River City Ranches #1 Ltd., Leon Shepard, Tax Matters Partner - Page 9

                                        - 9 -                                         
          located in California’s Sacramento Valley.  The Barnes’ son,                
          Randy Barnes, eventually took on a substantial role in the                  
          management and operation of the family sheep business after                 
          completing college in 1985.                                                 
               David Barnes had extensive experience in breeding several              
          breeds of purebred sheep.  However, by the 1980s, he concentrated           
          on Rambouillets and Suffolks.  Rambouillets have white faces and            
          cream colored bodies and are a breed noted for producing good               
          quality wool.  Suffolks, on the other hand, have black faces and            
          legs and cream colored bodies and are a breed noted for producing           
          good quality meat.  By the late 1980s, David Barnes and Randy               
          Barnes had acquired very good reputations in purebred sheep                 
          breeding circles and generally were considered to be among the              
          country’s top breeders of Rambouillets and Suffolks.                        
               As a result of various discussions and negotiations with               
          David Barnes, Jay Hoyt decided to form, operate, and promote                
          sheep partnerships in a very similar manner as the Hoyt cattle              
          partnerships.                                                               
          B.   Formation and Operation of the Hoyt Sheep Partnerships                 
               From 1981 through 1991, Jay Hoyt formed eight of the nine              
          sheep partnerships at issue under and pursuant to the laws of               
          California.  RCR #7 was formed under and pursuant to the laws of            
          Nevada.  From their inception, all nine sheep partnerships were             
          operated from the Hoyt office located in Elk Grove, California.             






Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011