Loading...
HomeMy WebLinkAbout09-23-81 (3) ... RCC-33 \4-73) ;;{;-?J- {~r-3 1- 7-71 COMMONWEAL TH OF PENNSYLVANIA DEPARTMENT OF REVENUE BUREAU OF COUNTY COLLECTIONS RESIDENT DECEDENT COUNTY OF CUMBERLAND IMPORTANT: This return must be completed in detail and filed in duplicate, with all attached, with the Register of Wills of the County where decedent resided; Return is due within nine months after date of death, unless an extension is granted by the Secretary of Re~enue. (Section 703 of the Inheritance and Estate Tax Act of 1961.) IN THE MATTER OF THE ESTATE OF } AFFIDA VlT OF EXECUTOR ADMINISTRA TOR Miss Grace Hempt, a/k/a Grace E. Hempt (STATE FULL NAME OF DECEDENT) Late of Camp Hill Borollg h Pennsylvan ia Cumber land County State of }" County of Admini stra tor Robert H. Kalbach of the estate of the above-named decedent being duly sworn, depose S Executor and sayS (MONTH) Name and address of attorney or } other authorized representative to whom all correspondence should be mailed. (DAY) , 19~{testate leaving a last will, copy of which is hereto attached. } ( YEA R) l)(!!(<<<Ke Decedent died December 8 Wi 11 i oTT'l F'parep, Escplire 31 N. Second st., Harrisburg, Pa. 17101 That as suchExecutor deponent is familiar with the affairs of said estate and the property constituting (EX E CU TO R-ADMI N I ST R A TO R) the assets thereof and their fair market value. That at the time of death there was no safe deposit box registered in decedent's individual name, or jointly with, or as agent or deputy of another, or in decedent's individual name, with right of access by another as agent or deputy, with the exception of the following: - NAME AND ADDRESS OF BANK OR OTHER INSTITUTION THIS SAFE DEPOSIT BOX RENTED RELATIONSHIP OF JOINT IN WHICH DECEDENT RENTED A SAFE DEPOSIT BOX IN NAME OR NAMES OF HOLDERS TO DECEDENT Dauphin Deposit Ban I, c- m_..~.j... ",... ro_ ~~~ l\'~. ~ "1:" West Shore Plaza T>_ La moyne , Pa. Il\JI..._ ~...~ TT ., L .L .. ~ ~.c 'J. That the contents of said safe deposit box or boxes are itemized under Schedules A-E of this return, wi th the exception of the following, for the reasons hereinafter set forth: None That Schedule A attached hereto and made part hereof sets forth fully and in detail all the real property in the Commonwealth of Pennsylvania of which decedent died having an interest therein. It also sets forth the mortgage encumbrances upon each parcel of real property at the date of death, giving the amount still due at death, name of mortgagee, date, rate of interest, and book and page of record thereof. It also sets forth in the columns provided therefore the assessed valuation of each of said parcels, the estimated market value thereof as of date of death of decedent. That Schedule B attached hereto and made part hereof sets forth fully and in detail all personal property wheresover situated owned by the decedent at the time of death; all moneys left by the decedent at the time of death, whether in decedent's immediate possession, standing to decedent's credit in banks of deposit, savings banks, trust companies, or other institutions, whether individually, or in trust for any other person or persons gi ving al so separately the accrued interes t thereon, if any, down to the las t in teres t day prior lC decedent's death in the case of savings banks, and to the date of decedent's death in all other cases; all bonds, postal savings, treasury certificates or notes and other evidence of indebtedness of the United States to the de- cedent; all obligations, whether by statute or agreement they are designated as tax free, of the United States, or any state, or political subdivision thereof, or of any foreign country, which are owned at the time of death; all wearing apparel, jewelry, silverware, pictures, books, works of art, household furniture, horses, carriages, automobiles, boats, and