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and Mr. Dailey received a 1-percent limited partnership interest.
On November 13, 1992, Mrs. Dailey contributed, to the FLP, 400
AT&T, 20,000 Exxon, and 895 Bell South Corp. shares. Mr. Dailey
did not contribute any assets to the FLP. On December 4, 1992,
the Texas Secretary of State filed the FLP’s Certificate of
Limited Partnership.
On December 8, 1992, Mrs. Dailey signed a letter which
stated that by “the terms of the Elma Middleton Dailey Family
Limited Partnership, this letter shall be sufficient evidence of
my transfer and conveyance to you of the following limited
partnership interest”, giving 45-, 15-, and 38-percent interests
to Mr. Dailey, his wife, and the Trust, respectively. On that
date, the FLP had $1,267,619, consisting of:
Number of Value per Total Value
Company Shares Share
Exxon Corp. 20,000 $60.19 $1,203,750
AT&T 400 47.94 19,175
Bell South 895 49.94 44,694
On March 16, 1995, Mrs. Dailey appointed Mr. Dailey as the
FLP managing partner. On July 26, 1995, he replaced her as the
trustee of the Trust and FLP general partner, and her 1-percent
general partnership interest became a limited one.
On January 10, 1997, Mrs. Dailey died, when the FLP had
$1,047,603, consisting of:
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Last modified: May 25, 2011