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During his lifetime, decedent acquired, by gift or bequest,
the surface rights to several large ranches, including the Jones
Borregos Ranch, consisting of 25,669.49 acres, and the Jones Alta
Vista Ranch, consisting of 44,586.35 acres. These ranches were
originally acquired by decedent’s grandfather and have been held
by decedent’s family for several generations. The land on these
ranches is arid natural brushland, and commercial uses include
raising cattle and hunting.
Motivated by his desire to keep the ranches in the family,
decedent became involved in estate planning matters beginning in
1987. In 1994, decedent’s certified public accountant suggested
that decedent use partnerships as estate and business planning
tools. Following up on this suggestion, A.C. Jones prepared
various projections for decedent concerning a hypothetical
transfer of the ranches to partnerships and the discounted values
that would attach to the partnership interests for gift tax
purposes.
A.C. Jones, Elizabeth Jones, Susan Jones Miller, Kathleen
Jones Avery, and Lorine Jones Booth each owned a one-fifth
interest in the surface rights of the Jones El Norte Ranch. They
acquired this ranch by bequest from decedent’s aunt in 1979. The
Jones El Norte Ranch was also originally owned by decedent’s
grandfather and has also been owned by decedent’s extended family
for several generations.
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Last modified: May 25, 2011