- 70 -
received and reported rental income. C. Rivers Stone also hired
on behalf of CRSLP advisors and accountants who at all times were
different from those of ES3LP, ES4LP, RSMLP, and MSFLP. At no
time did the partners of CRSLP, including Mr. Stone and Ms.
Stone, commingle the assets that CRSLP owned with their respec-
tive personal assets. At all times, CRSLP was respected by the
Stone family as a separate entity.
In April 1997, the partners of RSMLP made bona fide, arm’s-
length transfers to that partnership, as follows. On April 9,
1997, Mr. Stone transferred to RSMLP certain of his stock and
securities, including some of his preferred stock of Stones,
Inc., his interest in the 4.263-acre parcel and the .333-acre
parcel of the Piney Mountain property, and certain other prop-
erty, and Ms. Morris transferred to RSMLP her interest in each of
those parcels, in exchange for both general and limited partner-
ship interests.34 At a time not disclosed by the record in April
1997, Mr. Morris transferred certain property that he owned to
RSMLP in exchange for a general partnership interest, and Charles
H. Morris, Jr., and Rosalie S. Morris, II, transferred certain
property that they owned to RSMLP in exchange for limited part-
nership interests. On April 15, 1997, Ms. Stone transferred
certain property, including certain of her stock and securities,
34Although not altogether clear from the record, it appears
that Ms. Morris also transferred certain other property to RSMLP
in exchange for general and limited partnership interests.
Page: Previous 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 NextLast modified: May 25, 2011