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describe whether the horses were used for breeding or racing and
the amount of their winnings, if any. Petitioners records
indicate that the income and expenses related to their horse
activity over the years from 1980 to 1995 resulted in gross
income of $76,648, expenses of $541,782, and a net loss of
$465,134.4 From time to time, petitioners used the books and
3(...continued)
Horse's Year Purchase Sale
Name Purchased Price Proceeds Gain/loss
Dublin Bay 1980 $6,500 $500 ($6,000)
Captain's K 1980 10,000 -0- (10,000)
Liberty Knoll 1980 11,000 -0- (11,000)
Bad Memories 1980 5,000 -0- (5,000)
Naughty Castle 1980 10,500 110 (10,390)
Distinctive Jet 1980 2,500 -0- (2,500)
Talitha 1980 2,500 380 (2,120)
Royale Finale 1981 900 -0- (900)
Hermit's Glory 1981 1,637 -0- (1,637)
Fab's Last 1981 1,637 600 (1,037)
Ruth Ann K 1982 1,000 -0- (1,000)
Kings Linn 1983 5,000 3,200 (1,800)
Anda 1983 2,500 300 (2,200)
Kashmir 1983 -0- -0- -0-
Thaddius 1983 -0- 500 500
Snickers 1983 -0- 200 200
Tamara 1983 -0- 315 315
Scoundrel 1984 -0- 260 260
Filly unknown -0- 440 440
Colt unknown -0- 140 140
2 fillies unknown -0- 290 290
Dublin Bay's 1986 -0- 425 425
colt
Anda's colt 1987 -0- 300 300
2 colts 1988 -0- 1,000 1,000
Apple Writer 1990 2,000 500 (1,500)
Total $62,674 $9,460 ($53,214)
4See appendix.
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