITIONS
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STATEMENT OF CONTINGENT AND LIMITING CONDITIONS
This appraWII is made subject to the following general contingent and limiting conditions:
1. We assume no responsibility for the legal description or maUers including legal or title
considerations. Title to the subject assets, properties, or business interests is assumed to be
good and marketable unless otherwise stated.
2. The subject assets, properties, or business interests are appraised free and clear of any or all
liens or encumbrances unless otherwise stated.
3. The estimate of value included in this report assumes the existing company will maintain the
character and integrity of the company through any sale, reorganization or reduction of any
owner/manager's participation in the existing activities of the company.
4. The information furnished by others is believed to be reliable. However, we issue no warranty
or other form of assurance regarding its accuracy.
5. This report is neither an offer to sell, nor a solicitation to buy securities andlor equity in or
assets of the company.
6. We assume that there is full compliance with all applicable federal, state, and local
regulations and laws unless the lack of compliance is stated, defined, and considered in the
appraisal report.
7. We assume that all required licenses. certificates of occupancy, consents. or legislative or
administrative authority from any local. state. or national government. or private entity or
organization have been or can be obtained or reviewed for any use on which the opinion
contained in this report is based.
8. Unless otherwise stated in this report, we did not observe, and we have no knowledge of. the
existence of hazardous materials with regard to the subject assets. properties, or business
interests. However, we are not qualified to detect such substances. We assume no
responsibility for such conditions or for any expertise required to discover them.
9. Possession of this report does not carry with it the right of publication. It may not be used for
any purpose by any person other than the client to whom it is addressed without our written
consent, and. in any event, only with proper written qualifications and only in its entirety.
10. We are not required to furnish a complete valuation report, or to give testimony, or to be in
attendance in court with reference to the assets, properties, or business interests in question
unless arrangements have been previously made. Neither all nor any part of the contents of
this report shall be disseminated to the public through advertising, public relations, news,
&ales, or other media without our prior written consent and approval.
II. The analyses. opinions, and conclusions presented in this report apply to this engagement only
and may not be used out of the context presented herein. This report is valid only for the
effective date(s) specified herein and only for the purpose(s) specified herein.
12. We do not purport to be guarantors of value. as reasonable people may differ in their opinion
of value. As such, we assume no responsibility for any inability to obtain a purchase price for
the stock at this or any value. We may, however, performed conceptually sound and
commonly accepted methods and procedures in determining the estimate of value presented in
this report.
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APPENDIX B - APPRAISAL CERTIFICATION
APPRAISAL CERTIFICATION
. I
We hereby certify the following statements regarding this appraisal:
1. We have no present or prospective future interest in the assets, properties, or
business interests that are the subject of this appraisal report.
2. We have no personal interest or bias with respect to the subject matter of this
report or the parties involved.
3. Our compensation for making the appraisal is in no way contingent upon the
value reported or upon any predetermined value.
4. To the best of our knowledge and belief, the statements of facts contained in this
report, upon which the analyses, conclusions, and opinions expressed herein are
based, are true and correct.
5. Our analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with National Association of Certified Valuation Analysts
standards.
6. No persons other than the individuals whose qualifications are included herein
have provided significant professional assistance regarding the analyses, opinions,
and conclusions set forth in this report.
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APPENDIX C -- PROFESSIONAL QUALIFICATIONS
OF PRINCIPAL APPRAISER
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Reuel Deppen,
CPA,
CVA
Partner
Smoker, Smith & Associates, P.e.
2000 Technology Parkway
Suite 150
Mechanicsburg, P A 17050
Telephone (717) 441-9069
Facsimile (717) 441-9068
E-Mail rdeppen@ssa-pc.com
Reuel Deppen joined Smoker, Smith & Associates in August 1999. He provides
accounting and consulting services to closely held businesses, nonprofit organizations,
management teams and executives. He is a certified valuation analyst and is the firm's
team leader for business valuation services.
He is a member of the American Institute of Certified Public Accountants, the
Pennsylvania Institute of Certified Public Accountants, and the National Association of
Certified Valuation Analysts. He is also president-elect of the Pennsylvania Institute of
Certified Public Accountants and chairperson of his church's finance committee.
Prior to joining Smoker, Smith, Reuel was a manager at a local regional public
accounting firm and was an associate at PricewaterhouseCoopers.
He received his graduate and undergraduate degrees from the Pennsylvania State
University, University Park, P A.
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RES'fR!CTEI) APPRAISAL REPORT
'. 103-105 E. MAD'! ST " sl:IIREMANSTOWl'l. .
412 w. sIMPSON s1., MEcBANlCSBURG .
20rN. wALNU'f ST.,MEotAJ'UCSBuRG
pREP ARBD F(JR
s&A RENTALS
BY
. LARRY E. FOOTE
. DIVERSIFIED' APpRAISAL SERVICES
35 BAS1 mnil STREE1, SUITE 10l
CARLISL'E, l'BNNSYL V ANlA
17013-3052
(717) 249-27SS .
~---
TABLE OF CONTENTS
PAGE NO.
Table of Contents....................................................................................................2
Letter of Transmittal...............................................................................................3
Purpose of the Appraisal.... ............ .......... ...... ......................................................... 4
Location Analysis..... ... ..... ........ .................... .......... ...................... ............. ... ...... ....5
Highest and Best Use .............................................................................................7
103-105 E. Main Street, Shiremanstown................................................................16
412 W. Simpson Street, Mechanicsburg ................................................................29
201 N. Walnut Street, Mechanicsburg ...................................................................41
Underlying Assumptions and Limiting Conditions ............ ............................... .....54
Certificate of Appraisal............. .... ....... ... ." .... ..... ..' ............ ... ..... '" ........ ..... ....... ....57
APPENDIX
Qualifications of the Appraiser
Photographs ofthe Subject Properties
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Diversified Appraisal Services
Real Estate Appraisers and Consultants
35 East High street
Canis/e, PA 17013-3052
(117) 249-2758
FAX (117) 258-4701
August 2,2001
TO: S&A Rentals
FM: Larry E. Foote
RE: Restricted Appraisal Report
103-105 E. Main St., Shiremanstown
412 W. Simpson St., Mechanicsburg
201 N. Walnut St., Mechanicsburg
At your request, I have appraised the captioned property. The restricted appraisal
report, which follows this letter, is submitted in support of my opinion of Market Value
of the Leased Fee Interest in the property, as of May 8, 2001.
I hereby certifY that, to the best of my knowledge and belief, the data, facts, and
opinions set forth therein, are accurate, subject to the Statement of Assumptions and Lim-
iting Conditions that is also made a part of the report, and that the indicated Market Value
of the subject property, as of May 8,2001 is:
103-105 E. Main Street, Shiremanstown:
412 W. Simpson Street, Mechanicsburg:
201 N. Walnut Street, Mechanicsburg :
$163,000
$160,000
$ 80,000
This restricted appraisal has been made using the Departure Provision in accor-
dance with the guidelines set forth by the Appraisal Standards Board and is in conformity
with the standards of professional practice of the National Association of Realtors Ap-
praisal Section. I appreciate your having considered me for this assignment and trust that
you find the report entirely satisfactory.
Respectfully submitted,
cftz:::~
Certified General Appraiser
GA-000014-L
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PURPOSE OF THE APPRAISAL
The purpose ofthis restricted appraisal is to estimate the Market Value of the sub-
ject properties as of May 8, 2001.
Market Value is defined as the most probable price which a property should bring
in a competitive and open market under all conditions requisite to a fair sale, the buyer
and seller, each acting prudently, knowledgeably and assuming the price is not affected
by undue stimulus. Implicit in this definition is the consummation of a sale as of a speci-
fied date and the passing of title from seller to buyer under conditions whereby:
a. Buyer and seller are typically motivated.
b. Both parties are well informed or well advised, and each acting in
what he considers his own best interest.
c. A reasonable time is allowed for exposure in the open market.
d. Payment is made in terms of cash in U.S. dollars or in terms of fi-
nancial arrangements comparable thereto.
e. The price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions
granted by anyone associated with the sale.
4
LOCATION ANALYSIS
The subject property is located in the south central part of Pennsylvania in Cum-
berland County. Cumberland County has pronounced boundaries. The Susquehanna
River forms the eastern boundary shared with Dauphin County and the state capitol, Har-
risburg. The Yellow Breeches Creek forms the southeastern boundary with York County.
The boundary then extends to the southwest following the Paney and South Mountains.
That line also constitutes the southern boundary with Adams County. The southwestern
boundary with Franklin County is traced by Laughlin Run, Middle Spring Creek, Gum
Run, and Maines Run while the ridge line of Blue Mountain forms the northern boundary
with Perry County.
Based upon statistics from the Commonwealth of Pennsylvania Department of
Labor and Industry Bureau of Research and Statistics, total civilian labor force in the
Harrisburg-Carlisle-Lebanon MSA as of March, 2001 was 350,500, up 8,700 from
March, 2000, which was 341,800. The unemployment rate for Cumberland County as of
March, 2001 was 3.0 percent, up .7 percent from March, 2000 which was 2.3 percent.
These figures of unemployment are lower than 4.5 percent for the commonwealth of
Pennsylvania. Over the year service producing industries are up 3,000 jobs and goods
producing industries are down 1,200 jobs.
Major east-west transportation links serving the general area are U.S. Route 22
and 322, Interstate Route 78, and Interstate Route 76. Major nearby north-south arteries
include Interstate Route 81, Interstate Route 83, and U.S. Routes 11 and 15. Rail service.
is provided by Amtrak on ConRail's line. The rail terminal is located in downtown Har-
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risburg. Air transportation includes four airports with Harrisburg International Airport
serving the major carriers of U.S. Air, American, and Pennsylvania Commuter Air Lines.
General aviation is also served by Capital City Airport and the Carlisle Business Airport.
Higher education is offered through the Harrisburg Area Community College, the
University Center at Harrisburg, Pennsylvania State University at Harrisburg, Dickinson
College and Dickinson Law School. Millersville State University, Shippensburg State
University, Susquehanna University, Franklin and Marshall College, and York College,
among others, are all within a one hour drive of the general area.
Mechanicsburg is located in the southeast section of central Pennsylvania, ap-
proximately five miles from Harrisburg, the state capitol. The town itself is presently un-
dergoing a considerable degree of renovation and restoration of older properties.
Employment opportunities are good, with Commonwealth of Pennsylvania, Her-
shey Foods Corporation, Tyco, Herco, Inc., Bethlehem Steel, Harrisburg Hospital, Penn-
sylvania Blue Shield, Rite Aid Corporation, Hershey Medical Center, Carlisle Barracks,
PPG Industries, Carlisle Tire and Wheel and Lear Corp. being the major employers in the
area. There are also manufacturers of crystals, paper products, and steel products in
nearby Carlisle.
6
mGHEST AND BEST USE
Highest and Best Use is defined by the Appraisal Terminology and Handbook,
published by the Appraisal Institute, as "the most profitable likely use to which a prop-
erty can be put". The opinion of such use may be based on the highest and most profit-
able continuous use to which the property is adapted and needed, or likely to be in de-
mand, in the reasonable near future.
However, elements affecting value that depend upon events or a combination of
occurrences which, while within the realm of possibility, are not fairly shown to be rea-
sonably probable, should be excluded from consideration. Also, if the intended use is
dependent on an uncertain act of another person, the intention cannot be considered.
