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the preamble and signature page of the partnership agreement and
listed petitioners’ two children as partners with a combined
interest in the partnership of 22.375 percent.
Petitioner attended partnership meetings. Smith contacted
petitioner, not his children, regarding partnership decisions and
other partnership matters. Partnership distributions and
correspondence were sent to petitioner’s office. Petitioner was
the only person who made cash contributions to the partnership
when there was a cash call.
On February 24, 1995, the Anises signed a settlement
agreement on behalf of the partnership. Under the settlement
agreement, on May 30, 1995, the Stovers transferred: (1) $229,538
to the Smith client trust account, (2) a 50-percent interest in
the Vivienda Ranch, a 160-acre orchard located in Riverside,
California (the Riverside property), to the Anis partnership, and
(3) a 25-percent interest in a 40-acre farm in Kansas to the Anis
partnership.
On June 6, 1995, Smith wrote two checks from his client
trust account totaling $47,443.51; one check for $23,721.76
payable to Drew Graham, and the other check for $23,721.75
payable to Allison Graham. The sum of these two checks equaled a
22.375-percent interest (less expenses) in the $229,538 from the
Stovers. On June 23, 1995, petitioners’ children cashed the two
checks and had them reissued as cashier’s checks payable in the
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Last modified: May 25, 2011