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In 1977, Black Hills Trucking was organized as a Wyoming
corporation; it was initially owned by Dave True (63 percent),
Jean True (5 percent), and the four True children (8 percent
each). The company elected S corporation status in December
1977. The market for trucking services was competitive and
depended heavily on demand from the oil industry. As a result,
Black Hills Trucking generally lost money after the drop in oil
prices that occurred in the mid-1980's.
6. True Ranches
Dave True individually owned and operated cattle ranches as
early as 1957. In 1976, the True family incorporated the ranches
and their operations as True Ranches, Inc., a Wyoming corporation
that elected to be treated as an S corporation from its formation
(ranching S corporation). The True children each purchased a 1-
percent interest in the ranching S corporation on formation.
Later, the True family formed Double 4 Ranch Co., a Wyoming
partnership, to engage in ranching operations in Australia. The
initial partners and ownership percentages were: Dave True (63
percent), Jean True (5 percent), and the True children (8 percent
each). In 1983, the partnership’s name was changed to True
Ranches, a Wyoming partnership (ranching partnership), and it
began leasing ranching assets from the ranching S corporation.
The ranching S corporation was dissolved in 1986; thereafter, all
ranching activities were conducted by the ranching partnership.
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