The following tests must be passed in determining the highest and best use of the
subject property.
a. The use must be physically possible. The size, shape, and topography of the
site affect possible uses for which it can be developed.
b. The use must be legal, i.e., permitted under zoning and other municipal,
county, state, or federal regulations.
c. The use must be financially feasible, probable, and not speculative. There
must be an economic, social, or market demand for the existing or proposed
use. All uses that are expected to produce a positive return are regarded as fi-
nancially feasible.
d. Finally, the highest and best use must be that which produced the highest pos-
sible net return for the longest period of time.
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The highest and best use of a site as vacant may be different from the highest and
best use as currently improved. This is most likely to occur with older properties, where
physical condition, market changes, and neighborhood changes have been significant
since the period when originally constructed.
HIGHEST AND BEST USE AS VACANT:
The highest and best use of the properties as vacant assumes the site has no exist-
ing improvements. This concept is important to the appraisal report as it is carried
through to the valuation of the land in the cost approach, if applicable. It assists in the
selection of comparable sales of vacant sites to apply to the subject site. Considering the
physical characteristics of the site, neighborhood uses, current zoning, location, and fi-
nancial parameters, it is my opinion that the highest and best use of the subject property,
as vacant, would be for construction of multi-family residential buildings.
HIGHEST AND BEST USE AS IMPROVED:
The analysis of highest and best use of a property as improved addresses what use
should be made of the current improvements. Possible choices include renovation, ex-
pansion, demolition, or maintaining its current use with no changes. Considering the
physical characteristics of the property, neighborhood uses, current zoning, location, and
financial parameters, it is my opinion that the highest and best use of the subject proper-
ties, as improved, is for continued use as a multi-family residential buildings.
8
THE APPRAISAL PROCESS
Three approaches to value are generally included in an appraisal report. These
techniques include the cost approach, sales comparison approach, and income approach
to value.
The cost approach to value is based on the assumption that the reproduction cost
of a building plus land value, tends to set the upper limit to value. A key assumption is
that a newly constructed building would have advantages over the existing building,
therefore an evaluation focuses upon disadvantages or deficiencies (depreciation) of the
existing building compared to a new facility.
The sales comparison approach to value assumes that under normal conditions, a
given number of parties acting intelligently and voluntarily, tend to set a pattern from
which value can be estimated. Application of this approach relies on a comparison of the
subject with a sufficient number of recent transactions of comparable properties in the
market, based on a common unit, such as price per square foot of building area.
The income approach concerns itself with present worth of the future potential
benefits of a property. The initial estimate involves the net income, which a fully in-
formed person is justified in assuming the property will produce during its remaining use-
ful life. This estimated net income is then capitalized into a value estimate, based upon
the level of risk as compared with that of a similar type and class.
At the request of the client and in accordance with the departure provision of the
Uniform Standards of Professional Appraisal Practice, only the income approach to value
has been applied to the subject properties and is subsequently presented.
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THE COST APPROACH
The cost approach to value is based on the principle of substitution, which pro-
poses that an informed buyer will pay no more than the cost of providing a substitute
property with similar utility.
In estimating the value ofthe subject property by the cost approach, the following
steps must be completed:
a. Estimate the value of the site to its highest and best use as though vacant,
which we have done.
b. Estimate the reproduction or replacement cost of the improvements on the ef-
fective date of the appraisal. This includes direct and indirect costs.
c. Estimate other costs incurred after construction to being the new, vacant
building up to market conditions and occupancy levels.
d. Estimate entrepreneurial profit, when appropriate, from an analysis of the
market.
e. Add estimated replacement or reproduction cost, indirect costs, and entrepre-
neurial profit, often expressed as a percentage of total direct and indirect costs
to arrive at the total replacement or reproduction cost of the primary structure.
f Estimate the amount of accrued depreciation in the structure, which is divided
into three major categories; physical deterioration, functional obsolescence,
and external obsolescence.
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g. Deduct the estimated depreciation from the total reproduction or replacement
cost of the structure to derive an estimate of the structure's depreciated repro-
duction or replacement cost.
h. Estimate reproduction or replacement costs and depreciation for any acces-
sory buildings and site improvements, and then deduct estimated depreciation
from the reproduction or replacement costs of these improvements. Site im-
provements and minor building improvements are often appraised at their net
value, i.e., directly on a depreciated cost basis.
I. Add the depreciated reproduction of replacement costs of the structure, the
accessory buildings, and the site improvements to obtain the estimated total
depreciated reproduction or replacement cost of all improvements.
J. Add the land value to the total depreciated reproduction or replacement cost
of all improvements to arrive at the indicated value of the fee simple interest
in the property.
k. Adjust the indicated fee simple value to reflect the property interest being ap-
praised, if necessary, to produce an indicated value for the interest in the sub-
ject property.
Comparison is the essence of the cost approach to value, similar to the sales com-
parison and income approaches. Construction costs, plus land values, are compared to
the values of existing improved properties. The four principles used for the sale compari-
son approach (substitution, supply and demand, balance, and externalities), are also ap-
plicable to the cost approach.
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So the cost approach to value can be derived and equitably compared with the
other approaches to value, adjustments for accrued depreciation from all causes are de-
ducted from the reproduction cost, including:
a. Physical Deterioration: Physical wearing out of property.
b. Functional Obsolescence: Lack of desirability in terms of layout, style
and design as compared to that of a new property, serving the same limc-
tion.
c. External Obsolescence: Loss of value from causes outside the property it-
self
The cost approach to value is most applicable for new properties, where the com-
ponents of physical deterioration and functional and external obsolescence are small.
The Marshal Valuation Service is used in this approach with actual costs for the subject
property.
The Marshall Valuation Service is a complete, dependable appraisal guide for de-
veloping replacement costs, depreciated values, and insurable values of buildings and
other improvements. Modifiers are applied to make the cost applicable to any size build-
ing in any locality. Known costs for locally constructed properties are also analyzed and
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compared with derived cost estimates.
At the request of the client, and in accordance with the departure provision of the
Uniform Standards of Professional Appraisal Practice, the cost approach to value has not
been included in the development of this appraisal report.
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THE SALES COMPARISON APPROACH
The sales comparison approach is a process of comparing market data, that is, the
prices paid for similar properties, prices asked by owners, offers made by prospective
purchasers willing to buy, and rents and leases.
In applying the sales comparison approach, various appraisal principles are ap-
plied, ensuring that all relevant issues have been included in the analysis. The principles
of primary importance are supply and demand, balance, substitution, and externalities.
Additionally, a fundamental premise of the sales comparison approach is the concept, that
from analysis of sales of reasonably similar properties, an appraiser has a factual basis
upon which to estimate the value of the subject. Proper application of the sales compari-
son approach requires that:
a. Only market transactions be weighed, and the date of each transaction be con-
firmed to the greatest extent possible.
b. The degree of comparability of each sale to the subject be considered.
c. The value conclusion be consistent with the analysis of the sales data.
A definition of market value is: "The most probable price which a property
should bring in a competitive and open market under all conditions requisite to a fair sale,
the buyer and seller, each acting prudently, knowledgeably and assuming the price is not
affected by undue stimulus. Implicit in this definition is the consummation of a sale as of
a specified date and the passing of title from seller to buyer under conditions whereby:
a. Buyer and seller are typically motivated.
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b. Both parties are well informed or well advised, and each acting in what he
considers his own best interest.
c. A reasonable time is allowed for exposure in the open market.
d. Payment is made in terms of cash in U.S. dollars or in terms of financial ar-
rangements comparable thereto.
e. The price represents the normal consideration for the property sold unaffected
by special or creative financing or sales concessions granted by anyone asso-
ciated with the sale.
The degree of comparability that exists between a sale and the subject is often a
function of the volume of sales activity in a market. For any class of real estate, if sales
are infrequent, the market area must be expanded in scope of time and or geography to
whatever extent is necessary to accumulate sufficient data on which to base a judgment.
To judge the degree of comparability between a sale and the subject, several
guidelines can be applied.
a. The sale should be in the same market as the subject. To the extent that a
market is a meeting place for buyers and sellers of real estate of a given type,
the boundaries of the market are set by the participants in merchandising and
absorbing competitive properties. The boundaries of a market area are conse-
quently economic in character, and not purely physical or geographic.
b. Physical characteristics of the sale and subject should be as similar as possible
in terms of size and amenities customarily found within the applicable class of
real estate.
c. Real estate price trends over time must be taken into consideration.
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d. The functional adequacy of the sale property and the subject should be com-
petitive in terms of the ability of each to support similar functions.
At the request of the client, and in accordance with the departure provision of the
Uniform Standards of Professional Appraisal Practice, the sales comparison approach has
not been included in the development of this appraisal report.
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103-105 BAST Mf\lN STREBT
SBlRBMNlSTOWN, PBNNS"iL V AN1^-
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SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
LOCATION:
103-105 East Main Street
Shiremanstown, Pennsylvania
TAX PARCEL NUMBERS: 37-23-0555-128
OWNERSHIP: Samuel H. Black and S. Andrew Black
LAND SIZE: Approximately 28Y.' x 220'
ZONING: Neighborhood Commercial District.
FLOOD HAZARD DATA: The subject site is not located in a FEMA identified flood
hazard zone, according to map #H-Ol.
PROPERTY RlGillS: Leased fee interest.
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SCOPE OF ASSIGNMENT: The scope of the assignment included an analysis of the
subject's area, an inspection of the subject property, an es-
timation of the property's highest and best use, considera-
tion of all three approaches to value, and the application of
those relevant to the valuation of the subject.
IMPROVEMENTS:
Two-story detached four-unit apartment building.
OBJECTIVE:
To estimate the market value of the subject property as un-
encumbered.
USE OF THE APPRAISAL: To assist in estate planning.
EFFECTIVE DATE:
May 8,2001.
HIGHEST AND BEST USE: Continued use as an apartment building.
COST APPROACH: NA
SALES APPROACH: NA
INCOME APPROACH: $163,000
VALUE CONCLUSION: $163,000
17
APPRAISAL CERTIFICATE
I hereby certifY that upon application for valuation by:
S&A RENTALS
the undersigned personally inspected the following described property:
All that certain tract of land, with the improvements thereon erected, situate on
the north side of Main Street in the Borough of Shiremanstown, Cumberland County,
Pennsylvania, more particularly bounded and described as follows:
Beginning at a point on the north side of Main Street at the southwest comer of
frame dwelling house now or formerly of Mildred A. Sheaffer; thence westwardly 28'12
feet, more or less, to lot formerly of Mildred A. Sheaffer; thence along said lot north-
wardly 220 feet, more or less, from the curb line of Main Street to Stroh's, now Straw-
berry Alley; thence eastwardly along said alley 25'12 feet, more or less, to line oflot now
or formerly of Mildred A. Sheaffer; thence along straight line southwardly to the north
end of brick house; thence eastwardly along wall of brick house 4'12 feet, more or less, to
northeastern comer thereof; thence southwardly along the east wall of said brick house to
Main Street, the place of beginning.
To the best of my knowledge and belief the statements contained in this report are
true and correct, and that neither the employment to make this restricted appraisal report
nor the compensation is contingent upon the value reported, and that in my opinion the
Market Value as of May 8, 2001 is:
ONE . HUNDRED AND SIXTY-THREE THOUSAND DOLLARS
$163,000
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The property was appraised as a whole, subject to the contingent and limiting
conditions outlined herein.
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Larry E. Foote
Certified General Appraiser
GA-OOOOI4-L
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ZONING
The subject property is located in an area which is zoned Neighborhood Commer- .
cial District. These districts are established at the center of residential areas to provide
for retail sales, personal services and offices. It shall be the purpose of these districts to
provide for the routine shopping needs ofthe surrounding residential area.
