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associated with these restrictions. He was also required to make
payments to a Mexican corporation for the right to conduct this
business in Mexico. The Mexican corporation, Excimer Laser,
Inc., is 49 percent owned by Robert and 51 percent owned by
Maria. Robert Maddox, M.D., leased office space from Excimer
Laser, Inc.
Pueblo Investment Partnership
Robert was a 29-percent general partner in Pueblo Investment
Group, a TEFRA partnership. Robert’s basis for this interest was
$150,000. Pueblo Investment Group was involved in rental real
estate and in oil and gas.
Farm Rental
Petitioners had owned about 212 acres4 of land outside El
Paso. Petitioners received a percentage of the cotton crops
which were raised by a tenant farmer on this land. The land,
which was bought in 1984 or 1985, comprised three separate
tracts. A 34-acre tract, which cost $415,000, was foreclosed on
in 1996. A 35-acre tract, which cost $300,000, was foreclosed on
in 1992. A 150-acre tract, which cost $1,200,000, was also
foreclosed on in 1992. Each foreclosure resulted in an even
exchange of the deed for the balance of the debt owed.
4 The acreage is taken from Ward’s summary of her April
23, 1996, meeting with petitioners’ representative, a stipulated
exhibit. The sum of the listed areas of the three tracts is 219
acres, not the 212-acre listed total. Neither side has noted,
much less sought to explain, this discrepancy.
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