Orange County NC Website
Browse       Search
0089,3 <br /> -.. <br /> February 25, 1982 <br /> Orange County Commissioners <br /> Hillsborough, N.C. <br /> Dear Commissioners: <br /> In November of 1980, McBri Inc. purchased the business known as "The <br /> Colonial Inn" from Mr. V.V. (Pete) Thompson for a price of $75000. The <br /> purchase price gave McBri Inc. complete control of the existing business, <br /> the right to use the name and reputation of "The Colonial Inn" and ownership' <br /> of the equipment and furnishings. Mr. Thompson retained ownership of the <br /> building and real estate which were leased to McBri Inc. under a separate <br /> agreement. <br /> We incorrectly listed the entire $75000 as the value of the business <br /> property for our 1981 taxes. That listing resulted in a tax liability of <br /> $693.53 which has been paid by McBri Inc. <br /> The equipment and furnishings while still serviceable had in fact been <br /> used by Mr. Thompson for a number of years and in our opinion the real value <br /> of that equipment itself is considerably less than $75000. We considered <br /> that at least $25000 of the purchase price was for the control of the existing <br /> business and the use of the name "The Colonial Inn" and therefore a more realistic <br /> and fair value for the equipment and furnishings would be $50,000. <br /> We respectfully request that you accept a value of $50,000 for this <br /> property and that the 1981 tax liability for McBri Inc. be recalculated <br /> accordingly. Thank you for your consideration of this matter. <br /> Yours truly,V.M. McGuire <br /> Treasurer <br /> McBri Inc. <br />