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sell, exchange, convey title to, and grant options for
the sale of all or any portion of Partnership real or
personal property * * * to borrow money and, as
security for the borrowing, to encumber all or any part
of Partnership property; and to modify, consolidate, or
extend any deed of trust or other security device
encumbering Partnership property.
On March 9, 1999, approximately 3 months after RLP’s
formation, RLP was funded by decedent’s transfer from the 1991
revocable trust of $174,259.38 in cash and $8,635,082.77 in
marketable securities. By virtue of this transfer, the 1991
revocable trust was left with no significant asset other than the
98-percent limited partner interest received in exchange for the
transfer of the cash and marketable securities. At the time of
the transfer, the Trust B assets were worth approximately $2.5
million. Decedent’s entitlement to income from Trust B was
$47,439.12 for 1999.
In March 1999, decedent gave each of her sons, through her
revocable trust, an 11.11-percent limited partner interest in
RLP. Approximately 2 years later, on January 2, 2001, decedent
assigned to the 1991 revocable trust her 2-percent general
partner interest in RLP. On January 4, 2002, decedent’s trust
transferred a 2.754-percent limited partner interest in RLP to
each of her sons. When she died, decedent (through the 1991
revocable trust) owned a 70.272-percent limited partner interest
in RLP and a 2-percent general partner interest in RLP.
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Last modified: March 27, 2008