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Petitioners spent only a few hours a day 3 or 4 days a week
working on their horse breeding and horse racing activities.
Petitioners would talk to trainers regarding their racehorses,
determine in which races their horses would run, select the
stallions with which to breed their broodmares, and arrange for
veterinary care for their horses.
For 1980 through 1984, the record does not indicate how many
foals were produced in petitioners' horse breeding activity. In
1982 and 1984, petitioners spent approximately $630 and $380,
respectively, in advertising for sale foals that their broodmares
had produced. Petitioners did not advertise the sale of their
horses in any other year.
From 1980 through 1984, petitioners did not sell any foals
produced from their broodmares, and petitioners realized no
income from their horse breeding activity.
With respect to the horse racing activity, from 1980 through
1984, petitioners' horses ran in 118 races in California, and
petitioners' horses placed first in 19 of the races. The record
does not indicate the number of times petitioners' horses placed
second or third.
From 1980 through 1984, petitioners won total prize money
from their horse racing activity of approximately $133,542, but,
after expenses, petitioners realized total combined net losses
from their horse breeding and horse racing activities of
approximately $613,538.
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Last modified: May 25, 2011