Estate of Morton B. Harper, Deceased, Michael A. Harper, Executor - Page 32

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          in an orderly fashion.  There wasn’t any deadline or urgency to             
          do it and get it done.”  The following colloquy then ensued:                
               Q    Now let’s talk for a moment about the income from                 
               the portfolio assets.  Before the title to the assets                  
               was transferred to the partnership, your father or his                 
               trust continued to receive the income from those                       
               assets.  Isn’t that right?                                             
               A    Would you restate that?  I’m lost.                                
               Q    Okay.  At a certain point in time the assets were                 
               contributed to the partnership, correct?                               
               A    Yes.                                                              
               Q    Okay.  Before that happened, your father’s trust                  
               continued to receive the income from those assets,                     
               A    Probably.                                                         
               Q    Well, why isn’t it Yes?                                           
               A    Well, before he contributed it, he was in control                 
               of that.  Who else would get it?  I say probably.                      
               Hence, we are again met with an example of indifference by             
          those involved toward the formal structure of the partnership               
          arrangement and, as a corollary, toward the degree of separation            
          that the Agreement facially purports to establish.  Moreover,               
          until title to the assets was transferred to HFLP, decedent would           
          not have forfeited the control over the underlying securities               
          that he through the Trust possessed as legal holder.  Thus, at              
          the time of the June 14, 1994, creation of HFLP and for some                
          months following, decedent’s Trust retained title to the                    
          underlying assets and was issued the dividends and interest                 

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