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