- 13 -
train some of his horses, including Gator.
At no time did petitioner retain the services of anyone to
appraise the fair market value of his horses. Petitioner did not
project during the years at issue, or at any other time, the
future income, expenses, or profits that he expected would be
generated by his horse activity.
Petitioner’s Cattle Activity
Sometime during 1990, petitioner, who did not have any
formal training as a cattle breeder, purchased for $3,000 a herd
of cattle consisting of a bull and four cows (cows) with calf.
During 1990 or 1991, and each year thereafter, the cows produced
calves. Petitioner kept the bull, cows, and calves (cattle) on
the NLC land. During the winter months, the cattle consumed
approximately five bales of hay that cost about $35 to $50 a
bale, and, during the remainder of the year, they consumed the
grass on the NLC land.
Petitioner kept the calves produced by his cows for six to
seven months until they weighed around 250 pounds, at which time
he sold them for approximately $250 each.
Petitioner did not project during 1990, or at any other
time, the future income, expenses, or profits that he expected
would be generated by his cattle activity.
Page: Previous 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 NextLast modified: May 25, 2011