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contend that King Lion and Magic Moment both suffered injury and
that Nakita suffered from fertility problems.
Petitioners presented no evidence in support of Mr. Abbene's
testimony that he initially expected King Lion, Magic Moment,
Spectacular Rhythm, or Nakita to increase in value. By
petitioners' own admission, the horses actually decreased in
value during and after the years in issue. Although petitioners
contend that King Lion and Magic Moment both suffered injuries
and illness17 that prevented them from being actively shown
during the years in issue, they offered no evidence regarding the
nature or extent of the purported injuries. Moreover, the record
is devoid of any evidence of the value of the horses had they
remained healthy, and we cannot ignore the fact that Blue Ribbon
was never profitable even when King Lion and Magic Moment were in
full health.
Petitioners contend that they expected Spectacular Rhythm
and Nakita to increase in value if they were successfully bred.
Petitioners, however, offered no evidence that they implemented
any type of breeding plan or method for acquiring horses
appropriate for breeding purposes. Although Spectacular Rhythm
17 King Lion contracted pleurisy and pneumonia during 1993 when
he went to Texas with the Olympic team.
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