- 10 - 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 thePage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011