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2. Leatherstocking
Leatherstocking is a New York limited partnership that was
inactive when its petition was filed with the Court. When it was
active, Leatherstocking’s business offices were located in New
York, New York. Leatherstocking’s organizer and only general
partner is Steele. Leatherstocking had 34 limited partners
during each subject year.
Leatherstocking’s operation involved a cattle breeding and
embryo transfer venture conducted at the Leatherstocking Farm in
Easton, New York. Through the venture, Leatherstocking produced
embryos fertilized from Black Angus cows and the sperm of a Black
Angus bull named “High Voltage”. The venture was conducted
primarily as a tax shelter.
Leatherstocking was one of many entities formed by Steele in
1983 through 1986 to syndicate interests in High Voltage or to
own or market cattle or their embryos. Those entities included
eight limited partnerships, the sole general partner of whom was
either Steele or his wholly owned corporation. One of the other
partnerships was Leatherstocking High Voltage Limited Partnership
(High Voltage Limited Partnership), through which interests in
High Voltage were syndicated in 1985. Another entity was Roblis
Enterprises, Ltd. (Roblis), an S corporation wholly owned in form
by Steele’s wife. Roblis owned and operated the Leatherstocking
Farm.
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Last modified: May 25, 2011