any and all other personal chattels of whatsoever. kind or nature, left by decedent, together with the fairly estimated market value thereof; all bonds and mortgages held by decedent and of all claims due and owing decedent at the time of death, and all promissory notes or other instruments in writing for the payment of money of which decedent died possessed, of whatsoever nature, with interest thereon, if any, giving the face value and estimated fair market value thereof, and if such estimated fair market value be 'ess than the face value, it sets forth briefly the reasons for such depreciation as to each item; all moneys vable to the estate from life insurance policies carried by decedent; all annuity and endowment contracts "lroceeds of which were payable upon the death of the decedent; all and the corporate stocks and dividends Jereon and unpaid as of the date of death, bonds and accrued interest thereon to the date of decedent's ,d other investment securities owned by the decedent at the time of death, with the market value there- time. ~{!~~Vil4.J ~'. ')osi te "reo I property", Schedu Ie "A" In the X X X X X mn on the lost page of this return. 11'f'J 000, tJO In the case of securities of close or family corporations, the values reported are as far as possible substantiated by financial statements of the corporations, showing the assets and liabilities thereof as of the date of death. The schedule also sets forth the interest of decedent at the time of death in any co-partnership or business, and in support of the value of such interest there is annexed to said schedule, financial statements showing the assets and liabilities of said co-partnership or business. A copy of tlw co-partnership agreement, (if oral, a statement setting forth the nature of the agreement) together with a statement setting forth the cnaracter of the business, its location, and such other facts l'erUdning to the business as may be pertinent to a fair and just appraisal of the decedent's interest therein must be submitted. It should also set forth in itemized form. together with the fair markp.t vallJp RCC-34 (4-73) . COMMONWEAL TH OF PENt-iSYLVANIA DEPARTMENT OF REVENUE BUREAU OF COUNTY COLLECTIONS TRANSFER INHERITANCE TAX RESIDENT DECEDENT SCHEDULE "A" REAL PROPERTY *' Real property in Pennsylvania, with statement of mortgage encumbrances upon each parcel at death of dece- dent. Property held by the decedent as tenant in common with another or other, should be identified as to quantum of interest and the estimated value should be that of the decedent's interest only. (Property held as joint tenants with right of surviorship or tenancy by entireties should be reported on Schedule liE.") The real property located In the Commonwealth of Pennsylvania should be described by lot and block number, street and street number, together wi th a general description af the property, with a reference to the record of the conveyance by which the decedent taok title; If a farm state number of a- cres; aiso statement of mortgage encumbrances upon each parcel at death of decedent. Taxes, assessments, accrued Interest on mortgages, etc.,are to be listed on Schedule "F" and must not b. deducted from this schedule. (1 ) (2) (3\ DEPARTMENT VALUATION CAUTION (Do not write In this spoce) ASSESSED VALUE FOR YEAR OF DECEDENT'S DEATH ESTIMATED MARKET VALUE 2131 Chestnut Street, Camp Hill Borough Cumberland County, Pennsylvania (See Cumberland County Deed Book 15-V-395) See attached appraisal ~OJOI 45,000.001/ 2156 Yale Avenue, Camp Hill Borough, Cumberland County, Pennsylvania (See Cumberland County Deed Book 17~F-257) See attached appraisal. tl / (p 0, 46,000.001/ 3007 Chestnut Street, Camp Hill Borough, Cumberland County, Pennsylvania (Being part of premises acquired by Decedent by deeds recorded in Cumberland County, Pennsylvania in Deed Book N-12-55 and N-12-H88 ~I '10, 49,000.00tV "'ee~V~4..J pev.