- 4 -
Petitioners also met with an accountant, who assisted petitioners
in setting up a bookkeeping system and separate checking
accounts. Petitioners, however, did not draft a detailed
business plan and did not compute any written financial
projections.
By early 1996, petitioners owned 8 purebred Paso Fino horses
and had owned a maximum of 10. Petitioners have also sold five
horses since establishing Silk Oak. The horses owned by Silk Oak
at the date of trial, their acquisition costs, and their
estimated values are as follows:
Name Acquisition Cost Estimated F.M.V.
1. Mancebo de Coral $10,000 $12,000--18,000
2. La Hija del Centaur 4,000 6,500
3. Vitrina del Dulce 12,000 15,000--18,000
4. Reya de Seda foaled 4,000---6,500
5. El Coete de Seda foaled 2,500---3,500
6. Alas de Seda foaled 2,500---3,500
7. Elegancia de Seda foaled 5,000---6,000
8. Latina de Seda foaled 5,000---6,000
Total 26,000 52,500--68,000
The five horses sold by petitioners, including original
acquisition costs and selling prices, are as follows:
Name Acquisition Cost Sale Price Gain
1. Cobre de Seda foaled $1,500 $1,500
2. Noche Caliente -0- 250 250
3. Fernando Bravo $1,500 4,000 2,500
4. Tuaca del Centaur 7,000 9,000 2,000
5. Sombra de Seda foaled -0- -0-
Total 8,500 14,750 6,250
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Last modified: May 25, 2011