A structure may be erected or used and a lot may be used or occupied for any of
the following uses and no other:
1. Single family attached dwelling.
2. Multi-family dwelling.
3. Conversion apartments.
4. Business colleges, trade schools, music and dancing schools and shni-
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lar organizations.
5. Churches
6. Clubs
7. Cultural facilities.
8. Day nurseries.
9. Police and fire stations.
10. Business, professional, public service and financial offices.
11. Business service establishments.
12. Mortuaries
13. Personal service establishments.
14. Retail stores and businesses.
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15. Sit -down restaurants and taverns.
16. Bus and rail passenger terminals.
17. Communication transmitting and receiving facilities.
18. Community garage or parking lot.
19. Principal supply utilities.
20. Sewage facilities.
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OWNERSHIP HISTORY
The subject property is owned by Samuel H. Black and S. Andrew Black. The
property was purchased on January 10, 1994 for a reported consideration of $70,000 and
ownership transferred on deed reference 36-T-I20.
ESTIMATED MARKETING TIME
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It is estimated that if the subject property were offered for sale at the indicated
Market Value, a reasonable marketing time would be six to twelve months. This estimate
is based upon quarterly sales figures published by Central Penn Multi List, Inc.
ECONOMIC TRENDS
Historically, rental income for similar properties has steadily increased, with va-
cancy rates remaining stable. Financing is readily available to qualified purchasers at
reasonable rates and terms.
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SITE DESCRIPTION
The subject site is rectangular in shape, consists of a total area of approximately 6,270
square feet, and has approximately 28\1:, linear feet of macadam road frontage along East
Main Street. There is also approximately 25 linear feet of macadam road frontage along
Strawberry Alley.
The site is relatively level throughout and there does not appear to be any drain-
age problems. According to the Federal Emergency Management Agencymap number
H-Ol, the site is not located in an area which is prone to flooding. .
In the absence of core boring, it has been assumed that there are no mineral
deposits of a commercial nature underlying the subject site. For the same reason, it is
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assumed that there are no unusual sub-soil conditions that would adversely affect the sub-
jeet site.
Access to the site is via East Main Street and Strawberry Alley, and visibility of
the site from these roadways is considered to be good.
Utilities available at the site include water, sewer, gas, electricity and telephone
service. There appears to be sufficient capacity in each of these utilities to permit opti-
mum utilization of the site.
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IMPROVEMENTS
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The subject property is improved with a two-story detached four-unit apartment
building containing approximately 2,440 square feet of gross building area, constructed
over and partial basement and crawlspace. The exterior walls are of brick and vinyl sid-
ing. Roofing is of the gable type, covered with metal sheathing. Gutters and downspouts
are of galvanized steel and aluminum. Exterior doors are of wood and metal. Windows
are of the wood-framed double-hung type and the thermopane replacement type.
Two of the apartments are divided into a living room, kitchen, dining room, two
bedrooms and a bathroom. The other two apartments are divided into a living room, eat-
in kitchen, bedroom and bathroom. Floor coverings are of carpet, hardwood and vinyl.
Interior walls are of plaster and drywall. Interior ceilings are of plaster and suspended
acoustical tile blocks. Interior doors are of wood that is either stained and varnished or
painted. There is a covered porch attached to the front of the building and two covered
rear porches.
The building is heated by two gas-fired forced hot air furnaces and an oil-fired hot
water furnace. Electricity is distributed by a 1 DO-ampere circuit breaker electrical sys-
tem. Water is heated by four 52-gallon gas-fired water heaters and plumbing is of iron,
copper and plastic.
The site is further improved with a concrete front sidewalk, macadam rear side-
walk leading to a stone parking lot and two-car garage, and a rear lawn
All improvements are. considered to be in average condition on the interior and on
the exterior, with mechanical systems appearing to be adequate and functioning properly.
24
THE INCOME APPROACH
The income approach is a method of converting income streams into present
worth. Income and expense data for the subject property has been collected from the
property owner and adjusted to include a vacancy factor. Analysis of this data resulted in
a net operating income of$16,071.
Using this approach, the net operating income should be sufficient to cover total
mortgage payments and offer a return on equity investment. The net operating income is
capitalized to obtain an estimate of value by income approach.
Using the band of investment technique to develop a capitalization rate, the ap-
praiser contacted lending institutions to determine the availability and terms of invest-
ment capital, and the equity return desired by investors in this type investment. It was
found that eighty percent of the property value could be borrowed at seven and three-
forth percent interest per annum for a term of twenty years, adjusted at the end of five
years. Also, investors desire an equity yield of ten percent.
The mortgage constant under the above terms would be .098514. Applying the
band of investment technique, the overall capitalization rate is developed in the following
manner:
.80 x .098514 = .078811
.20 x .100000 = .020000
.098811
Based upon the above, capitalizing the net operating income at the overall capi-
talization rate of .098811 indicates a value of $16,071/.098811 = $162,643.84. There-
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fore, the Market Value of the subject property by the income approach is best estimated
at $163,000.
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INCOME AND EXPENSE SUMMARY
SCHEDULED INCOME:
103 E. Main St. 1st floor@ $525 mo.
103 E. Main St. 2nd floor @ $540 mo.
105 E. Main St. 1st floor@ $365 mo.
105 E. Main St., 2nd floor @ $385 mo.
Less vacancy and credit loss
Gross Income
OPERATING EXPENSES:
Sewer
Water
Gas
Property taxes
Property insurance
Repairs and maintenance
Trash removal
Total Operating Expenses
NET OPERATING INCOME:
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$6,300
6,480
4,380
4,620
653
240
697
1,798
1,581
213
400 projected
-ID
$21,127
5.056
$16,071
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RECONCILIATION AND FINAL VALUE ESTIMATE
Reconciliation is the analysis of alternative conclusions to arrive at a final value
estimate. Reconciliation is required because different value indications result from the
use of multiple approaches to value and within the application of a single approach.
The final value estimate is not derived simply by applying technical and quantita-
tive procedures; rather, it involves the exercise of judgment. The value conclusion
reached must be consistent with market thinking.
The parts of this appraisal report are the following approaches to value your ap-
praiser used:
Value Indicated by Cost Approach
Value Indicated by Sales Comparison Approach
Value Indicated by Income Approach
N.A.
N.A.
$163,000
These approaches are representative of the market value of the property. I have
carefully examined each step in each method, and I believe the conclusions accurately
reflect the attitude of typical purchasers of this type property in this neighborhood. It is
my belief that this reexamination has confirmed the original conclusions.
As a result of this restricted appraisal and analysis, it is this appraiser's considered
judgment and opinion that the Market Value of the subject property, as of May 8,2001 is:
ONE HUNDRED AND SIXTY-THREE THOUSAND DOLLARS
$163,000
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412 WES1' SIMPSON S1'REB'f
Mf,CW'J'UCSBURO, PBNNSY1..v p.,NlA
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SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
LOCATION:
412 West Simpson Street
Mechanicsburg, Pennsylvania
TAX PARCEL NUMBERS: 20-23-0567-044
OWNERSHIP: Samuel H. Black and S. Andrew Black
LAND SIZE: Approximately 51' x 150'
ZONING: Residential Medium Density District.
FLOOD HAZARD DATA: The subject site is not located in a FEMA identified flood
hazard zone, according to map #420362-0005-C.
PROPERTY RIGHTS: Leased fee interest.
SCOPE OF ASSIGNMENT: The scope of the assignment included an analysis of the
subject's area, an inspection of the subject property, an es-
timation of the property's highest and best use, considera-
tion of all three approaches to value, and the application of
those relevant to the valuation of the subject.
IMPROVEMENTS:
Two-story, two-unit apartment building with a detached
one-umt apartment and garage building.
OBJECTIVE:
To estimate the market value of the subject property as un-
encumbered.
USE OF THE APPRAISAL: To assist in estate planning.
EFFECTIVE DATE:
May 8, 2001.
HIGHEST AND BEST USE: Continued use as
COST APPROACH: N.A.
SALES APPROACH: N.A.
INCOME APPROACH: $160,000
VALUE CONCLUSION: $160,000
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APPRAISAL CERTIFICATE
I hereby certifY that upon application for valuation by:
S&A RENTALS
the undersigned personally inspected the following described property:
All that certain tract of land, with the improvements thereon erected, situate on
the North side of West Simpson Street in the Borough of Mechanicsburg, Cumberland
County, Pennsylvania, more particularly bounded and described as follows:
Bounded on the South by West Simpson Street; on the West by lot now or for-
merly ofJoseph Senseman; on the North by a public alley; and on the East by lot now or
formerly of Lloyd Wrightstone; containing 51.00 feet, more or less, in front of said Simp-
son Street and extending at an even width in depth from said Simpson Street to said alley.
To the best of my knowledge and belief the statements contained in this report are
true and correct, and that neither the employment to make this restricted appraisal report
nor the compensation is contingent upon the value reported, and that in my opinion the
Market Value as of May 8,2001 is:
ONE HUNDRED AND SIXTY THOUSAND DOLLARS
$160,000
The property was appraised as a whole, subject to the contingent and limiting
conditions outlined herein.
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Larry E. Foote
Certified General Appraiser
GA-OOOOI4-L
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ZONING
The subject property is located in an area which is zoned Residential Medium
Density District. This district is comprised of those areas where single-family dwellings
are predominant. The purpose of this district is to stabilize those areas of the Borough
where such a pattern of residential design has been established and protect it from com-
mercial and multi-family development intrusion. The following uses are permitted in any
Residential Medium Density District:
1. Single-family detached dwellings.
2. Single-family semi-detached dwellings.
3. Two-family detached dwellings.
4. Accessory apartment dwelling.
5. Churches or similar places of worship, parish houses, convents.
6. Cemeteries and monument sales.
7. Municipal uses, public libraries, and firehouses.
8. Hospitals, medical centers, and doctor's offices.
9. Family day care homes.
10. Public parks, playgrounds and municipal recreation areas.
11. Public and private schools.
12. Public utility uses.
13. Home occupations.
14. Manufactured/mobile home parks.
32
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15. Signs, when erected and maintained in accordance with Article 15 of the zoning
ordinance.
16. Uses and buildings customarily accessory and incidental to any permitted uses.
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OWNERSHIP mSTORY
The subject property is owned by Samuel H. and S. Andrew Black. The property
was purchased on July 14, 1999 for a reported consideration of $152,000 and ownership
transferred on Deed Book 203, Page 939.
ESTIMATED MARKETING TIME
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It is estimated that if the subject property were offered for sale at the indicated
Market Value, a reasonable marketing time would be six to twelve months. This estimate
is based upon quarterly sales figures published by Central Penn Multi List, Inc.
ECONOMIC TRENDS
Historically, rental income for similar properties has steadily increased, with va-
cancy rates remaining stable. Financing is readily available to qualified purchasers at
reasonable rates and terms.
34
SITE DESCRIPTION
The subject site is rectangular in shape, consists of a total area of approximately 7,650
square feet, and has approximately 51 linear feet of macadam road frontage along West
Simpson Street. There is also approximately 51 linear feet of macadam road frontage
along a public alley.
The site is relatively level throughout and there does not appear to be any drain-
age problems. According to the Federal Emergency Management Agency map number
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420362-0005-C, the site is not located in an area which is prone to flooding.
In the absence of core boring, it has been assumed that there are no mineral de-
posits of a commercial nature underlying the subject site. For the same reason, it is as-
sumed that there are nounusual sub-soil conditions that would adversely affect the sub-
ject site.
Access to the site is via West Simpson Street and a public alley, and visibility of
the site from these roadways is considered to be good.
