River City Ranches #1 Ltd., Leon Shepard, Tax Matters Partner - Page 46

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              Taxable    Date                                     Date to     Date                                           
              Year       Return    IRS       Date Executed        Which       FPAA                                           
               Partnership  Ended      Filed     Form      Hoyt      IRS        Extended    Issued                           
              RCR #2      12-31-87   05-19-88  872-P    02-15-91 02-27-91     12-31-92   12-20-93                            
              872      04-06-91 04-10-91     12-31-92                                                                        
              872 &    07-25-92 08-26-92     06-30-93                                                                        
              872-P                                                                                                          
              872-P    03-06-93 03-29-93     12-31-93                                                                        
              RCR #3      12-31-87   10-20-88  872-P    02-15-91 02-22-91     12-31-92   12-20-93                            
              872      04-06-91 04-10-91     12-31-92                                                                        
              872-P &  07-25-92 08-26-92     06-30-93                                                                        
              872                                                                                                            
              872-P    03-06-93 03-30-93     12-31-93                                                                        
                                                                                                                            
              RCR #3      09-30-89   04-15-90  872-P &  07-25-92 08-26-92     06-30-93   12-20-93                            
              872                                                                                                            
              872-P    03-06-93 03-30-93     12-31-93                                                                        
              RCR #4      12-31-84   10-18-85  872-O    08-01-87 08-01-87     Indefinite 03-25-96                            
              RCR #5      12-31-87   10-21-88  872-P    02-15-91 02-22-91     12-31-92   12-20-93                            
              872      04-06-91 04-10-91     12-31-92                                                                        
              872-P &  07-25-92 08-26-92     06-30-93                                                                        
              872                                                                                                            
                                                                                                                            
              RCR #5      12-31-88   10-17-89  872-P    02-15-91 02-22-91     12-31-92   12-20-93                            
              872      04-06-91 04-10-91     12-31-92                                                                        
              872-P &  07-25-92 08-26-92     06-30-93                                                                        
              872                                                                                                            
              872-P    03-06-93 03-30-93     12-31-93                                                                        
              RCR #5      09-30-89   04-15-90  872-P &  07-25-92 08-26-92     06-30-93   12-20-93                            
              872                                                                                                            
              872-P    03-06-93 03-30-93     12-31-93                                                                        
              RCR #7      12-31-87   10-20-88  872-P    02-15-91 02-22-91     12-31-92   12-20-93                            
              872      04-06-91 04-10-91     12-31-92                                                                        
              872-P &  07-25-92 08-26-92     06-30-93                                                                        
              872                                                                                                            
              872-P    03-06-93 03-30-93     12-31-93                                                                        
              RCR #7      12-31-88   10-17-89  872-P    02-15-91 02-22-91     12-31-92   12-20-93                            
              872      04-06-91 04-10-91     12-31-92                                                                        
              872-P &  07-25-92 08-26-92     06-30-93                                                                        
              872                                                                                                            
              872-P    03-06-93 03-30-93     12-31-93                                                                        
              RCR #7      09-30-89   04-15-90  872-P &  07-25-92 08-26-92     06-30-93   12-20-93                            
              872                                                                                                            
              872-P    03-06-93 03-30-93     12-31-93                                                                        
                                                         OPINION                                                             

                      Petitioners bear the burden of proof on all issues raised in                                           

              their amended petitions.  Rules 142(a), 240(a); Welch v.                                                       

              Helvering, 290 U.S. 111 (1933).                                                                                














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