4
compensation, the general partner was to be allocated 15 percent
of the partnership profits.
The partnership agreement in effect for 1978 provided that
85 percent of the profits, if any, of the partnership were
allocable to the limited partners. Under the same agreement, 100
percent of the assets and losses of the partnership, if any, were
to be allocated to the limited partners. Each limited partner's
profit or loss sharing ratio was to be determined by dividing his
total capital contributions by the total capital contributions
received from all of the limited partners according to the terms
of the agreement.
A livestock bill of sale was executed by Hoyt & Sons as
seller, transferring cattle to the partnership, for a purchase
price of $1,281,620. The bill of sale was dated January 15,
1978, and provided the following:
the seller, signing hereunder and residing in the County of
Harney State of Oregon, For valuable consideration in the
amount of 1,281,620.00 Dollars [], The receipt whereof is
hereby acknowledged [] and, by these presents, do[es]
bargain and sell unto Washoe Ranches 7 LTD (Purchaser) the
herein described livestock, * * * .
The following head of cattle were listed: 235 bred heifers, 1
heifer, 1 catch calf, 130 open heifers, and 1 open heifer.
Walter J. Hoyt III, as general partner, executed a
promissory note payable to Hoyt & Sons in the principal amount of
$1,281,620. Walter J. Hoyt III signed the note on behalf of the
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011