- 3 - 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:Page: Previous 1 2 3 4 5 6 7 Next
Last modified: May 25, 2011