-19- houses and canceled checks that decedent’s daughter gave him. The accountant obtained all other information by talking to decedent’s daughter and to decedent’s son-in-law. The accountant forwarded the completed returns to decedent’s daughter, who signed them on behalf of the LRFLP. No books were maintained as to any activity of the LRFLP, and the primary records that were kept by or for the LRFLP were the Merrill Lynch account records, the checkbook (and related canceled checks), and the bank and brokerage statements for the accounts bearing the name of the LRFLP.9 No formal or documented meetings were held between the general partners of the LRFLP. The following table is a summary of the assets held in the Merrill Lynch LRFLP account on five dates: 11/29/96 12/31/97 12/31/98 12/31/99 06/30/00 Equities $392,234 $670,234 1,056,556 1,096,826 1,185,247 Mutual funds 13,514 47,156 75,886 78,604 118,014 Securities 92,877 124,785 519,546 477,077 39,724 Municipal bonds 1,673,052 1,489,675 1,317,579 1,184,717 1,146,119 Corporate bonds -0- -0- 100,299 126,245 187,370 CD’s, notes 20,049 -0- -0- 9,852 10,197 Cash -0- 626 3,384 69,676 510,335 Total 2,191,726 2,331,850 3,073,250 3,042,997 3,197,006 Although the amounts invested in equity versus debt changed somewhat from year to year, the investment strategy of the general partners of the LRFLP followed that of decedent when she had managed her investments. In addition to this account, decedent’s daughter also maintained at First National Bank of 9 Decedent’s children each received copies of the referenced statements.Page: Previous 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Next
Last modified: May 25, 2011