HomeMy WebLinkAbout09-23-81 (4)
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!i IN RE ESTATE
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ii GRACE E. HEMPT
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I for the Department of Revenue, and William Fearen,Esquire,
IN THE COURT OF COMMON PLEAS
OF
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CUMBERLAND COUNTY, PENNSYLVANIA
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ORPHANS' COURT DIVISION
DECEASED
21-78-683
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STIPULATION
AND NOW, Dorothy L. Keeney, Assistant Counsel, Counsel
Counsel for the Estate of Grace E. Hempt, hereby make the
following stipulation:
1. Grace E. Hempt died on December 8, 1978, a resident
of York County.
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2. On or about September 6, 1979, Robert H. Kalbock,
I Executor, filed the Inheritance Tax Return for the estate with
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II the Register of Wills of Cumberland County.
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li 3. The assets of the estate included 6,000 shares of
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II cornman stock of C. A. Hempt Estate, Inc. This represents one-
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4. On October 12, 1979, the Executor filed with the
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5. On July 3, 1980, the appraiser for the Department
of Revenue filed an appraisement increasing the value to $38.55
iper share, for a total of $231,314.49, based on a valuation of
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,I $42.83 per share minus a 10% discount for minority interest and.
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Ii lack of marketability.
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!i 6. On or about November 10, 1980, the united States
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iiInternal Revenue Services appraised the 6,000 shares at $19.98
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II per share based on a valuation of $39.96 per share minus a 50%
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Ijdiscount for ~inority interest and lack of marketability.
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7. On August 29, 1980, the Executor filed a protest with
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Commonwealth Department of Revenue Board of Appeals. On
21, 1981, the Board of Appeals adjusted the value of the
'shares to $31.97 per share for a total of $191,820 based on
the Internal Revenue Service valuation of $39.96 per share
minus a 20% for minority interest and lack of marketability.
8. On or about July 7, 1981, the Executor filed an
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11 Appeal with the Court contesting the valuation as set by the
Board of Appeals.
holding.
As a result of those discussions and in order to
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9. Counsel for the respective parties have discussed the
value of the stock, the effect of the restriction of sales to
family members, and the minority interest of the decedent's
'j settle this matter without litigation, it is hereby agreed
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I that the value of the stock should be $21.98 per share for a
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'j total value of $131,880 for the 6,000 shares held by the
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'I attached order reducing the appraised value of the
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11 of C. A. Hempt Estate, Inc. stock from $191,820 to $131,880.
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10.
Counsel respectfully request that the Court issue the
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Upon issuance of the Order of Court the Department of
I Revenue will ~nstruct the Register of Wills to amend the inheri-
I tance tax records to conform with the Order.
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Assistant Counsel
Counsel for Department
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of Revenue
William Fearen, Esquire
Counsel for Estate of Grace E. Hempt
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IN RE ESTATE
IN THE COURT OF COMMON PLEAS
OF
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CUMBERLAND COUNTY, PENNSYLVANIA
GRACE E. HEMPT
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ORPHANS' COURT DIVISION
DECEASED
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No. 21-78-763
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ORDER OF COURT
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AND NOW, to wit, this
day of
, 1981,
in consideration of the foregoing Stipulation, it is hereby
ORDERED AND DIRECTED that the appraised value of the 6,000
shares of C. A. Hempt Estates, Inc., as determined by the
Department of Revenue Board of Appeals, is reduced from
$191,820 or $31.97 per share to $131,880 or $21.98 per share
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and the inheritance tax shall be reassessed in accordance
with this Order.
BY THE COURT
ORPHANS' COURT DIVISION P.J.
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CLECKNER AND FEAREN
ATTORNEYS AT LAW
31 NORTH SECOND STREET
RICHARD W. CLECKNER
WilLIAM FEAREN
KENT H. PATTERSON
MICHAEL IRA lEVIN
p. DANIEL ALTLAND
GARY C. BENDER
JOHN D,ClEMENTE
HARRISBURG. PENNSYLVANIA 17101
AREA CODE 717
238-1731
September 9, 1981
The Honorable George E. Hoffer
Orphans' Court Division
Cumberland County Courthouse
Carlisle, Pennsylvania 17013
Re: Grace E. Hempt Estate
No. 21-78-763
Dear Judge Hoffer:
In accordance with information furnished to you by the
Department of Revenue several days ago, the parties have agreed
to a settlement of the matter which prompted our appeal from
the inheritance tax assessment in the above matter. In connec-
tion therewith, I enclose a copy of a letter dated September 1,
1981, received from Dorothy L. Keeney, Assistant Counsel for
the Tax Division of the Department of Revenue, together with
the Stipulation and Order of Court referred to therein.
If you find these papers in order, we respectfully request
that you sign the Order of Court which is attached.
If there is any thing further that you require in this
matter, we shall be glad to accommodate you.
with kindest regards.
Yours sincerely,
CLECKNER AND FEAREN
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llllam Fearen .
Enclosures
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IN RE:
IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSYLVANIA
ESTATE OF GRACE E. HEMPT
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: ORPHANS' COURT DIVISION
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NO. 21-78-683
CITATION
WE COMMAND, you that laying aside all business and excuses
whatsoeyer, you be and appear in your proper person aefore the
Honorable Judges of the Common Pleas Court, Orphans' Court Division
at a session of the said Court there to be held, for the Cannty
of CUmSerland to show cause why the Appeal of Robert H. Kalbach
from the appraisement for inheritance tax purposeS dated June
4, 1981, on the Estate of Grace E. Hempt, deceased, should
not be sustained, and the i.l1lherit.ance tax be assessed at the
applicable rates on the clear value of the Estate as shown on
petitioner's Report and Appraisal thereof filed on September
6, 1979.
Returnable according to law on Friday, August 28, 1981,
at 9:30 A.M. in Courtroom III.
Witness my hand and official seal of office at Carlisle,
pennsylvania this 13th day of July, 1981
~",L l1.J!::ti '
Deputy Clerk of Orp ns' Court
Division, Cumberland County,
Carlisle, Penna.
My Corom. Exp. 1st. Mon.Jan.1982.