Estate of Augusta Porter Forbes - Page 31




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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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