- 87 -
five of the six adjustments to “C. Rivers Stone--Draws” that were
reflected in CRSLP’s 1998 trial balance worksheets.
The partnership return that RSMLP filed for 1998 reflected
that RSMLP made distributions during that year to Mr. Stone’s
estate of $759,869.51
The partnership return that MSFLP filed for 1998 reflected
that MSFLP made distributions during that year to its partners
totaling $654,239 (i.e., $585,239 to Mr. Stone’s estate52 and
50(...continued)
tax allocation schedule reflected as payable by CRSLP in 1998.
51The $759,869 distribution to Mr. Stone’s estate shown in
RSMLP’s 1998 partnership return equals the total amount of
Federal and State estate taxes with respect to Mr. Stone’s estate
that E&Y’s Estate tax allocation schedule reflected as payable by
RSMLP in 1998.
The only other distribution reflected in RSMLP’s partnership
return for 1998 was because of Ms. Stone’s death in that year.
The partnership return that RSMLP filed for 1998 reflected that
RSMLP opened a capital account for Ms. Stone’s estate (Ms.
Stone’s estate’s capital account in RSMLP), and the balance in
Ms. Stone’s capital account as a limited partner was transferred
to Ms. Stone’s estate’s capital account in RSMLP.
Because of Mr. Stone’s death in 1997, in that year, as
reflected in the partnership return that RSMLP filed for 1997,
RSMLP opened capital accounts for his estate (Mr. Stone’s es-
tate’s capital accounts in RSMLP), and the balances in Mr.
Stone’s capital accounts in RSMLP as a general partner and a
limited partner were transferred to Mr. Stone’s estate’s capital
accounts in RSMLP. The partnership return that RSMLP filed for
1997 showed that RSMLP did not make distributions during that
year to any of its other partners.
52The $585,239 distribution to Mr. Stone’s estate shown in
MSFLP’s 1998 partnership return equals the total amount of
Federal and State estate taxes with respect to Mr. Stone’s estate
(continued...)
Page: Previous 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 NextLast modified: May 25, 2011