- 6 -
Also effective January 1, 1995, decedent and his four
daughters formed AVLP under Texas law. Decedent contributed the
surface estate of the Jones Alta Vista Ranch in exchange for an
88.178-percent limited partnership interest. The contribution
was reflected in decedent’s capital account. Susan Jones Miller
and Elizabeth Jones each contributed their one-fifth interests in
the Jones El Norte Ranch in exchange for 1-percent general
partnership interests and 1.9555-percent limited partnership
interests, and Kathleen Jones Avery and Lorine Jones Booth each
contributed their one-fifth interest in the Jones El Norte Ranch
in exchange for 2.9555-percent limited partnership interests.
The following chart summarizes the ownership structure of AVLP
immediately after formation:
Partner Percentage Interest
Elizabeth Jones 1.0 General
1.9555 Limited
Susan Jones Miller 1.0 General
1.9555 Limited
Kathleen Jones Avery 2.9555 Limited
Lorine Jones Booth 2.9555 Limited
Decedent 88.178 Limited
On January 1, 1995, the same day that the partnership was
effectively formed, decedent gave to each of his four daughters a
16.915-percent interest in AVLP, leaving decedent with a
20.518-percent limited partnership interest. Decedent used four
separate documents, one for each daughter, entitled “Gift
Assignment of Limited Partnership Interest” to carry out the
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011