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supplemental response. On February 7, 2005, we received and
filed petitioner’s motion for leave to file supplemental
declaration supporting petitioner’s motion for litigation and
administrative costs out of time, which we granted. On February
9, 2005, we filed petitioner’s supplemental declaration.
Neither party requested a hearing, and, after reviewing the
relevant documents, we have concluded that a hearing on
petitioner’s motion is not necessary. In disposing of
petitioner’s motion, we rely on the parties’ filings and attached
exhibits.
Background
Petitioner and her husband, Donald Foy, invested in
Shorthorn Genetic Engineering 1984-3 (SGE 1984-3), Durham
Shorthorn Genetic Breeding Syndicate 1987-4 (DSBS 1987-4), and
Timeshare Breeding Services JV (TBS JV), three of the many
livestock breeding partnerships (Hoyt partnerships) formed and
promoted by Walter J. Hoyt III (Mr. Hoyt) and/or related
companies (Hoyt organization).3 Petitioner and Mr. Foy acquired
3Walter J. Hoyt III also organized, promoted, operated, and
served as the general partner of more than 100 livestock breeding
limited partnerships from 1971 through 1998. See, e.g., River
City Ranches #1, Ltd. v. Commissioner, T.C. Memo. 2003-150, affd.
in part, revd. in part and remanded 401 F.3d 1136 (9th Cir.
2005). In general, the Hoyt partnerships purchased cattle from
related Hoyt entities for no money down and a promissory note.
See, e.g., Durham Farms #1, J.V. v. Commissioner, T.C. Memo.
2000-159, affd. 59 Fed. Appx. 952 (9th Cir. 2003); Shorthorn
Genetic Engg. 1982-2, Ltd. v. Commissioner, T.C. Memo. 1996-515.
(continued...)
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