Durham Farms #1 - Page 97




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        9-30-90       Farm income1                        $71,585,386                 
                  Income from receipt of               8,160,745                      
                  distrib. ptrship. assets                                            
                  Income from discharge of             4,984,403                      
                  indebtedness                                                        
                  Additional sec. 1231 gain                    720,526                
                  Depreciation expense                         515,265                
                  Interest expense                             222,963                
                  Other farm deductions2                  40,161,738                  
                  Fuel credit                                  14,462                 
                  Research credit                      1,828,968                      
                  1Includes $47,762,200 of management fee income from                 
        sharecrop agreements with cattle-breeding partnerships                        
        and $32,057,283 of sales income (see comment 2 below)                         
        from transfer of animals to Ranches.                                          
                  2Includes $32,057,283 payment made to Ranches to                    
                  satisfy debt “over several years” for feed,                         
                  management, consulting, freight services, etc.                      





























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Last modified: May 25, 2011