~ 'losite "real property", Schedule II A" in the X X X X X mn on the last page of this return. 11'f~ 000, ()O [~J IUJ. ....f: .'. ... ~- . -- - $;~ - DOUGHERTY AND TWIGG 'NcAtJl REALTORS VWI!::: 1513 Cedar Cliff Drive - P. O. Box 701 Camp Hill, Pa. 17011 . Phone (717) 761-1690 1111111 PlII .lIn-UIT.IIIl. August 15, 1979 APPRAISAL Properties: 1. 2156 Yale Avenue, Camp Hill $45,900.00 2. 2131 Chestnut St., Camp Hill $45,000.00 3. 3007 Chestnut St., Camp Hill $49,000.00 Owner: Mr. Robert Kalbach (Estate) Purpose of Appraisal: To determine Fair Market Value. Method of Approach: 1. Comparable Sales 2. Income Approach Appraiser: Carl F. Ritchey Sales Associate with Dougherty & Twigg, Inc. 1513 Cedar Cliff Drive Camp Hill, Pa. 17011 Experience: 9 years in residential and commercial.sa1es. Active with investment buyers and groups. S ta tement: This is to state that I have no financial interest or other wise in any trans~~n having to do with these properties. ~~ Carl F. Ritchey Sales Associate DOUGHERTY & TWIGG, INC. CFR/mem FOUFf CONVENIENT OFFICES TO SER VE YOU: 1513 Cedar Cliff Drive 0 2 East Winding Hill [J 4307 Derry Street 0 3820 Walnut Street Camp Hill, Pa. / 761,1690 Mecha,nicsburg. Pa. f 766-0292 Harrisburg, Pa. / 564-7370 Harrisburg, Pa. /652-3781 RCC-35 , RESIDENT DECEDENT SCHEDULE "B" PERSONAL PROPERTY COMMONWEALTH OF PENNSYLVANIA TRANSFER INHERITANCE TAX INSTRUCTIONS: This Schedule must disclose all tangible and intangible personal property owned individually by the decedent, at the time of his death. Property owned by the decedent jointly with another or others must be listed under Schedule "E". Intangible personal property, titled in the name of the decedent, but payable at death to another or others, including but not limited to P.O.D. U. S. Savings Bonds and tenta- tive trust accounts, must be lIsted, despite the fact that they are not of the adminIstered estate. Tangible personal property should be listed first (e.g. jewelry, wearing apparel, household goods, and furnIshIngs, books, paintings, automobiles, boats, etc.) Intangible personal property, such as bonds, treasury certificates, cash on hand and in bank, stocks, mortgages, notes, together with accrued interest or dividends, salaries or wages, insurance pay- able to the estate or fiduciary in said capacity, partnership interests, interest in any undis tributed estate of or income from any property held in trust under the will or agreement of another, even though located outside of the State, at the time of death, should be listed in this schedule. Item No. ITEM List and describe fully UNIT VALUE ESTIMATED MARKEl' VALUE DEPARTMENT VALUATION (Do not write in this space) 1. 917 shares Common Stock of Dauphin Deposit Bank and Trust Company, Harrisburg, Pennsylvania 2. 6,000 shares of C. A. Hempt Estate, Inc. 1 share of stock issued by West Shore County Club 32.0C 29,344.00 ,;/J', .:,'3~' . ~'J 15.92X(95,520.0~ f.-.i SIJ-:!5-:n ;C^LC'~ <L-t:/ f4 / t / No value' .~ I CJI. yJ..O, (Jc1lJ ~ 3. 4. romissory Note from pavex, Inc., 776 South 17th Street, Camp Hill, Pa. original Principal 40,000.00 dated September 30, 1978 - 8% principal balance 12/8/78 interest accured ~ 36,913.95 / 145.12/ 5. Checking account at Dauphin Deposit Bank and Trust Company 2,886.12 6. Savings Account #155850 Cumber land Valley Savings and Loan Association - Principal Accured Interest to 12/8/78 3 ,049. 