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Jameson, Jr. (John), who died on May 24, 1990, also as a resident
of Texas. Decedent was survived by two children, Andrew B.
Jameson (Andrew), born in 1949, and Dinah B. Jameson (Dinah),
born in 1952.
At the time of her death, decedent owned that portion of the
82,865 shares of common stock in Johnco held by John at his death
which had not been bequeathed by John to Andrew. The value and
number of shares of stock included in decedent's estate is the
basis of the present controversy.
II. Johnco
Johnco was incorporated in Texas in 1968 by John. Upon
Johnco's formation, John transferred to it the following: (1) A
one-third interest in Jameson, Lord & Jameson (JLJ), a
partnership owned by John and his two siblings; (2) an undivided
one-third interest in 11,415 acres of timberland in Evangeline
Parish, Louisiana; and (3) an undivided one-third interest in
5,090 acres of timberland in Rapides Parish, Louisiana. In 1986,
JLJ was dissolved and the foregoing real property interests were
divided among the partners. As a consequence, Johnco acquired
5,405 acres of timberland in Evangeline Parish, Louisiana (the
Timber Property).
A. The Timber Property
At the time of decedent's death, Johnco's principal asset
was the Timber Property. Johnco also owned some unimproved land
in Tanglewood, a residential section of Harris County, Texas,
near Houston (Harris County Real Estate), as well as cash and
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