Harvey J. Davis and Patricia A. Davis - Page 8

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          was able to reduce some of his costs; for example, he estimated             
          that stud fees would be $1,500 and that it would cost $3 per day            
          to feed each horse.  The stud fee for breeding petitioners’                 
          horses to McDannald’s horse, Rumadii, was only $500.  Petitioner            
          bought hay from his neighbor and paid to have it cut and baled,             
          reducing the daily cost of feed per horse to 51 cents.                      
               The business plan included horse pedigree listings and                 
          descriptions of some Arabian horses.  It also included                      
          petitioners’ plans for breeding and showing the horses and                  
          building facilities for them.  Petitioner concluded that they had           
          to raise extraordinary horses to be profitable.  Petitioner                 
          studied the bloodlines and history of Arabian horses back 100               
          years.  He traced the ancestors of one of petitioners’ mares,               
          Vendalita, as far back as possible.  He believed that he could              
          learn how to breed better horses by studying Arabian horse                  
          genealogy.  He believed that it would take him 10-13 years before           
          the activity would be profitable, in part because it can take up            
          to 5 years for an Arabian horse to reach maturity.                          
               Petitioners have been members of the Southwest Missouri                
          Arabian Association, the International Arabian Horse Association            
          of Missouri, the American Horse Show Association, the Southwest             
          Missouri Horse Show Association, and the Arabian Registry since             
          1991.  Petitioners are registered as breeders with the Arabian              

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