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II. Petitioners and Their Investment
Petitioner wife (Ms. Hansen) is a high school graduate and a
licensed respiratory care practitioner. Petitioner husband (Mr.
Hansen) has a college education, with a bachelor of science
degree in civil engineering and architecture. During the year in
issue, Ms. Hansen was employed as a respiratory therapist, and
Mr. Hansen was employed as a civil engineer. At the time they
invested in the Hoyt partnerships, petitioners’ investment-
related experience comprised the purchase of their residence, the
purchase of a term life insurance policy and Government bonds,
the use of savings accounts, and Mr. Hansen’s investments in his
employment-related retirement account. Petitioners did not have
any prior experience with farming or cattle.
Petitioners first heard about the Hoyt partnerships from Mr.
Hansen’s co-workers in 1986. At the suggestion of one of these
co-workers, who was himself an investor in a Hoyt partnership,
petitioners attended an informational session about the
partnerships at the Red Lion Hotel in Pasco, Washington, in the
latter part of 1986. Mr. Hoyt and others involved in the Hoyt
organization attended the session, where a presentation was given
concerning the nature of the Hoyt partnerships and how they were
being marketed as a retirement investment. While at this
session, petitioners discussed the Hoyt partnerships with
individuals who had already made investments in the partnerships.
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