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On January 18, 1991, decedent and Mr. Prechel formed the
Prechel Farms Limited Partnership (PFLP). The general
partnership interests were held by Mr. Prechel and the QTIP
trust-nonexempt, while the limited partnership interests were
held by the Decedent's Trust, the QTIP trust-exempt, and the
revocable trust. The property that was contributed to the PFLP
consisted of certain assets that were held by the trusts and a
$500 contribution from Mr. Prechel. The following chart
indicates the partnership status of each partner, the value of
contributed property, and each partner's respective profits and
loss percentage.
ContributedProfit & LossGeneral or
Partners Property* Percentage Limited
Revocable trust $1,386,500 60.41% Limited
Decedent's Trust 300,000 13.07% Limited
QTIP trust-nonexempt 408,000 17.78% General
QTIP trust-exempt 200,000 8.72% Limited
Mr. Prechel 500 0.02% General
*Represents the value of property contributed.
The ESN Group Limited Partnership (ESNGLP) was also formed by
decedent and Mr. Prechel on January 18, 1991. The following
chart indicates the partners, their partnership status, the value
of contributed property, and each partner's respective profits
and loss percentage.
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Last modified: May 25, 2011