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American Agri-Corp agrees to buy, and you agree to
sell, a one-half percent interest in the above general
partnerships for a total consideration of $375,000 or
$125,000 to each of you. It is understood that
American Agri-Corp assumes all the rights, duties, and
obligations of a 50 percent Co-General Partner in the
above named partnerships.
Sincerely, UNDERSTOOD AND AGREED TO:
American Agri-Corp By:
/s/ /s/
Fred H. Behrens Fred H. Behrens
Chairman
/s/ /s/
George L. Schreiber George L. Schreiber
Vice Chairman
/s/ /s/
Robert A. Wright Robert A. Wright
Senior Vice President
On December 23, 1985, an amendment to the AVA certificate,
adding AMCOR as a general partner, was filed with the California
Secretary of State.
4. Partnership Returns
For tax purposes, the partnership makes its return on the
basis of a calendar year. For 1984 and 1985, the partnership
prepared Forms 1065, U.S. Partnership Return of Income (Forms
1065, and the AVA 1984 and 1985 Forms 1065, respectively).
Respondent received the AVA 1984 and 1985 Forms 1065 at his
Fresno, California, service center on March 27, 1985, and April
14, 1986, respectively. Each of such returns shows the
partnership’s address as: C/O AMCOR, “5000 BIRCH ST., STE 610,
EAST TOWER, NEWPORT BEACH, CA 92660". The AVA 1984 Form 1065 is
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