Prepare the Estate Duty Account, the affidavit being brought in on the 31st March, 1914. Show the amount of duty and interest payable.
PROBLEM No. 33.
Referring to the preceding Problem, all bequests were left free of duty and the residue of the estate was left in equal shares to Mr. Soworthy's grand-daughter, his brother, and his adopted son.
The India Stock was sold on the 25th March, 1914, at 77; the Shares in the Improved Pork Pie Factory, Ltd., realised 24/- per share net on the 25th May, 1914, after receipt on the 1st May of a Final Dividend of 1/- per Share paid in respect of the year ending 31st March, 1914, an interim dividend of 6d. per share having been received by Mr. Soworthy prior to his decease.
The Mortgage on "Little Watchem" Farm was called in and paid off on the 30th June, 1914, while "The Piggeries" was directed to be sold and realised £14,500 after payment of all expenses, completion being made on 31st May.
The household goods and implements of husbandry were sold at the same time and produced £3,000 and £120 respectively.
The Policy money with bonus was received on February 25th and the proceeds of the sale of pigs on March 5th, while the income from the Real Estate was received on February 10th.