Utilities available at the site include water, sewer, gas, electricity and telephone
service. There appears to be sufficient capacity in each of these utilities to permit opti-
mum utilization of the site.
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IMPROVEMENTS
The subject property is improved with a two-story detached three-unit apartment
building containing a total of approximately 1,836 square feet of gross building area and
a two-story detached two-car garage and apartment building containing a total of ap-
proximately 1,008 square feet of gross building area.
The exterior walls are of vinyl siding and roofing is of the gable type, covered
with shingles. Gutters and downspouts are of painted aluminum. Windows are of the
wood-framed double-hung type and exterior doors are of wood. Interior floor coverings
are of carpet and vinyl. Interior walls and ceilings are of plaster and drywall. The dwell-
ing is heated by two gas-fired hot water furnaces and the apartment in the garage building
is heated by baseboard electric heating units. Electricity is distributed by two 100-
ampere circuit breaker systems and one 200-ampere circuit breaker system. Water is
heated by two 52-gallon gas-fired water heaters and one 52-gallon electric water heater.
Plumbing is of iron, copper and plastic.
The two apartments in the house are each divided into a double living room, din-
ing room, kitchen, two bedrooms and a full bathroom. The apartment in the garage build-
ing is divided into a living room, kitchen, two bedrooms and a bathroom. The garage
consist of two bays.
The site is further improved with a four-space macadam parking area, side and
rear lawns with shrubs, and a concrete sidewalk with curbing along the front of the site.
All improvements are considered to be in average condition on the interior and on
the exterior, with mechanical systems appearing to be adequate and functioning properly.
36
THE INCOME APPROACH
The income approach is a method of converting income streams into present
worth. Income and expense data for the subject property has been collected from the
property owner and adjusted to include a vacancy factor. Analysis of this data resulted in
a net operating income of$15,830.
Using this approach, the net operating income should be sufficient to cover total
mortgage payments and offer a return on equity investment. The net operating income is
capitalized to obtain an estimate of value by income approach.
Using the band of investment technique to develop a capitalization rate, the ap-
praiser contacted lending institutions to detennine the availability and terms of invest-
ment capital, and the equity return desired by investors in this type investment. It was
found that eighty percent of the property value could be borrowed at seven and three-
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forths percent interest per annum for a term of twenty years, adjusted at the end of five
years. Also, investors desire an equity yield of ten percent.
The mortgage constant under the above terms would be .098514. Applying the
band of investment technique, the overall capitalization rate is developed in the following
manner:
.80 x .098514 = .078811
.20 x .100000 = .020000
.098811
Based upon the above, capitalizing the net operating income at the overall capi-
talization rate of .098811 indicates a value of $15,830/.098811 = $160,204.84. There-
37
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fore, the Market Value of the subject property by the income approach is best estimated
at $160,000.
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INCOME AND EXPENSE SUMMARY
SCHEDULED INCOME:
412 W. Simpson St. 1st floor@ $565 mo.
412 W. Simpson St. 2nd floor @ $440 mo.
412 W. Simpson St. rear@$650mo.
Less vacancy and credit loss
Gross Income
OPERATING EXPENSES:
Sewer
Water
Property taxes
Property insurance
Repairs and maintenance
Trash removal
Total Operating Expenses
NET OPERATING INCOME:
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$6,780
5,280
7,800
596
154
789
1,288
126
615
462
$19,264
3.434
$15,830
RECONCILIATION AND FINAL VALUE ESTIMATE
Reconciliation is the analysis of alternative conclusions to arrive at a final value
estimate. Reconciliation is required because different value indications result from the
use of multiple approaches to value and within the application of a single approach.
The final value estimate is not derived simply by applying technical and quantita-
tive procedures; rather, it involves the exercise of judgment. The value conclusion
reached must be consistent with market thinking.
The parts of this appraisal report are the following approaches to value your ap-
praiser used:
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Value Indicated by Cost Approach
Value Indicated by Sales Comparison Approach
Value Indicated by Income Approach
N.A.
N.A.
$160,000
These approaches are representative of the market value of the property. I have
carefully examined each step in each method, and I believe the conclusions accurately
reflect the attitude of typical purchasers of this type property in this neighborhood. It is
my belief that this reexamination has confirmed the original conclusions.
As a result of this restricted appraisal and analysis, it is this appraiser's considered
judgment and opinion that the Market Value of the subject property, as of May 8,2001 is:
ONE HUNDRED AND SIXTY THOUSAND DOLLARS
$160,000
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201 NORTIl W ALNDT S'fREE'f
"MECBAN!CSBURG, PENNSYL V ANl^
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SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
LOCATION:
201 North Walnut Street
Mechanicsburg, Pennsylvania
TAX PARCEL NUMBERS: 18-23-0565-173
OWNERSHIP: Samuel H. Black and S. Andrew Black
LAND SIZE: Approximately 55.42' x 140.48'
ZONING: Residential Medium Density District.
FLOOD HAZARD DATA: The subject site is not located in a FEMA identified flood
hazard zone, according to map #420362-0005-C.
PROPERTY RIGHTS: Leased fee interest.
SCOPE OF ASSIGNMENT: The scope of the assignment included an analysis of the
subject's area, an inspection of the subject property, an es-
timation of the property's highest and best use, considera-
tion of all three approaches to value, and the application of
those relevant to the valuation of the subject.
IMPROVEMENTS:
Two-story detached two-unit apartment building.
OBJECTIVE:
To estimate the market value of the subject property as un-
encumbered.
USE OF THE APPRAISAL: To assist in estate planning.
EFFECTIVE DATE:
May 8,2001.
IDGHEST AND BEST USE: Continued use as an apartment building.
COST APPROACH: N.A.
SALES APPROACH: N.A.
INCOME APPROACH: $80,000
VALUE CONCLUSION: $80,000
42
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APPRAISAL CERTIFICATE
I hereby certifY that upon application for valuation by:
S&A RENTALS
the undersigned personally inspected the following described property:
All that certain tract of land, with the improvements thereon erected, situate in the
Borough of Mechanicsburg, Cumberland County, Pennsylvania, more particularly
bounded and described as follows:
Beginning at a point at the northwest comer of the intersection of North Walnut
Street (a 43 foot right-of-way) and East Green Street (a 40 foot right-of-way); thence by
the northern right-of-way line of East Green Street South 72 degrees 31 minutes 41 sec-
onds West a distance of 140.48 feet to a point at Tanner Alley (a 20 foot right-of-way);
thence by Tanner Alley North 25 degrees 20 minutes 25 seconds West a distance of 55.42
feet to a point at Lot No.2; thence by Lot NO.2 North 72 degrees 31 minutes 41 seconds
East a distance of 140.48 feet to a point at the western right-of-way line of North Walnut
Street; thence by western right-of-way line of North Walnut Street South 25 degrees 20
minutes 25 seconds East a distance of 55.42 feet to a point at the northern right-of-way
line of East Green Street, the point and place of beginning. Containing 7,785.40 square
feet.
To the best of my knowledge and belief the statements contained in this report are
true and correct, and that neither the employment to make this restricted appraisal report
nor the compensation is contingent upon the value reported, and that in my opinion the
43
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Market Value as of May 8,2001 is:
EIGlITY THOUSAND DOLLARS
$80,000
The property was appraised as a whole, subject to the contingent and limiting
conditions outlined herein.
x~
Larry E. Foote
Certified General Appraiser
GA-000014-L
NOTE: This appraised value is based upon the dwelling being in "as is" condition.
44
ZONING
The subject property is located in an area which is zoned Residential Medium
Density District. This district is comprised of those areas where single-family dwellings
are predominant. The purpose of this district is to stabilize those areas of the Borough
where such a pattern of residential design has been established and protect it from com-
mercial and multi-family development intrusion. The following uses are permitted in any
Residential Medium Density District:
17. Single-family detached dwellings.
18. Single-family semi-detached dwellings.
19. Two-family detached dwellings.
20. Accessory apartment dwelling.
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21. Churches or similar places of worship, parish houses, convents.
22. Cemeteries and monument sales.
23. Municipal uses, public libraries, and firehouses.
24. Hospitals, medical centers, and doctor's offices.
25. Family day care homes.
26. Public parks, playgrounds and municipal recreation areas.
27. Public and private schools.
28. Public utility uses.
29. Home occupations.
30. Manufactured/mobile home parks.
45
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31. Signs, when erected and maintained in accordance with Article 15 of the zoning
ordinance.
32. Uses and buildings customarily accessory and incidental to any permitted uses.
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OWNERSHIP HISTORY
The subject property is owned by Samuel H Black and S. Andrew Black. The
property was purchased on September 12, 1997 for a reported consideration of $49,000
and ownership transferred on Deed Book 164, Page 423.
ESTIMATED MARKETING TIME
It is estimated that if the subject property were offered for sale at the indicated
Market Value, a reasonable marketing time would be six to twelve months. This estimate
is based upon quarterly sales figures published by Central Penn Multi List, Inc.
ECONOMIC TRENDS
Historically, rental income for similar properties has steadily increased, with va-
cancy rates remaining stable. Financing is readily available to qualified purchasers at
reasonable rates and terms.
47
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SITE DESCRIPTION
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The subject site is rectangular in shape, consists of a total area of approximately 7,785
square feet, and has approximately 55.42 linear feet of macadam road frontage along
North Walnut Street. There is also approximately 140.48 linear feet of macadam road
frontage along East Green Street.
The site is relatively level throughout and there does not appear to be any drain-
age problems. According to the Federal Emergency Management Agency map number
420362-0005-C, the site is not located in an area which is prone to flooding.
In the absence of core boring, it has been assumed that there are no mineral de-
posits of a commercial nature underlying the subject site. For the same reason, it is as-
sumed that there are no unusual sub-soil conditions that would adversely affect the sub-
ject site.
Access to the site is via North WaInut Street and East Green Street, and visibility
of the site from these roadways is considered to be good.
Utilities available at the site include water, sewer, gas, electricity and telephone
service. There appears to be sufficient capacity in each of these utilities to permit opti-
mum utilization of the site.
48
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IMPROVEMENTS
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The subject property is improved with a two-story detached two-unit apartment
building containing approximately 1,616 square feet of gross building area above grade,
constructed over a basement with a stone foundation. The exterior walls of the building
are covered with vinyl siding. Roofing is of the gable type, covered with fiberglass shin-
gles. Gutters and downspouts are of painted aluminum. Exterior doors are of insulated
steel and windows are of the vinyl-clad thermopane type. There is a wraparound porch
attached to the front and side of the dwelling.
The first floor consists of an apartment that is divided into a living room, eat-in
kitchen, two bedrooms and a bathroom. The second floor apartment is divided into a liv-
ing room with dining area, kitchen, two bedrooms and a bathroom. Interior floor cover-
ings are of carpet and vinyl. Interior walls and ceilings are of drywall and interior doors
and trim are of painted wood. The building is heated by two gas-fired forced hot air fur-
naces. Electricity is distributed by two IOO-ampere circuit breaker electrical systems.
Water is heated by two 52-gallon electric water heaters and plumbing is of copper and
plastic.
The site is further improved with a lawn with shrubs, concrete sidewalks with
curbing along the streets, and a stone parking area located at the rear of the building.
All improvements are considered to be in good condition on the interior and on
the exterior, with mechanical systems appearing to be adequate and functioning properly.
49
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THE INCOME APPROACH
The income approach is a method of converting income streams into present
. worth. Income and expense projections for the subject property have been collected from
the property owner and adjusted to include a vacancy factor. Analysis of this data re-
suited in a projected annual net operating income of $1 0, 173.