26 149.38 ./ l opposite "Personal Property", Schedule "B" in column on the last page of this return. x X /3, _ ,'{ ,C _; J >,-j .. fi ~~t.J~~!J I , EXPLANATION OF THE VALUATION OF THE STOCK OF C. A. HEMPT ESTATE, INC. The decedent owns 6,000 shares of a total of 24,000 shares of C. A. Hempt Estate, Inc. There is attached to this Estate Tax Return a report of E. Briner Ashway, Certified Public Accountant, which ,reflects that the asset value of this stock is $19.90 per share. The market value for estate tax purposes is reported at $15.92 per share which is 20% less than the value established by the Accountant. This reduction has been made to reflect the fact that the stock owned by the decedent is a minority interest in a closely held corporation which is not readily marketable. -/ J.. ~ \ ASHW A Y AND HAAR C A PROFESSIONAL CORPORATION I CERTIFIED PUBLIC ACCOUNTANTS 3300 TRINDLE ROAD . CAMP HILL. PA. 17011 '7171 737.8111 August 8, 1979 William Fearen, Esquire 31 North Second Street - Harrisburg, Pennsylvania 17101 Re:Estate of Grace Hempt Dear Bill: In reply to your telephone request I enclose- a copy of our report on the financial statements of the CoAo Hempt Estate, Inc. as of December 31, 1978. The stockholders' equity as reported was .$477,714.68, or $19.90 per share based on 24,000 shares outstanding. I believe the book value at December 8, 1978 would have been substantially the same. In my opinion you should be able to use the enclosed audit report in connection with the valuation of the Estate's interest in the corporation. Any questions pertaining to this report will be cheerfully answered. Sincerely yours, EBA:gr Enclosure t: /d';;l~ tf11l-7 E. Briner Ashway ,,' ";1" ':~~H:~:::}~~L.G~~!21~>~lIt~~iJlli04J.L:::J~t1~~S~D'8i:1I~:Fi:~~~~~;jJi;i.!;!:~c:;~:,J2:~Li:ii1~S~';L')~li.,; .2:1:~:~;' ~'.;.',\;;.:r<:;:'~~;.r~'.:t,,;.H' .' . C~ A. HEMPT ESTATE, INC. Camp Hill, Pennsylvania ACCOUNTANTS' REPORT December 31, 1978 /. .' . ~:;J8&f~1~~~~b~1~~~~~Rf~~]}~~1~~?~5iiJZ~~1L?ffi~1ililgg~~~s~::~0i8~~jit~.;~ti~l@'iltl1t ~' . ASHWAY AND HAAR C ^ PROFESSIONAL CORPORATION) CERTIFIED PUBLIC ACCOUNTANTS 3300 TRlNDLE ROAD . CAMP HILL, PA. 17011 ('717) 737-6111 . Board of Directors c. A~ Hempt Estate, Inc. Camp Hill, Pennsylvania We have examined the accompanying statement of assets and liabilities, resulting from cash transactions, of C. A. Hempt Estate, Inc. as of.December 31, 1978, and the related statement of income and retained earnings for the.year then endedo i i I I ! Our examination of the cash transactions for the. year con- sisted, principally, of a comparison of recorded receipts with bank deposits and the inspection of cancelled checks in support of recorded disbursements. The cash in bank at December 31, 1978 was reconciled with the amount reported directly to us by Dauphin Deposit Bank and Trust Cbmpany. The ce~tificate of deposit was confirmed by direct correspondence with the depository. . i In our opinion, the accompanying statements present fairly the assets and liabilities of C. A. Hempt Estate, Inc. at December 31, 1978, resulting from cash transactions, and the income on a cash basis for the year then ended. Further, it is our opinion that the summary of cash receipts and disbursements present fairly the cash transactions for the year ended December 31, 1978. February 13, 1979 Mt.Ut2~- aJL-Cb J'.,h.a/l--/ Certifie#Public Accountants .. .. I ;.. ;-raI;1YIfi;~~l~!t~~~~1n~'~ill!!&;W~$1W~~~;11:llli11,"?l~i0ii;;~lflihi;,gz"J[iii}i02lli . , . C. A. Hempt Estate~ Inc. STATEMENT OF ASSETS AND LIABILITIES ON A CASH BASIS As of December 31, 1978 ASSETS Cash in bank Certificate of deposit, 10.75%, due May 2, 1979 Total cash Land Bank building Restaurant building Store building Houses--Chestnut Street ~mintenance equipment Total fixed assets at cost ! I I Less accumulated depreciation Net fixed assets Fees--Propose~ construction Deferred lease expense, less amortization Prepaid insurance i !' t- TOTAL ASSETS i I ;, LIABILITIES :f i. I' I' STOCKHOLDERS' EQUITY Common stock, $1 par value, authorized 100,000 shares, issued and outstanding 24,000 shares Retained earnings Total Stockholders' Equity .' ~ t " I . I i, I, i~ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY .. '~ . t~ JiJ _ " . $ 4'0,190.83 150,000.00 24,008.50 127,397.37 219,091.16 230,460.15 22,616.65 143.10 623,716.93 370,189.04 $ 24,000.00 453,714.68 $190,190.83 253,527.89 31,235.06 1,909.90 851.00 '~477. 