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and dealing with a relatively fewer number of acres in
the R & D Program or any subsequent commercial venture
will entail additional risks of casualty, economic and
environmental problems and other matters, the risks of
which could be absorbed or compensated for in an R & D
Program or venture with a larger number of acres in
various locations.
Attached to the offering was a copy of a 33-page tax opinion
letter dated November 17, 1981, issued by Kaplan, Jacobowitz,
Hendricks & Bosse, P.A., a law firm located in Phoenix, Arizona,
which served at that time as counsel to HJI. Projections
calculated by HJI also were attached to the offering. These
projections concerned the tax impact and possible returns to
partners based on various estimates and assumptions derived from
HJI's "past experience in developing a jojoba plantation, the
relatively limited yield data available and its research
respecting the cultivation of jojoba." Contrasting projections
were provided on the premise of the development of a 160-acre
plantation and sales of 22 partnership units and on the premise
of the development of a 464-acre jojoba plantation and sales of
60 partnership units. Unexecuted copies of the certificate and
agreement of limited partnership and certificate of fictitious
name, subscription agreement, promissory note, offeree
questionnaire, offeree representative questionnaire, research and
development agreement, option and joint venture agreement, option
and farm lease agreement, and farm lease were attached to the
offering.
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