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Bumgarner was a professional horse trainer who trained quarter
horses, produced rodeos, and was on the Georgia Rodeo Board. He
was also a chaplain for the Rodeo Cowboys Association of America.
Roland was a quarter horse specialist. Cashion was familiar with
the quarter horse, cattle, and rodeo businesses. He rode quarter
horses in rodeos. At the time of trial, Cashion managed a
business of raising quarter horses and cattle.
Mr. Brockenbrough thought petitioners could make a profit by
selling quarter horses because quarter horses are preferred by
rodeo riders and barrel racers, and they work well with cattle.
However, he believed that it would be several years before
petitioners could make a profit from quarter horses because of
the time required to breed and train horses.
In 1991, David Jordan (Jordan), a certified public
accountant, told petitioners how to keep books and records that
they would need to make business decisions and that he would need
to prepare their income tax returns. Jordan developed a
recordkeeping system for petitioners based on their checking
account. Petitioners kept detailed financial records as
requested by their accountant. They had a separate checking
account for their farm activity. Petitioners called their farm
Blue Horse Farms. Petitioners gave all of the records relating
to Blue Horse Farms to their accountant and relied on him to
prepare their returns properly.
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Last modified: May 25, 2011