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petitioner’s potential for income. As of the time of trial
(1998), petitioner was selling Rey’s stud service for a low price
($900) as a loss leader to generate more interest in the horse.
A stud may be capable of breeding for more than 20 years.
During 1993, petitioner purchased Jolly Berry, a mare, for
$8,000. Jolly Berry’s former owner was unsuccessful in
attempting to show her. Ultimately, Jolly Berry produced two
foals, Princess during 1994 and Skylark during 1995, and
petitioner continues to own all three horses. Princess was sired
by a horse not owned by petitioner, and she was shown in a 1994
show. Princess has good conformation and bloodlines, but little
talent, and petitioner decided to use her as a replacement brood
mare for Princess’ mother, Jolly Berry. Skylark was sired by
Rey. As of 1998, petitioner was preparing Skylark for sale in
the $3,500 to $4,500 price range. After two successful foals,
Jolly Berry lost a foal and then incurred liver problems,
resulting in petitioner’s inability to recoup her $8,000
investment.
During 1993, petitioner purchased, for $3,800, the mare
Fairy Dust, which produced a foal by Rey, called Bandit. Fairy
Dust was from an excellent bloodline, and she was obtained for a
very favorable price at a distress-type sale. Also in 1993,
petitioner purchased the mare Trigger Happy for $2,200 and a
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