Using this approach, the net operating income should be sufficient to cover total
mortgage payments and offer a return on equity investment. The net operating income is
capitalized to obtain an estimate of value by income approach.
Using the band of investment technique to develop a capitalization rate, the ap-
praiser contacted lending institutions to detennine the availability and terms of invest-
ment capital, and the equity return desired by investors in this type investment. It was
found that eighty percent of the property value could be borrowed at seven and three-
forths percent interest per annum for a term of twenty years, adjusted at the end of five
years. Also, investors desire an equity yield of ten percent. Since the future tax assess-
ment will be based upon the renovated building, a tax rate had to be built into the capi-
talization rate. The total tax rate for Mechanicsburg is .013632.
The mortgage constant under the above terms would be .098514. Applying the
band of investment technique, the overall capitalization rate is developed in the following
manner:
...
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.80 x .098514 = .078811
.20 x .100000 = .020000
Total tax rate .013632
.112443
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Based upon the above, capita1izing the net operating income at the overall capi-
talization rate of .112443 indicates a.value of $10173/.112443 ~ $90,472.51. Therefore,
the Market Value of the subject property by the income approach is best estimated at
$90,000, less $10,000 estimated cost to complete remodeling, for a final estimated value
of $80,000 in "as is" condition.
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INCOME AND EXPENSE SUMMARY
SCHEDULED INCOME:
Projected rental income for 1" f1oor@ $475 mo.
Projected rental income for 2nd floor @ $450 mo.
Less vacancy and credit loss
Gross Income
OPERATING EXPENSES:
Property insurance
Projected repairs and maintenance
Trash removal
Total Operating Expenses
NET OPERATING INCOME:
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$5,700
5,400
333
125
200
269
$10,767
594
$10,173
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RECONCILIATION AND FINAL VALUE ESTIMATE
Reconciliation is the analysis of alternative conclusions to arrive at a final value
estimate. Reconciliation is required because different value indications result from the
use of multiple approaches to value and within the application of a single approach.
The final value estimate is not derived simply by applying technical and quantita-
tive procedures; rather, it involves the exercise of judgment. The value conclusion
reached must be consistent with market thinking.
The parts of this appraisal report are the following approaches to value your ap-
praiser used:
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Value Indicated by Cost Approach
Value Indicated by Sales Comparison Approach
Value Indicated by Income Approach
N.A.
N.A.
$80,000
These approaches are representative of the market value of the property. I have
carefully examined each step in each method, and I believe the conclusions accurately
reflect the attitude of typical purchasers of this type property in this neighborhood. It is
my belief that this reexamination has confirmed the original conclusions.
As a result of this restricted appraisal and analysis, it is this appraiser's considered
judgment and opinion that the Market Value ofthe subject property, as of May 8,2001 is:
EIGHTY THOUSAND DOLLARS
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$80,000
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UNDERLYING ASSUMPTIONS AND LIMITING
CONDITIONS SUBJECT TO THIS APPRAISAL
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21. I assume no responsibility for matters legal in nature, nor do I render any opinion
as to the title, which is assumed to be marketable. The property is appraised as
though under responsible ownership.
22. The legal description used herein is correct.
23. I have made no survey of the subject property, and the boundaries are taken from
records believed to be reliable.
24. I assume that there are no hidden or unapparent conditions of the property, subsoil
or structures which would render it more or less valuable. I assume no responsi-
bility for such conditions or for engineering which might be required to discover
such factors.
25. The information, estimates, and opinions furnished to me and contained in this re-
port were obtained from sources considered to be reliable and believed to be true
and correct. However, no responsibility for accuracy can be assumed by me.
26. This appraisal report is to be used in its entirety and only for the purpose for
which it was rendered.
27. Neither all nor any part of the contents of this appraisal report, (especially any
conclusions as to value, the identity of the appraiser or the firm with which he is
connected) shall be reproduced, published, or disseminated to the public through
advertising media, public relations media, sales media, or any other public means
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of communication, without the prior written consent and approval of the ap-
praiser.
28. Unless otherwise stated in this report, the existence of hazardous material, includ-
ing without limitation asbestos, polycWorinated biphenyls, petroleum leakage, or
agricultural chemicals, which mayor may not be present on the property, was not
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observed by the appraiser. The appraiser has no knowledge of the existence of
such materials on or in the property. The appraiser, however, is not qualified to
detect such substances. The presence of substances such as asbestos, urea-
formaldehyde foam insulation, or other potentially hazardous materials may affect
the value of the property. The value estimate is predicated on the assumption that
there is no such material on or in the property that would cause a loss in value.
No responsibility is assumed for any such conditions, or for any expertise or engi-
neering knowledge required to discover them. The client is urged to retain an ex-
pert in this field, if desired.
29. I do not have knowledge or experience required to evaluate whether physical
changes have to be made to existing facilities to conform to the Americans With
Disabilities Act regulations or whether alterations or new construction meets the
requirements. Therefore, the value reported is based upon the assumption that the
subject property conforms to the ADA regulations. The client is urged to retain
an expert in this field, if desired.
30. Acceptance of and/or use of this appraisal report constitutes acceptance of the
foregoing assumptions and limiting conditions.
55
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CERTIFICATE OF APPRAISAL
Your appraiser hereby certifies that:
1. I have no present or contemplated future interest in the subject property.
2. I have no personal interest or bias with respect to the subject matter of this ap-
praisal report or the parties involved. My findings are not based on the employ-
ment to make the restricted appraisal, a requested minimum valuation, a specific
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valuation, or the approval of a loan.
3. To the best of my knowledge and belief, the statements of fact contained in this
appraisal report, upon which the analyses, opinions, and conclusions expressed
herein are based, are true and correct.
4. This restricted appraisal report sets forth all of the limiting conditions (imposed
by the terms of my assignment or by the undersigned) affecting the analyses,
opinions, and conclusions contained in this report.
5. This restricted appraisal report has been made in conformity with the Uniform
Standards of Professional Appraisal Practice adopted by the Appraisal Standards
Board of the Appraisal Foundation, and is subject to the requirements of the Code
of Professional Ethics and Standards of Professional Conduct of the Appraisal
Section of the National Association of Realtors.
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6. No one other than the undersigned prepared the analyses, conclusions, and opin-
ions concerning real estate that are set forth in this restricted appraisal report.
7. This restricted appraisal report has been completed in a manner that does not mis-
lead or confuse the client or the intended users of the report.
57
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8. The appraiser has advised the client that the assignment calls for something less
than, or different from the work required by the specific guidelines.
9. The client has agreed that the performance of a restricted appraisal would be ap-
propriate.
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Larry E. Foote
Certified General Appraiser
GA-OOOO14-L
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LARRY E. FOOTE
REAL ESTATE APPRAISER
EXPERIENCE:
1979-Present: Chief Appraiser, Diversified Appraisal Services, Carlisle, Pa.
Principal Broker, LaRue Development Company, Carlisle, Pa,
1976-1979: Associate Broker, Colonial Realty, Carlisle, Pa,
1972-1976: Realtor Associate, Jack Gaughen Realtor, Carlisle, Pa,
Appraisa1 experience included undeveloped land, furms, building lots, single-fumily dwellings,
mobile home parks, medical centers, nursing homes, motels, apartment buildings and complexes,
office bnildings, service stations, veterinary clinics, rehabilitation centers, retail buildings, day-
care centers, warehouses, and manufacturing facilities,
EDUCATION:
Bachelor of Business Administration, Pennsylvania State University, 1976.
Associate Bachelor of Business Administration, Harrisburg Area Community
College, 1974.
Diploma, Carlisle Senior High School, 1965.
Certificate, Pennsylvania Realtors Institute, GRl I, GRl IT, GRl III.
Certificate, Realtors National Marketing Institute, CI 101, CI IOZ, Cl103, CI 104,
CI 105.
Standards of Professional Practice, American Institute of Real Estate Appraisers,
Real Estate Appraisal Principles, American Institute of Real Estate Appraisers,
Residential Valuation, American Institute of Real Estate Appraisers,
Appraisal Procedures, Appraisal Institute,
Principles of Income Property Appraising, Appraisal Institute,
Case Studies in Real Estate Valuation, Appraisal Institute,
Report Writing and Valuation Analysis, Appraisal Institute,
PROFESSIONAL LICENSES:
General Appraiser #GA-OOOO 14-L, Commonwealth of Pennsylvania,
Real Estate Broker #RB-QZ9729-A, Commonwealth of Pennsylvania,
PROFESSIONAL DESIGNATIONS:
GRl: Graduate of the Pennsylvania Realtors Institute, awarded by the Pennsyl-
vania Association of Realtors,
CRS: Certified Residential Specialist, awarded by the Realtors National Market-
ing Institute of the National Association of Realtors.
CCIM: Certified Commercial Investment Member, awarded by the Realtors
National Marketing Institute of the National Association of Realtors,
PROFESSIONAL ORGANIZA nON AFFILIATIONS:
National Association of Realtors Appraisal Section,
Carlisle Association ofRea1tors,
Pennsylvania Association of Realtors,
National Association of Realtors.
Realtors National Marketing Institute,
59
PAST CLIENTS:
Borough of Carlisle
Keystone Financial Mortgage
Cornerstone Federal Credit Union
Pennsylvania State Bank
Commerce Bank
Cumberland-Perry Association for Retarded Citizens
Carlisle Suburban Authority
Members 1" Federal Credit Union
Pennsylvania National Bank
Evans Financial Corporation
Greenawalt & Company, CPA
Smith's Transfer Corporation
Carlisle Department of Parks and Recreation.
Executive Relocation Services
Carlisle Area School District
Messiah Homes, Incorporated
ERA Eastern Regional Services
Pennsylvania Turnpike Commission
Chase Home Mortgage Corporation
Defense Activities Federal Credit Union
Pennsylvania State Employees Credit Union
PNC Mortgage Corporation
F&M Trust Company
National City Mortgage Corporation
Washington Mutual Home Loans, fue.
Prudential Relocation Services
Lender's Choice
Market futelligence, fucorporated
United Telephone Employees Federal Credit Union
Cumberland County Commissioners
Allstate Enterprises Mortgage Corporation
Dickinson College
PPG Industries, fucorporated
Gettysburg College
Redevelopment Authority of Cumberland County
Record Data Appraisal Services, Incorporated
First United Federal Savings Association
Fulton Bank
United States Marshall Service
GMAC Mortgage Corporation
Orrstown Bank
Letterkenny Federal Credit Union
BanePlus Mortgage Corporation
Coldwell Banker Relocation Services, Incorporated
Central Pennsylvania Savings Bank
Mellon Bank
Provident Home Mortgage Corporation
Various law firms and individuals
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PHOTOGRAPHS OF 103-105 EAST MAIN STREET, SHlREMANSTOWN
61
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63
REV-1510 EX + (1-97)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Samuel Andrew Black
SCHEDULE G
INTER-VIVOS TRANSFERS &
MISC. NON-PROBATE PROPERTY
FILE NUMBER
21-2001-0484
This schedule must be completed and filed if the answer to any of questions 1 through 4 on the reverse side of the REV-1500 COVER SHEET is yes.
DESCRIPTION OF PROPERTY %OF EXCLUSION
ITEM INCLUDE NAME OF THE TRANSFEREE, THEIR DATE OF DEATH DECO'S (IF TAXABLE VALUE
RELATIONSHIP TO DECO & DATE OF TRANSFER.
