-5- with his children would make it difficult to attach. Upon formation of the Family Partnership, Dr. and Ms. Farah each held a 35-percent interest. Two of their four children, Frederick Farah (then age 17) and Veronica Farah (then age 11), each owned 15-percent interests.4 The partnership agreement was signed by Dr. and Ms. Farah. It was not signed by either of their children, nor did either child make a capital contribution to the Family Partnership. The Family Partnership did not register as a business entity in the State of Maryland or obtain an employee identification number. On the day of its formation, the Family Partnership completed the purchase of the South Point Road lot. At the time of purchase, the only structure on the lot was a tool shed. There was no separate electricity line, well, sewer line, or septic system. At the closing, petitioners paid $51,880 in cash. The balance of the purchase price was financed through a promissory note and a purchase money mortgage to the seller made by the Family Partnership. Petitioners made improvements to the South Point Road lot. They constructed a bulkhead and concrete path that extended along the shoreline from the Berlin Residence property into the South Point Road lot to protect the property from the water. They also constructed a fence that went around both properties. The lots 4Petitioners also had two older children, Patrick Farah and another whose name was not disclosed in the record.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 NextLast modified: March 27, 2008