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Paso fino horses are shown in three categories: Pleasure,
performance, and classic fino. The categories are based on the
horses’ ability to perform the gaits required of each class.
Classic fino is the quickest, most difficult gait to perform, and
horses able to perform classic fino are the most sought after
within the paso fino breed. Classic fino horses that win at the
national level are worth at least $50,000, and a champion mare is
valued at $250,000 or more. Petitioners hoped to acquire horses
that could compete and be sold in the classic fino market.
The market for paso finos, especially classic fino horses,
is concentrated in Florida; some sales of high-priced horses,
however, have occurred in California. During the years in issue,
petitioners marketed their horses by advertising in regional
publications, such as the California Horsetrader, and by posting
flyers at their local feed stores.
Petitioners claimed advertising expenses on their Federal
income tax returns of $380 for 1992 and zero for 1991 and 1993.
In contrast, petitioners’ expense journals show advertising
expenses of $372 in 1991 and $486 in 1993. The expense journals
do not indicate petitioners’ total advertising expenditures for
1992.
Petitioners have held open houses and fun shows at their
ranch, where potential customers may test ride the horses.
Petitioners’ E-mail address is Pasolove@aol.com. Petitioners did
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Last modified: May 25, 2011