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Management of GFLP During Decedent’s Life
From its formation in December 1996 through and including
June 12, 1997, the date of decedent’s death, GFLP did not operate
a business or engage in any business or investment activity.
During that same period, GFLP did not hold legal title to any
Marital Fund assets other than a bank account opened in February
1997.
On January 30, 1997, Ms. Powell delivered 40 certificates,
representing all of the Tenneco, Mobil, Chevron, Exxon, Amoco,
and Texaco shares, 9,300 of the 10,200 shares of Phillips stock
in the Marital Fund,16 and 500 shares of Newport News
Shipbuilding, Inc. stock (Newport News stock)17 to TCO. Each of
the 40 certificates delivered to TCO was registered to Sidney
Gore, except the certificates for 8,000 shares of Exxon stock
registered in the names of Sidney Gore and decedent as joint
tenants. When she delivered the certificates to TCO, Ms. Powell
16Stipulation 100 states that certificates representing all
of the shares of Phillips stock in the Marital Fund were
delivered to TCO. However, Mr. Gore’s estate tax return lists
10,200 shares of Phillips stock as a distribution to the Marital
Fund. The record does not disclose what happened to the
remaining 900 shares.
17The 500 shares of Newport News Shipbuilding, Inc. stock
were omitted from both the Dec. 30, 1996, Order for Partial
Distribution in the Estate of Sidney Gore and the retained Form
706 for Sidney Gore’s estate. The parties have stipulated that
the Newport News stock was distributed to the Sidney Gore Trust.
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Last modified: November 10, 2007