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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.
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