2 Facts Based upon the representations made in your correspondence, we understand the facts to be as follows. NFA staff advised you to seek the Division s opinion concerning the status of V .
V is an Iowa limited partnership engaged in the business of pork production.
V has forty-two investors, the majority of which are Iowa farmers. X , the sole general partner, and the limited partners contributed cash and property in return for ownership interests in V . 3 X owns sixty-eight percent of V . V s primary function is hog production. Approximately ninety-five percent of V s revenues results from the sale of hogs.