- 4 - In 1982, petitioners purchased 14 acres of land approximately 1 mile from their home for $13,000 with the intention of building a horse farm. Petitioners cleared the land of trees and constructed a nine-horse barn, sheds, fences, a driveway, and a well at a total cost of $59,500. In 1992 the farmland and improvements were appraised at $121,000. Petitioners began their horse activity during 1983 and decided to specialize in the breeding and selling of Arabian horses. At that time, petitioners owned an Arabian horse, Homestead Wiraza, which they had purchased in 1981 for $3,500. Mr. Dodge joined several horse associations and attended clinics and seminars to learn how to show, train, breed, and sell horses. He also paid several thousand dollars for professional horse trainers. Petitioners did not, however, consult with any horse breeders about the best way to minimize expenses and/or run a profitable horse farm, nor did they follow Mr. Tischer's advice to prepare a long-term plan for the horse farm. In 1983, petitioners purchased Canadian Fury for $30,000. Canadian Fury and Homestead Wiraza were the only broodmares used in petitioners' horse-breeding activity. Petitioners did not maintain a stallion for breeding purposes; instead they paid stud fees to outside breeders. From 1983 through 1996, Canadian Fury and Homestead Wiraza produced eight foals. No foals were bornPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Next
Last modified: May 25, 2011