NO. ATTACH COPY OF THE DEED FOR REAL ESTATE. VALUE OF ASSET INTEREST APPLICABLE)
1 Oppenheimer Funds, IRA account 5,440.76
#270-2704607405
2 Janus, IRA account #0033259714 1,226.59
TOTAL (Also enter on line 7, Recapitulation) $ 6,667.35
7 CPAOl
NTF 10910
(If more space is needed, insert additional sheets of the same size)
Copyright Forms Software Only, 1997 Nelco, Inc.
REV-1511EX + (1-97)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Samuel Andrew Black
SCHEDULE H
FUNERAL EXPENSES &
ADMINISTRATIVE COSTS
FILE NUMBER
21-2001-0484
Debts of decedent must be reoorted on Schedule I.
ITEM
NO.
A. FUNERAL EXPENSES:
DESCRIPTION
AMOUNT
1 Hollinger Funeral Home & Crerratory, Inc., funeral services
3,788.32
B. ADMINISTRATIVE COSTS:
1. Personal Representative's Commissions
Name of Personal Representative(s)
Social Security Number(s)/EIN No. of Personal Representative(s)
Street Address
City State
0.00
Zip
Year(s) Commission Paid:
2.
3.
Attorney Fees Name: Snelbaker, Brermerran & Spare
Family Exemption: ([f decedent's address is not the same as claimant's, attach explanation)
Claimant
Street Address
3,200.00
0.00
City
Relationship of Claimant to Decedent
State
Zip
4.
Probate Fees
267.00
5.
Accountant's Fees
0.00
6.
Tax Return Preparer's Fees
0.00
See Schedule attached
Total from continuation page(s)
1,745.10
7 CPA11 NTF 10g1 1
Copyright Forms Software Only, 1997 Nelco, Inc.
TOTAL (Also enter on line 9, Recapitulation) $
(If more space is needed, insert additional sheets of the same size)
9,000.42
REV-1509 EX + (1-97)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Samuel Andrew Black
SCHEDULE F
JOINTLY-OWNED PROPERTY
FILE NUMBER
21-2001-0484
If an asset was made Joint within one year of the decedent's date of death, It must be reported on Schedule G.
SURVIVING JOINT TENANT(S) NAME
A Samuel H. Black
ADDRESS
S&H Black and Sen, Partnership
12 East Portland Street
Mechanicsburg, PA 17055
RELATIONSHIP TO DECEDENT
Partner
JOINTLY-OWNED PROPERTY:
LETTER DATE DESCRIPTION OF PROPERTY %OF DATE OF DEATH
FOR Include name of financial institution and bank
ITEM JOINT MADE account number or similar identifying number. DATE OF DEATH DECO'S VALUE OF
NO. TENANT JOINT Attach deed for jointly-held real estate, VALUE OF ASSET INTEREST DECEDENT'S INTEREST
1 A inceptio Decedent's partnership 160,493.58 50 80,246.79
interest in the following
parcels of real estate
1. 103-105 East Main Street,
Bcrough of Shiremanstown,
Cumberland County, PA
$163,000.00 appraised value
$120,816.29 less mortgage lien
$ 42,183.71 net value
2. 412 West Si~son Street,
Bcrough of Mechanicsburg,
Cumber land County, PA
$160,000.00 appraised value
$121,690.15 less mortgage lien
$ 38,309.85 net value
3. 201 North Walnut Street,
Bcrough of Mechanicsburg,
Cumberland County, PA
$80,000.00 appraised value
Decedent was the owner of a
TOTAL (Also enter on line 6, Recapitulation) $ 80,246.79
7 CPA91 NTF 10909
(If more space is needed, insert additional sheets of the same size)
'::opyright Forms Software Only. 1997 NelciJ.lnc.
Estate of: Samuel Andrew Black
Item Joint
No. Tent.
1 A
Date
Made
Joint
SCHEDULE F -- Jointly-ONned Property
Description
50% interest in an informal
(unwritten) partnership with
his father, Samuel H. Black.
Value based on one-half of
appraised value less
outstanding mortgage
obligations. A copy of the
appraisal is attached.
Date of Death
Value of Asset
% of
Decd's
Interest
TOTAL. (Carry forward to main schedule) . . . . . .
Page 2
21-2001-0484
Date of Death
Value of
Decd's Int.
0.00
Estate of: SaJlTI.1el Andrew Black
SaJEDULE H, PART B -- Administrative Costs
Item
No.
Description
7 Diversified Appraisal Services, appraisal fee for following
properties:
1. 117 East Marble Street, Mechanicsburg, PA
2. Lot in Spring willow Drive, Mechanicsburg
3 . Lot in Miller Township, Perry County, PA
8 Diversified Appraisal Services, appraisal fee for following
properties:
1. 103-105 East Main Street, Shirerranstown, PA
2. 412 West Sirrpson Street, Mechanicsburg, PA
3. 201 North Walnut Street, Mechanicsburg, PA
4. 106 North Walnut Street, Mechanicsburg, PA
Total Invoice amount $1,800.00 divided by 1/2 (decedent's share)
= $900.00
9 Patriot-News, advertising Executrix notice
10 Cumberland Law Journal, advertising Executrix notice
11 Register of Wills, Cumberland County, filing fee for Inheritance
Tax Return
TOTAL. (Carry forward to main schedule) . . . . . .
Page 2
21-2001-0484
Arrount
650.00
900.00
110.10
75.00
10.00
1,745.10
REV-1513 EX + (1-97)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
SCHEDULE J
BENEFICIARIES
FILE NUMBER
Samuel Andrew Black
No. NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY
I. TAXABLE DISTRIBUTIONS (include outright spousal distributions)
RELATIONSHIP TO DECEDENT
Do Not List Trustee(s)
1 Klema A. Black
117 East Marble Street
Mechanicsburg, PA 17055
Surviving spouse
21-2001-0484
AMOUNT OR
SHARE OF ESTATE
344,583.48
ENTER DOLLAR AMTS. FOR DISTRIBS. SHOWN ABOVE ON LINES 15 THROUGH 17 AS APPROPRIATE. ON REV 1500 COVER SHEET
II. NON-TAXABLE DISTRIBUTIONS:
A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE
None
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
None
TOTAL OF PART 11-- ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV 1500 COVER SHEET $
7 CPA13 NTF 10913
(If more space is needed, insert additional sheets of the same size)
':':;opyrrght Forms Software Only, 1997 Nelco, Inc.
0.00
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J}. 6/- 'IJ"Y
LAST WILL AND TESTAMENT
I, SAMUEL A. BLACK, of the Borough of Mechanicsburg, County
of Cumberland and State of Pennsylvania, being of sOLnd mind,
memory and understanding, do make, publish and declare this to
be my Last Will and Testament, hereby revoking and m&king void
all former wills, codicils and other testamentary di.positions
by me at any time heretofore made.
1.
1 direct my executrix, hereinafter named, to pay as soon
as practicable after my decease all my just debts and expenses
of my last illness and burial.
2.
I give, devise and bequeath all the rest; residue and
remainder of my estate, whatsoever and wheresoever situate,
unto my wife, Kierna A. Black, providing she shall survive me
by (60) sixty days.
3.
Should my said wife, Kierna A. Blacl" predecease me or
die on or before the sixtieth day follow~ng my death, then and
in that event, I give, devise and bequeath my entire estate
unto my Trustee, hereinafter named, IN TRUST for the following
uses and purposes:
A ,FlUE COPY FROi'A F:ECORD
III f.El!/llfllctlny vil1!Jrot.1 hemur.'o set my hand
and tt~@ ~eut 01 said Coul1 a1 CEiriis!e. PA .
This .3/ ,a/' day o:~uvr 2Cit1:2.. 1'\ ^' .1,.
LtrrA? fJ. !/;;//J00 ()pj 1?tl.~::['~{J/ WF"J
- CI&rk of the- Qrp:lans Court
Cumbel'land County
l.
A. To use and ~pply so much of the income as, in
Trustee's discretion, may be necessary or
appropriate for my son's, Aaron J. Black,
support and education until he attains the age
of eighteen (18) years.
Any income not so
used or applied shall be accumulated and added
to and thereafter treated as a part of
principal.
B. To pay the net income therefrom to my son,
Aaron J. Black, from and after the day and date
he attains the age of eighteen (18) years until
the termination of this trust as hereinafter
provided.
C. As much of the principal of this trust as my
trustee may from time to time think advisable
for the support and education [including post
high school education) of my son, Aaron J. Black,
after taking into consideration his other
readily available assets and sources of income,
or during illness or emergency, shall be either
paid to him or else be applied directly for his
benefit by my trustee.
D. My trustee may apply the net income of this
trust for the support and education of my son,
L
----- ---- -----~-_._._-~-----
Aaron J. Black, should he by reason of age,
illness, or any other cause, in the opinion of
my trustee, be incapable of disbursing it.
E. To pay over the balance of the principal and
any accumulated income to my son, Aaron J.
Black, when he attains the age of twenty-five
(25) years at which time the Trust shall
terminate.
4.
My personal representative, trustee, and guardian shall
have the following powers in addition to those vested in them
by law and by other provisions of my Will, applicable to all
property, including property held for minors, whether principal
or income, exercisable without court approval, and effective
until actual distribution of all property.
(A) To retain any or all of the assets of my
estate, real or personal, without regard to
any principle of diversification, risk or
productivity.
(B) To invest in all forms of property, including
stocks, common trust funds and mortgage
investment funds, without restriction to
investments authorized for Pennsylvania
fiduciaries, as they deem proper, wlthout
i~
regard to any principle of diversification, risk
or productivity.
C. To sell at public or private sale, to exchange or
to lease, for any period of time, any real or
personal property and to give options for sales,
exchanges or leases, for such prices and upon
such terms or conditions as they deem proper.
D. To allocate receipts and expenses to principal or
income or partly to each as my Trustee from time
to time thinks proper in its sole discretion.
E. To deliver the assets of my estate and the trust
herein created either in cash or in kind, or
partly in cash and partly in kind.
S .
I appoint The First Bank and Trust Company of Mechanicsburg,
Pennsylvania, guardian of any property which passes, either under
this Will or otherwise, to a minor and with respect to which I
am authorized to appoint a guardian and have not otherwise speci-
fically done so.
Such guardian shall have the power to use
principal as well as income from time to time for the minor's
education (including post high school education), support and
welfare, or to make payment for these purposes, without further
L_
------~------ -------- -----
responsibility, to the minor or to any person taking care of
the minor.
6.
I appoint The First Bank and Trust Company of Mechanicsburg,
Pennsylvania, trustee of the trust created by thi. ci~ Last Will
7.
I hereby nominate, constitute and appoint my wife, Kierna
A. Black, executrix of this my Last Will and Testament.
Should
my said wife fail to qualify or cease to act as executrix, then
and in that event, I nominate, constitute and appoint my sister,
Constance E. Roland, executrix of this my Last Will.
8.
Should my said wife, Kierna A. Black, predecease me, I
appoint my sister-in-law and her husband, Margaret Annan Hollinger
and Eric L. Hollinger, and the survivor of them, guardians of the
person of my minor son.
9 .
I direct that my personal representatives, trusteec and
guardian shall not be required to give bond for the faithful
perfornance of their duties in any jurisdiction.
IN WITNESS WHEREOF, I, Samuel A. Black, the Testator have
hereunto set my hand and seal to this my Last Will and Testament
on this :;L d-"'ct day of 1991.
F~ I"....'^a....~
~~a~~Pr
(SEAL)
_._._---._._----.__.__.._-.._~---_.._---------.--_---
Signed, sealed, published and declared by the within named
Samuel A. Black as and for his Last Will and Testament in the
presence of us, who, at his request, in his presence and in the
presence of each other, have hereunto subscribed our names as
witnesses thereto.
