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Date Horse Original Purchase Price Sales Price
02/04/94 Lozano Bravo $3,646 1$3,000
02/05/94 Cassandra del Rey Home-foaled 4,000
03/31/95 Molly Dakota 1,500 12,000
06/16/95 El Dominador Bravo Home-foaled 3,000
10/17/95 Vanescita de Caroline 1,000 1,078
10/25/95 El Capitan de Norco Home-foaled 2,000
03/29/96 Anna Maria Bravo 1,500 5,385
05/05/96 La Briesa de Norco Home-foaled 2,000
05/20/96 El Principe de Angelita Home-foaled 1,000
06/01/96 San Miguel de Norco 850 3,770
06/21/96 Miranda de Norco Home-foaled 2,000
01/20/97 La Duquesa de Norco Home-foaled 4,000
03/17/97 Mystique Bravo 1,000 3,500
06/11/97 El Hechicero de Norco 500 24,000
08/09/97 Valentino de Norco Home-foaled 750
08/17/97 Monarquillo de Intocable 500 4,500
12/17/97 Misterio de Resorte Home-foaled 3,500
03/ /98 Molly Dakota 1,500 33,000
06/06/98 Esperanza de Norco unknown 4,000
unspecified Sindicato de Norco unknown 13,000
1Returned by purchaser.
2The evidence is conflicting as to whether the sales price is $4,000 of
$4,500.
3The purchaser paid an additional $1,000 for a breeding to El Ni�o Cisco
de Norco.
All of the above sales were culling sales. The record does not
reflect the amount of feed, training, or veterinary expense
incurred per horse. Because petitioners did not allocate feed,
training, or other expenses such as stud fees among their
horses, the record does not reflect the economic profit, if any,
earned on each sale.
Value of Petitioners’ Herd
As of July 1998, petitioners’ herd consisted of 26 horses
with a total value of approximately $307,000. The majority of
the animals owned as of that date were foaled by petitioners’
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