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In 1995, decedents formed the Duane B. Farnam Limited
Partnership (Duane LP) and the Lois L. Farnam Limited Partnership
(Lois LP). Decedents were each partners of Duane LP and Lois LP,
and decedents contributed to these two partnerships their
ownership interests in 10 buildings and in several of the FGP
notes. The primary business of each of the partnerships was to
own, maintain, and lease buildings to FGP for use as automobile
parts stores.
On formation, decedents Duane and Lois Farnam owned 99
percent and 1 percent, respectively, of Duane LP, contributing
property with values of $2,259,328 and $22,822, respectively, to
the capital of Duane LP.
On formation, decedents Duane and Lois Farnam owned 1
percent and 99 percent, respectively, of Lois LP, contributing
property with values of $30,622 and $3,031,528, respectively, to
the capital of Lois LP.
On September 6, 2001, decedent Duane Farnam passed away. On
June 23, 2003, decedent Lois Farnam passed away.
At the time of decedent Duane Farnam’s death in 2001,
decedents each individually owned 50 percent of the 1,000
outstanding shares of FGP voting common stock, and Mark Farnam,
decedents’ only son and personal representative, owned all of the
99,000 outstanding shares of FGP nonvoting common stock. In
addition, decedent Duane Farnam owned a 99-percent capital
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Last modified: March 27, 2008