Cactus Wren Jojoba, Ltd., Cecil R. Almand, Tax Matters Partner - Page 9

                                                 - 9 -                                                   
            efforts of the Meinke firm.  The offering, dated July 30, 1982,                              
            provided for a maximum capitalization of $1,714,300 consisting of                            
            140 limited partnership units, at $12,245 per unit.  Each unit                               
            consisted of a cash downpayment of $3,571 and an interest-bearing                            
            promissory note in the principal amount of $8,674, payable over a                            
            period of 48 months with interest of 10 percent per year, at the                             
            rate of $220 per month.  The offering was limited to "qualified                              
            investors," described as investors with a minimum net worth                                  
            (exclusive of home, furnishings, and automobiles) of $150,000                                
            and/or investors who estimate that some portion of their current                             
            calendar year taxable income will be subject to a combined                                   
            Federal and State income tax rate of 35 percent or more, or had                              
            gross income in the previous taxable year of not less than                                   
            $75,000.  The Yuma Mesa partnership subscribed 112 units for a                               
            total capitalization of $1,371,440, which facilitated farming                                
            operations on 130 acres of real property located in the environs                             
            of Yuma, Arizona, for a period of approximately 4 years.                                     
                  According to the offering circular, Yuma Mesa was to be                                
            "formed to engage in research and development and, thereafter,                               
            participate in the marketing of the products of the jojoba plant,                            
            including, but not limited to, the beans, liquid wax and other                               
            by-products."  The offering circular identified Hilltop                                      
            Plantations, Inc., as the contractor selected to carry out the                               
            research and development (R&D) program under an R&D Agreement.                               
                        b.  Hilltop Plantations, Inc.                                                    




Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011