- 31 - valorem taxes thereon, with the relatively nominal consideration strongly suggesting that the QTIP trustee did not believe that the QTIP trust possessed rights to timber, pecan orchards, and other crops that would thereby have been transferred to Walter and Betty. In sum, the evidence clearly manifests a mutual understanding that the limited partnership would hold legal title to the subject property but take no beneficial interest in the timber, pecan orchards, and other crops.12 We conclude that under applicable Georgia law, the limited partnership held legal title to the land subject to implied trusts in favor of the limited partners with respect to beneficial interests in the timber, pecan orchards, and crops on the land. Because the limited partnership possessed no beneficial interests in the timber, pecan orchards, and other crops, in quitclaiming 12 Without explanation, on reply brief respondent appears to concede this point by stating “no objection” to petitioner’s following proposed finding of fact number 10: Mr. Forbes, Sr., did not agree to put the timber, pecan trees and growing crops on the land he owned in his name into * * * [the limited partnership]. He continued to own and manage those assets in his proprietorship company. He never put timber, pecan trees or growing crops into a partnership with Walter, Jr., and Betty Rayburn. * * * Because respondent’s apparent concession appears inconsistent with other positions in respondent’s brief, however, we give it little weight and instead decide the issue on the merits as analyzed above.Page: Previous 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Next
Last modified: May 25, 2011