George A. and Marysue Coward - Page 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                             

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