.k'\ CUI ____
(}
~.r ~7'
~ cu.e, /Y\
o
ESTATE NO. 21-01-0484
SECOND/REVISED AND FINAL ACCOUNT AND STATEMENT OF PROPOSED
DISTRIBUTION OF AND BY KIERNA A. BLACK, EXECUTRIX
OF THE ESTATE AND UNDER THE LAST WILL AND TESTAMENT
OF SAMUEL A. BLACK, DECEASED, LATE OF THE BOROUGH OF
MECHANICSBURG, CUMBERLAND COUNTY, PENNSYLVANIA
Kierna A. Black, Executrix as aforesaid and Accountant herein,
avers as follows:
DATE OF DECEDENT'S DEATH:
DATE LETTERS TESTAMENTARY ISSUED:
May 8, 2001
May 17, 2001
DATES EXECUTOR'S NOTICE ADVERTISED:
Cumberland Law Journal
Patriot-News Co.
June 1, 8, 15, 2001
May 29, June 5, 12, 2001
FIRST AND FINAL ACCOUNT
PERSONALTY - PRINCIPAL ACCOUNT
DEBITS
The Accountant charges herself with the receipt of the Decedent's personalty,
goods and chattels as set forth in her inventory heretofore filed in the amount of:
TOTAL, PERSONALTY, PRINCIPAL ACCOUNT, DEBITS:
PERSONALTY - PRINCIPAL ACCOUNT
CREDITS
The Accountant claims credit for the payment of the following items from
Decedent's Personalty Account:
1. Hollinger Funeral Home & Crematory, Inc., funeral services
2. Snelbaker & Brenneman, P.C., attorney services
3. Snelbaker & Brenneman, P.C., costs advanced:
a. Register of Wills probate fees
b. Cumberland Law Journal, advertising Executrix notice
c. Patriot-News, advertising Executrix notice
d. Register of Wills, certified Will for federal return
e. Register of Wills, filing fee for Inheritance Tax Return
f. Register of Wills, additional probate fee
g. Greenawalt & Company, P.C., tax consultation fee
TOTAL. PERSONALTY, PRINCIPAL ACCOUNT, CREDITS:
LAW OFFICES
SNELBAKER &
BRENNEMAN. P.C.
; ,
"
Page 1
$ 249,669.76
$ 249,669.76
$ 3,788.32
3,200.00
569.10
267.00
75.00
110.10
2.00
10.00
35.00
70.00
$ 7,55742
~
t "" _ .. <J
PERSONALTY - INCOME ACCOUNT
DEBITS
The Accountant charges herself with the receipt of the following
Income from the investment of Personalty Principal:
TOTAL, PERSONALTY, INCOME ACCOUNT, DEBITS:
$ NONE
$ NONE
PERSONALTY - INCOME ACCOUNT
CREDITS
The Accountant claims credit for the payment of the following items
from the Personalty Principal Account:
TOTAL, PERSONALTY, INCOME ACCOUNT, CREDITS:
$ NONE
$ NONE
REAL ESTATE - PRINCIPAL ACCOUNT
DEBITS
The Accountant charges herself with the receipt of Decedent's
Real Estate as set forth in her Inventory heretofore filed in the
amount of:
TOTAL, REAL ESTATE, PRINCIPAL ACCOUNT, DEBITS:
$ 97,246.79
$ 97,24679
REAL ESTATE - PRINCIPAL ACCOUNT
CREDITS
The Accountant claims credit for the payment of the following
items from Real Estate Principal Account:
1. Diversified Appraisal Services, appraisal fee
TOTAL, REAL ESTATE, PRINCIPAL ACCOUNT, CREDITS:
$ 1,550.00
$ 1,550.00
REAL ESTATE -INCOME ACCOUNT
DEBITS
The Accountant charges herself with the receipt of the
income from the investment of Real Estate Principal Account:
TOTAL, REAL ESTATE, INCOME ACCOUNT, DEBITS:
$ NONE
$ NONE
REAL ESTATE -INCOME ACCOUNT
CREDITS
The Accountant claims credit for the payment of the following items
From the Real Estate Income Account:
TOTAL, REAL ESTATE, INCOME ACCOUNT, CREDITS:
$ NONE
$ NONE
LAW OFFICES
SNEL6AKER &
BRENNEMAN, P.C.
Page 2
LAW OFFICES
SNELBAKER &
BRENNEMAN, P.C.
PERSONALTY:
PRINCIPAL ACCOUNT:
Debits
Credits
Balance
INCOME ACCOUNT:
Debits
Credits
Balance
TOTAL PERSONALTY
REAL ESTATE:
PRINCIPAL ACCOUNT:
Debits
Credits
Balance
INCOME ACCOUNT:
Debits
Credits
Balance
TOTAL REAL ESTATE:
TOTAL FOR DISTRIBUTION:
RECAPITULATION
Page 3
$249,669.76
$ 7,557.42
$ 242,112.34
$ NONE
$ NONE
$ NONE
$ 97,246.79
$ 1,550.00
$ 95,696.79
$ NONE
$ NONE
$ NONE
$ 242,112.34
$ 95,696.79
$ 337,809.13
LAW OFFICES
SNELBAKER &
BRENNEMAN. P,C.
COMMONWEALTH OF PENNSYLVANIA)
COUNTY
OF CUMBERLAND)
Kierna A. Black, being duly sworn according to law deposes and
55.
says: that she is the Executrix of the Estate and under the Last Will and
Testament of Samuel A. Black, Deceased; that she is the Accountant herein;
that the foregoing is a true and complete accounting of her administration of
said Estate; that the attached list or schedule [*] contains the names,
addresses and amounts due unpaid creditors who have given proper notice
of their claims; that the attached list or schedule [**] contains the names and
addresses of all persons interested in the distribution of said Estate; and that
information and belief.
the facts set forth herein are true and correct to the best of her knowledge,
Sworn to and subscribed before
me this 2nd day of February 2006
~~K~~
COMMONWEALTH '.. L?ENNSYL VANIA
Notarial Seal
Sandra K. ShO'.vers, Notary Public
Mechanicsburg Bora, Cumberland County
My Commission Expires Nov. 22, 2007
Member. Pennsylvania !"$sociation Of Notaries
Page 4
lV~a.~
Kierna A. Black, Executrix
LAW OFFICES
SNELBAKER &
BRENNEMAN, P.C.
*
UNPAID CREDITORS:
NONE
** PERSONS INTERESTED IN DISTRIBUTION OF ESTATE:
1. Kierna A. Black
1776 Springwillow Drive
Mechanicsburg, PA 17055
Page 5
LAW OFFICES
SNELBAKER &
BRENNEMAN, P.C.
STATEMENT OF PROPOSED DISTRIBUTION
Kierna A. Black, Executrix and Accountant herein, proposes to
distribute the balance of the Estate of Samuel A. Black, Deceased, to wit:
$337,809.13 in accordance with the Last Will and Testament of said Decedent
as follows:
1. TO: Kierna A. Black
100% of residue as per Item 2 of Will including the following
real estate in-kind:
A. 1.1 acre tract of land at James Drive, Miller Township, Perry County, PA
B. Undivided one-half partnership interest in premises known as
103 and 105 East Main Street in the Borough of Shiremanstown,
Cumberland County, PA
C. Undivided one-half partnership interest in premises known as
201 North Walnut Street in the Borough of Mechanicsburg,
Cumberland County, PA
D. Undivided one-half partnership interest in premises known as
412 West Simpson Street in the Borough of Mechanicsburg,
Cumberland County. PA
TOTAL DISTRIBUTION:
Page 6
$ 337,809.13
$ 337,809.13
LAW OFFICES
SNELBAKER &
BRENNEMAN, P.C.
COMMONWEALTH OF PENNSYLVANIA)
COUNTY
OF CUMBERLAND:
SS.
Kierna A. Black, being duly sworn according to law, deposes and
says that the facts set forth in the foregoing Statement of Proposed Distribution
are true and correct to the best of her knowledge, information and belief.
Sworn to and subscribed before
me this 2nd day of February 2006
~cn~ K ~~
COMMONWE/":i:.EL,i:~L..E1::.l.!~\jSYL VANIA
Notari31 Seal
Sandra K. Showers. Notary Public
Mechanicsburg Bore, Cumberland County
My Commission E'~pjres Nov. 22, 2007
---,....;....,--._.._.
Member. Pennsyiv""..., ,c" :,"".,.:"('0" Of Notaries
Page 7
;(~ (jIS~~J
Kierna A. Black, Executrix
ESTATE NO. 21-01-0484
SECOND/REVISED AND FINAL ACCOUNT AND STATEMENT OF PROPOSED
DISTRIBUTION OF AND BY KIERNA A. BLACK, EXECUTRIX
OF THE ESTATE AND UNDER THE LAST WILL AND TESTAMENT
OF SAMUEL A. BLACK, DECEASED, LATE OF THE BOROUGH OF
MECHANICSBURG, CUMBERLAND COUNTY, PENNSYLVANIA
Kierna A. Black, Executrix as aforesaid and Accountant herein,
avers as follows:
DATE OF DECEDENT'S DEATH:
DATE LETTERS TESTAMENTARY ISSUED:
May 8, 2001
May 17, 2001
DATES EXECUTOR'S NOTICE ADVERTISED:
Cumberland Law Journal
Patriot-News Co.
June 1, 8, 15, 2001
May 29, June 5, 12,2001
FIRST AND FINAL ACCOUNT
PERSONALTY - PRINCIPAL ACCOUNT
DEBITS
The Accountant charges herself with the receipt of the Decedent's personalty,
goods and chattels as set forth in her inventory heretofore filed in the amount of:
TOTAL, PERSONALTY, PRINCIPAL ACCOUNT, DEBITS:
PERSONALTY - PRINCIPAL ACCOUNT
CREDITS
The Accountant claims credit for the payment of the following items from
Decedent's Personalty Account:
1. Hollinger Funeral Home & Crematory, Inc., funeral services
2. Snelbaker & Brenneman, P.C., attorney services
3. Snelbaker & Brenneman, P.C., costs advanced:
a. Register of Wills probate fees
b. Cumberland Law Journal, advertising Executrix notice
c. Patriot-News, advertising Executrix notice
d. Register of Wills, certified Will for federal return
e. Register of Wills, filing fee for Inheritance Tax Return
f. Register of Wills, additional probate fee
g. Greenawalt & Company, P.C., tax consultation fee
TOTAL, PERSONALTY, PRINCIPAL ACCOUNT, CREDITS:
LAW OFFICES
SNELBAKER &
BRENNEMAN, P.C.
