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name of the horse, its year of birth, its sire and dam, when
petitioner acquired it and from whom, the purchase price, when
petitioner disposed of the horse, and the name of the party
acquiring the horse. Some index cards showed whether the horse
had a jockey certificate number, which the horse needed in order
to be eligible to race. Kuta prepared the index cards in part to
show Kida which horses were depreciable and which were home-bred.
From 1974 to 1996 (excluding 1994), Kuta prepared yearly
breeding schedules for petitioner's mares. These schedules
generally included the name of each mare available for breeding,
the name of the stallion to which it was being bred, and the
breeding fee. If the mare was still carrying a foal from the
prior year's breeding, the schedule gave the name of the
stallion. Kuta prepared the breeding schedules to ensure that
she had properly registered the foals and paid breeding fees and
to determine whether a refund was due.
From about 1986 to 1997 (excluding 1994), Kuta kept annual
records which identified the location of most of petitioner's
horses each month and whether petitioner disposed of the horse
during the year. Kuta kept these records to ensure that
petitioner was billed correctly.
Petitioner never conducted any written economic or business
studies, prepared a written business plan or budget for his horse
racing and breeding activity, or hired any consultants to help
him make his horse racing and breeding activity profitable.
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Last modified: May 25, 2011