Janet D. Reed - Page 4

                                        - 4 -                                         

                                  FINDINGS OF FACT                                    
               Some of the facts have been stipulated and are so found.  The          
          stipulation of facts and the attached exhibits are incorporated             
          herein by this reference.                                                   
               At the time the petition was filed, petitioner resided in              
          Albuquerque, New Mexico.                                                    
          Cattle-Ranching Business                                                    
               Spirit Horse Ranch, Inc. (Spirit Horse  Ranch),  was                   
          incorporated in New Mexico on July 3, 1986.  The incorporation              
          documents listed Sonny Jim James as president and petitioner as             
          vice president, secretary, and treasurer. Spirit Horse Ranch                
          operated under several different names during the years in issue.           
               Spirit Horse Ranch was engaged in cattle-ranching activities           
          located near Grants, New Mexico.  The activities included the               
          breeding of cattle, as well as the sale of steers (male calves) for         
          beef or roping.  The cattle grazed on land owned by the El Morro            
          Valley Land Co. (El Morro).  (Petitioner, who was a licensed New            
          Mexico real estate broker, sold El Morro's subdivisions and later           
          became the majority stockholder and president of that company.)             
               Spirit Horse Ranch acquired parcels from El Morro for its own          
          use.  It maintained some improvements on the land, including                
          corrals, a boxcar (used for a shop), and a tack room to store               
          feed, saddles, and bridles.  Petitioner also maintained three               







Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  Next

Last modified: May 25, 2011