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The Partnership
In 1941, Bonnie I. Barge (decedent) and her husband, C.A.
Barge, formed a general partnership, eventually known as the C.A.
Barge Lumber Co. (the partnership), for the purpose of carrying
on a lumber business. In that same year, decedent and C.A. Barge
purchased approximately 60,000 acres of timberland in Winston and
Noxubee Counties, Mississippi (the timberland). They acquired
the timberland as tenants in common, and each owned an undivided
one-half interest. The partnership operated the timberland as a
business for timber growth, harvesting, and sale on behalf of
decedent and C.A. Barge.
Decedent and C.A. Barge had three children (the children):
Richard, Betty, and Charlene. In 1959, C.A. Barge died. He
devised his one-half interest in the timberland one-half to
decedent and one-half to the children, in equal shares (so that
each child received an 8.33-percent undivided interest in the
timberland). After the death of C.A. Barge, decedent owned a
75-percent undivided interest in the timberland.
Decedent's Gifts
In 1976, decedent gave a 25-percent undivided interest in
the timberland to the children in equal shares. After the 1976
gift, decedent owned an undivided 50-percent interest in the
timberland, and each of the children owned an undivided interest
of 16.67 percent.
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Last modified: May 25, 2011