714.()8 $ -0- 477,714.68 p477~714.68 :~--.~~~rk~~f:~!.~~1~t\.:iJ~:~~ft~~E;t~~~S;{11~3~lli2wlg~t~~1;!;~J,;~j_c~~IJ~)Jif,~r;if';:~;'i~.;2~~jfj~~~i~~~':~~Ji~~~~.~~~~..~.~.c______ ,~ L l' i I , j 1 II II .. i: ~ I- :~ i' ;, jr :. ;f 'J ~ I ". C. A. Hempt Estate, Inc. STATEMENT OF INCOME AND RETAINED EARNINGS (CASH BASIS) For the- Year Ended December 31, 1978 REVENUE FROM RENTS Store building at 3025 }~rket Street Bank building at 3045 Market Street Restaurant building at 32nd and Market Streets Houses on Chestnut Street Total revenue from rents $46,999.92 12,715.44 31,039.47 7,200.00 OPERATING EXPENSES j ~. ! f ! 1 ~ r 1~ i; I l 2,000.00 . 997.00 4,632.00 6,450.51 22,434.17 224.70 4,130.00 55.26 750.00 656.85 Management services Repairs and maintenance Insurance Real estate taxes, less reimbursements, of $14,210 Depreciation of buildings and equipment Amortization of deferred lease expense State capital stock taxes Water . Legal and accounting fees Miscellaneous expense Total operating expenses . . ." NET OPERATING INCOME OTHER INCOME Interest earned NET INCOME BEFORE INCOME TAXES Federal income taxes State income taxes 19,960:85 8,348.33 NET INCOHE FOR THE YEAR RETAINED EARNINGS, JANUARY 1, 1978 . RETAINED EARNINGS, DECEMBER 31, 1978 Net income per share '. $ 97,954.83 42~330.49 55,6241>34 7,006.89 62,631.23 28,309.18 34,322.05 419,392.63 $453,714.68 $1.43 ~ - C. A. Hempt Estate, Inc. SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS For the Year Ended December 31, 1978 CASH BALANCE, JANUARY 1, 1978 CASH RECEIPTS j I 1 i j 4 I j I . j. i. 1- 1; ! F Rents collected Reimbursement of 1978 property taxes (contra disbursements): Dauphin Deposit Bank and Trust Company Dutch Pantry, Inc. Giant Food Stores, Inc. Interest earned $97,954.83. 3,670.07 1,613.47 8,98~.52 7,006.89 Total cash receipts Total cash available CASH DISBURSEMENTS Operating expense; (Note) Federal and state income taxes Expenses reimbursed (contra receipts) Fees~-proposed construction 18,820.62 28,309.18 14,270.06 17,378.18 , ' Total cash disbursements CASH BALANCE, DECEMBER 31, 1978 NOTE --Operating Expenses .$149,737.09 119,231.78 268,968.87 78,778.04 ~190,190.83 The cash disbursements for operating expenses represents the net amount after excluding items not requiring an outlay of cash dur- ing the year 1978, as set forth below: Total operating expenses as shown in the statement of income Less: Amortization and depreciation Decrease in prepaid insurance $42,330.49 $22,658.87 851.00 23,509.87 ~18~_~20. 62 ~i iU :;..j ;~ .1 ;,". ,. :t :. .~__,..lG.,jEi~~1[~2i~~~JS~~rrr~;tfi;J~ili;:!Hf~!dH!~8i~Jft~g'.::0:L:~F~lR:)I:;~~GffDgi12~~~~'1C@~~~~~,:,t~3;t~;&~:]~i~ '~ ! I I I j C. A. Hempt Estate" Inc. I I SCHEDULE OF INCOME (CASH BASIS) BY PROPERTY I , For t~e Year' Ended December 31, 1978 t l' 3025 3045 32nd & 3120-22 Total Narket Narket Narket Chestnut i I~ RENTS COLLECTED $97~955 $47~000 $12 ~ 715 $31~040 $7,200 I I DIRECT EXPENSES I ~ I t- Real estate taxes 5,303 3,886 1, i.17 .r r Nanagement services 2,000 400 200 1,00,0 400 t Repairs and maintenance 997 236 681 80 ~ , Insurance 4,632 193 164 3,884 391 r .. I . , Water 55 55 . t 418 418 ~r Niscellaneous expense Total direct expenses 13,405 593 600 9,451 2,761 if .GENERAL EXPENSE (ALLOCATED) 6,267 3,760 877 1t254 376 j, ,~ j' .' Total 19,672 4~353 1~477 10,705 3,137 '. expenses ,. h ~; -EXCESS OF RENTS COLLECTED _1~ t}, j~ J: OVER TOTAL EXPENSES 78,283 i.2~647 11J238 20,335 i.,063 l~ "'~ i~ LESS NON-CASH DEDUCTION j' n Depreciation and amortization 22,659 9,308 3,185 9,131 1,035 I' .r PI i~ NET OPER~\TIl\G INCOME ill_~ U~f 3~:.. L8~053 ~-:L..2Q4. ~3~O28 h ,. i!;< :~ :i i~l. ;~ " ., :! :.f'.j. 'i '( .' ., .