January 25, 2002
Pennsylvania Department of Revenue
Board of Appeals
Dept. 281021
Harrisburg, PA 17128-1021
Re: Estate of Joseph B. Dunn, Deceased
Date of Death: January 30, 2001
File No. 51 01 W0123
Protest of Appraisement under §9186(a)(1) of the
Inheritance and Estate Tax Act
Gentlemen:
1. This Protest is file by the undersigned party-in-interest who is the Executrix of the Will of Joseph B. Dunn, Deceased.2. On January 15, 2002 the Pennsylvania Department of Revenue issued the "Notice of Inheritance Tax Appraisement, Allowance or Disallowance of Deductions and Assessment of Tax."3. The undersigned protests the Notice of Appraisement as incorrect for the following reasons: a. The decedent owned 100 shares of Dunn Enough, Inc. (a closely held Pennsylvania corporation) which were reported on Schedule C-Item 1 of the Pennsylvania Inheritance Tax Return at a value of $125.00 per share.b. The Notice of Appraisement issued by the Department of Revenue valued shares of Dunn Enough, Inc. at $200.00 per share.c. The valuation by the Department does not reflect the true "value" of the shares as this term is defined in §9102 of the Inheritance and Estate Tax Act (72 P.S. § 9102).d. The valuation is inequitable and unreasonable in that it fails to recognize the binding effect of a "Buy-Sell Agreement" dated November 14, 1997 entered into by the decedent and the corporation requiring the personal representative of the decedent's estate to sell the shares to the corporation at a price of $125.00 per share. A copy of the Agreement was filed with the Inheritance Tax Return.4. Based on the above, the undersigned is of the opinion that the Notice of Appraisement is incorrect and that the 100 shares of Dunn Enough, Inc. should be valued, as reported, at $125.00 per share.5. An oral hearing in Philadelphia * is hereby requested if the Board of Appeals is hesitant to grant the relief requested in this Protest. Notice of such hearing should be sent to counsel for the Estate as follows: John K. Trustworthy, Esquire
343 Court Street
Philadelphia PA 19101
215-555-5555
The foregoing statements are true and correct to the best of my knowledge and belief and this Protest is not made for the purpose of delay.
Jane R. Dunn, Executrix of the Will
of Joseph B. Dunn, Deceased
* Oral hearings are available in Harrisburg, Philadelphia and Pittsburgh.