George R. and Barbara H. Burrus - Page 17

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               That Dr. Burrus’s primary profit motive during the years in            
          issue was based on land appreciation rather than the cattle                 
          operation is also reflected in his actions with respect to FBHR.            
          Although Dr. Burrus’s disenchantment with FBHR’s cattle breeding            
          operations caused him to seek to reduce his share of the                    
          partnership’s profits and losses from 50 percent to 20 percent,             
          he nonetheless was careful to retain his 50-percent interest in             
          the partnership’s land.  At the dissolution of FBHR, the partners           
          agreed that Dr. Burrus would receive only 20 percent of the                 
          cattle and other assets except the land.  With respect to the               
          land, Dr. Burrus had the option of either selling his half                  
          interest or buying Dr. Foreman’s, based on Dr. Foreman’s                    
          appraisal.  Dr. Burrus opted to buy, even though a half interest            
          in the Cheatham Property had nearly tripled in value during the             
          partnership’s ownership, from approximately $300,000 to over                
          $800,000.                                                                   
               Dr. Burrus’s own statement of his profit expectations                  
          regarding the Maple Row land and the significance of the cattle             
          herd thereto, his expressed interest in land as an investment,              
          his wife’s description of her occupation as “real estate                    
          manager”, and his actions with respect to the FBHR partnership              
          all point convincingly to the conclusion that he held the land              
          utilized in Maple Row’s operations primarily with the intent to             





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