Richard H. Daley and Estate of Anne H. Daley, Deceased, Richard H. Daley, Executor - Page 5

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          files, however, are not completely accurate, and some significant           
          discrepancies and omissions exist in each.                                  
               During the course of the 14-year period ending with 1992,              
          petitioner owned in excess of 30 horses.4   These horses were               
          either purchased by petitioner or born to horses that he already            
          owned.  In either event, most were eventually sold during this              
          14-year period, although some died and others were donated to               
          various people or organizations.                                            
               Throughout the entire course of his horse activity,                    
          petitioner never experienced a net profit, although he did                  
          generate some income.  Income was generated from several sources,           
          including prize winnings, foal sales, and stud fees.  Expenses              
          from petitioner's horse activity, however, always exceeded such             
          income.  Boarding and training costs have constituted the                   
          majority of such expenses.                                                  
               Petitioner rode his horses in the evenings and on weekends.            
          He also rode his horses at numerous organized cutting horse                 
          events.  Although petitioner's spouse had little interest in                
          horses, petitioner's two children occasionally rode certain                 
          horses for various reasons.  On the average, petitioner devoted             
          10 to 12 hours each week to his horse activity.                             




               4In any one year petitioner owned as few as 2 and as many as           
          11 horses.  Petitioner owned an average of approximately eight              
          horses per year.                                                            




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