Koramba Farmers & Graziers No. 1, Dean Phillips, Tax Matters Partner, et al. - Page 4

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          filed was No. 326, 4132 S. Rainbow Boulevard, Las Vegas, Nevada             
          89013.                                                                      
               Prior to 1985, William Michael Owen and Penelope Ann Owen              
          (the Owens) of New South Wales, Australia, were the owners of a             
          farm, named Koramba, located in New South Wales.  The Koramba               
          farmland was used for grazing sheep and cattle and for farming              
          dry-land wheat and sorghum.  The Owens, who were looking for a              
          financial partner to develop their farm, were introduced to                 
          Phillips, who was interested in acquiring additional rural                  
          properties in Australia.  In 1985, Phillips and Heetco, Inc.                
          (Heetco), a U.S. corporation in which Phillips is a shareholder,            
          acquired a 50-percent interest in the Koramba farm from the                 
          Owens.  Phillips, Heetco, and the Owens thereupon formed Koramba            
          No. 1 to develop the farmland.                                              
               The Koramba farmland is located in a floodplain along the              
          Macintyre and Barwon Rivers in northern New South Wales.  The               
          Koramba partners decided to use the nearby water resources to               
          develop a portion of the farmland to grow cotton, which requires            
          ample water supplies.  In 1986, Koramba No. 1 started the                   
          construction of an irrigation system to raise cotton on the land.           
          With the subsequent purchase of two adjacent farms in 1987 and              
          1988, the scale of the cotton farming operations was expanded,              
          leading to the formation of Koramba No. 2, a second Australian              
          general partnership, between Phillips and the Owens.  By 1991,              





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