I! '"
j ..1 '" ~ \J
Page 1
$ 249,669.76
$ 249,669.76
$ 3,788.32
3,200.00
569.10
267.00
75.00
110.10
2.00
10.00
35.00
70.00
$ 7,557.42
v
PERSONALTY - INCOME ACCOUNT
DEBITS
The Accountant charges herself with the receipt of the following
Income from the investment of Personalty Principal: $ NONE
TOTAL, PERSONALTY, INCOME ACCOUNT, DEBITS: $ NONE
PERSONALTY - INCOME ACCOUNT
CREDITS
The Accountant claims credit for the payment of the following items
from the Personalty Principal Account: $ NONE
TOTAL, PERSONALTY, INCOME ACCOUNT, CREDITS: $ NONE
REAL ESTATE - PRINCIPAL ACCOUNT
DEBITS
The Accountant charges herself with the receipt of Decedent's
Real Estate as set forth in her Inventory heretofore filed in the
amount of: $ 97,246.79
TOTAL, REAL ESTATE, PRINCIPAL ACCOUNT, DEBITS: $ 97,246.79
REAL ESTATE - PRINCIPAL ACCOUNT
CREDITS
The Accountant claims credit for the payment of the following
items from Real Estate Principal Account:
1. Diversified Appraisal Services, appraisal fee $ 1,550.00
TOTAL, REAL ESTATE, PRINCIPAL ACCOUNT, CREDITS: $ 1,550.00
REAL ESTATE -INCOME ACCOUNT
DEBITS
The Accountant charges herself with the receipt of the
income from the investment of Real Estate Principal Account: $ NONE
TOTAL, REAL ESTATE, INCOME ACCOUNT, DEBITS: $ NONE
REAL ESTATE -INCOME ACCOUNT
CREDITS
The Accountant claims credit for the payment of the following items
From the Real Estate Income Account: $ NONE
TOTAL, REAL ESTATE, INCOME ACCOUNT, CREDITS: $ NONE
LAW OFFICES
SNELBAKER &
BRENNEMAN, P.c.
Page 2
LAW OFFICES
SNELBAKER &
~RENNEMAN, P.C.
PERSONAL TY:
PRINCIPAL ACCOUNT:
Debits
Credits
Balance
INCOME ACCOUNT:
Debits
Credits
Balance
TOTAL PERSONALTY
REAL ESTATE:
PRINCIPAL ACCOUNT:
Debits
Credits
Balance
INCOME ACCOUNT:
Debits
Credits
Balance
TOTAL REAL ESTATE:
TOTAL FOR DISTRIBUTION:
RECAPITULATION
$249,669.76
$ 7,557.42
$ NONE
$ NONE
$ 97,246.79
$ 1,550.00
$ NONE
$ NONE
Page 3
$ 242,112.34
$ NONE
$ 95,696.79
$ NONE
$ 242,112.34
$ 95,696.79
$ 337,809.13
COMMONWEALTH OF PENNSYLVANIA)
55.
COUNTY
OF CUMBERLAND)
Kierna A. Black, being duly sworn according to law deposes and
says: that she is the Executrix of the Estate and under the Last Will and
Testament of Samuel A. Black, Deceased; that she is the Accountant herein;
that the foregoing is a true and complete accounting of her administration of
said Estate; that the attached list or schedule [*] contains the names,
addresses and amounts due unpaid creditors who have given proper notice
of their claims; that the attached list or schedule [**] contains the names and
addresses of all persons interested in the distribution of said Estate; and that
the facts set forth herein are true and correct to the best of her knowledge,
information and belief.
%Uu-U a. &uU
Kierna A. Black, Executrix
Sworn to and subscribed before
me this ~ day of February 2006
~~J<~W~
COMMONWEALTH 0f.~:'Et'.tNSYLVANIA
Notarial Seal
Sandra K. ShOV\'€rs, Notary Public
Mechanicsburg Borc. Cumberland County
My Commission Expires Nov. 22, 2007
Member, Pennsylvania JI.ssoclatiol1 Of Notaries
LAW OFFICES
SNELBAKER &
BRENNEMAN. P.C.
Page 4
LAW OFFICES
SNELBAKER &
~RENNEMAN, P.C.
* UNPAID CREDITORS:
NONE
** PERSONS INTERESTED IN DISTRIBUTION OF ESTATE:
1. Kierna A. Black
1776 Springwillow Drive
Mechanicsburg, PA 17055
Page 5
LAW OFFICES
SNELBAKER &
BRENNEMAN. P.C.
STATEMENT OF PROPOSED DISTRIBUTION
Kierna A. Black, Executrix and Accountant herein, proposes to
distribute the balance of the Estate of Samuel A. Black, Deceased, to wit:
$337,809.13 in accordance with the Last Will and Testament of said Decedent
as follows:
1. TO: Kierna A. Black
100% of residue as per Item 2 of Will including the following
real estate in-kind:
A. 1.1 acre tract of land at James Drive, Miller Township, Perry County, PA
B. Undivided one-half partnership interest in premises known as
103 and 105 East Main Street in the Borough of Shiremanstown,
Cumberland County, PA
C. Undivided one-half partnership interest in premises known as
201 North Walnut Street in the Borough of Mechanicsburg,
Cumberland County, PA
D. Undivided one-half partnership interest in premises known as
412 West Simpson Street in the Borough of Mechanicsburg,
Cumberland County. PA
TOTAL DISTRIBUTION:
Page 6
$ 337,809.13
$ 337,809.13
LAW OFFICES
SNELBAKER &
BRENNEMAN. P.c.
COMMONWEALTH OF PENNSYLVANIA)
COUNTY
OF CUMBERLAND:
SS.
Kierna A. Black, being duly sworn according to law, deposes and
says that the facts set forth in the foregoing Statement of Proposed Distribution
are true and correct to the best of her knowledge, information and belief.
Sworn to and subscribed before
me this 2nd day of February 2006
~m~ K ~~
COMMONWEALf.UJ.ZL FLNi\jSYLVANIA
Notarial Seal
Sandra K. Showers, Notary Public
Mechanicsburg Bore;, Cumberland County
My Commission Expires Nov. 22, 2007
Member. F'ennsy:v<1::;'; Of Notaries
Page 7
}(~ 61 f3~\
Kierna A. Black, Executrix
Amended/Supplementallnventory of the real and personal estate of
SAMUEL A. BLACK, Deceased
PERSONALTY:
1 IBM, 32 shares of common stock valued at $116.63 per share
2 Affinity Online, Inc., 37,879 shares of common stock valued at $.33 per share
3 S.H. Black & Son, Inc., 51% ownership
4 J.P. Turner & Company, L.L.C., investment account #13308973
TOTAL PERSONALTY:
REAL ESTATE:
Property consisting of 1.1 acre tract of land located at James Drive,
Miller Township, Perry County, Pennsylvania
2 Decedent's one-half partnership interest with Samuel H. Black in the
following parcels of real estate:
a. 103-105 East Main Street, Borough of Shiremanstown, Cumberland
County, PA, appraised value $163,000.00 less mortgage lien
in the amount of $120,816.29 resulting in net value of $42,183.71
Decedent's 1/2 interest equals $21,091.86
b. 412 West Simpson Street, Borough of Mechanicsburg, Cumberland
County, PA, appraised value $160,000.00 less mortgage lien
in the amount of $121 ,690.15 resulting in net value of $38,309.85
Decedent's 1/2 interest equals $19,154.93
c. 201 North Walnut Street, Borough of Mechanicsburg, Cumberland
County, PA, appraised value $80,000.00
Decedent's 1/2 interest equals $40,000.00
TOTAL REAL ESTATE:
TOTAL PERSONALTY AND REAL ESTATE:
C,)
C"-.!
~. ./
,
.
$ 3,732.16
12,500.07
230,265.00
3,172.53
$ 249,669.76
17,000.00
21,091.86
19,154.93
40,000.00
$
I
97,246.79
$
346,916.55
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF CUMBERLAND
l
J
ss:
Kierna A. Black
according to law, deposes and says that !he ~s the Executrix
of the Estate of Samuel A. Black
late of _ Bo_~ou~_~~ Me~~_~E.~~~burg_ , Cumberland County, Pa., deceased and that the
within is an inventory made by Kierna A. Black "' the said Executrix
of the entire estate of said decedent, consisting of all the personal prop~rty and real estate, except real estate outside
the Commonwealth of Pennsylvania, and that the figures opposite each item of the Inventory represent it's fair value
as of the date of decedent's death.
being duly
sworn
and subscribed before me,
;f~ /J;&n
Sworn
February 2,
~C~rh0-k ~rk;>
. COMMONWEALTH OF PENNSYLVANIA
Notarial Seal
Sandra K. Showers, Notary Public
Mechanicsburg Boro, Cumberland County
My Commission Expires Novo 22, 2007
Member, Pennsylvania Association Of Notaries
8th May
~ 2006
Executor - Administrator
Kierna A. Black, Executrix
1776 Springwi110w Drive
Mechanicsburg, PA 17055
Address
2001
Date of Dedth
Day
Month
Year
INSTRUCTIONS
I. An inventory must be filed within three months after appointment of personal representative.
2. A supplement inventory must be filed within thirty days of discovery of additional assets.
3. Additional sheets may be attached as to personalty or realty
4. See Article IV, Fiduciaries Act of 1949.
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BUREAU OF INDIVIDUAL iAi~s
INHERITANCE TAX DIVISION
PO BOX 280601
HARRIS8URG PA 17128-0601
COMMONWEALTH OF PENNSYLVANIA
DEPARTMENT OF REVENUE
*
OO,,~!-\'
\"Ii-' , "
RICHARD C SN~AKER
SNElBAKER ETAL
44 W MAIN ST
MECHANICSBURG
'0'
~r' \
NOTICE OF DETERMINATION AND
ASSESSMENT OF PENNSYLVANIA
ESTATE TAX BASED ON FEDERAL
: 0 9 CLOSING LETTER
\ DATE
ESTATE OF
DA TE OF DEATH
FILE NUMBER
COUNTY
ACN
KY.71& EX AFP (0'.05)
7.uul
'J \ 8 PV;
~
PA 17055
05-14-2007
BLACK
05-08-2001
21 01-0484
CUMBERLAND
202
APPEAL DATE: 07-13-2007
(See reverse side under Objections)
A.ount Re.1tted I
MAKE CHECK PAYABLE AND
SAMUel
A
]
REMIT PAYMENT TO:
NOTE: To insure proper credit to Your account, submit the upper portion of this form with your tax payment.
REGISTER OF WILLS
CUMBERLAND CO COURT HOUSE
CARLISLE, PA 17013
CUT ALONG THIS LINE -+ RETAIN LOWER PORTION FOR YOUR FILES +-
RE;;:736--ii-~FP--(oi:-025-----.;--NOificE--OF-jjiTEjf"iN~fioii-ANjj-As1rissiiiNT----------------------_______
OF PENNSYLVANIA ESTATE TAX BASED ON FEDERAL CLOSING LETTER ..
ESTATE OF BLACK
SAMUel
A FILE NO.21 01-0484
ACN 202
DATE 05-14-2007
ESTATE TAX DETERMINATION
1. Credit For State Death Taxes as Verified
2. PennSYlvania Inheritance Tax Assessed
(Excluding Discount and/or Interest)
.00
.00
3. Inheritance Tax Assessed by Other States
or Territories of the United States
(Excluding Discount and/or Interest)
.00
4. Total Inheritance Tax Assessed
5. PennSYlvania Estate Tax Due
.00
6. Amount of PennSYlvania Estate Tax Previously Assessed
Based on Federal Estate Tax Return
.00
7. Additional PennSYlvania Estate Tax Due
.00
TAX CREDITS:
.00
PAYMENT RECEIPT DISCOUNT (+) AMOUNT PAID
DATE NUMBER INTEREST/PEN PAID (-)
TOTAL TAX CREDIT .00
BALANCE OF TAX DUE .00
INTEREST AND PEN. .00
TOTAL DUE .00
*IF PAID AFTER THIS DATE, SEE REVERSE SIDE eIF TOTAL DUE IS LESS THAN .1, NO PAYMENT IS REQUIRED G\
FOR CALCULATION OF ADDITIONAL INTEREST. IF TOTAL DUE IS REFLECTED AS A "CREDIT" eCR), YOU MAY BE
DUE A REFUND. SEE REVERSE SIDE OF THIS FORM FOR INSTRUCTIONS.)