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In each of the years 1988 through 1996, petitioners owned
between 20 and 30 horses. Nearly all of the horses which petitioners
owned between 1976 and 1996 were bred by petitioners. Petitioners
purchased two females and half interests in two stallions during
that 20-year period.
Petitioners have not raised stallions for stud purposes.
Instead, they send their brood mares to stud ranches. When their
brood mares produce male foals, petitioners may have the foals
gelded. Petitioners believe that gelding a horse may improve the
horse's racing performance and earnings. Brood mares may appreciate
in value when their offspring are successful in horse races.
On a regular basis, petitioner personally visits the
facilities where his horses are boarded and trained in order to
inspect the condition of the horses and to consult with the
caretakers and trainers. Including the time spent driving between
his home and the horse facilities, petitioner normally spends at
least 4 hours a day, 6 days a week, inspecting his horses and
conversing with their handlers. Petitioners usually attend races in
which their horses are participating. Petitioners send some of
their horses to Arizona to race. These horses are more capable of
racing successfully in Arizona than in California where the
competition is greater.
The only physical assets used by petitioners in their horse
breeding and horse racing activities are their horses. Petitioners
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Last modified: May 25, 2011