-8- Petitioners did not hire any ranch consultants to assist in managing the cattle ranch. Petitioners did not belong to a cattlemen’s association. During the years in issue and in prior years, petitioners maintained no formal books and records relating to the cattle ranch, no records of the cattle inventory, and no ledgers, written business plans, or written cost analyses. Petitioners maintained no records of which cows were bred, nor of which cows were calved and sold. Petitioner did make some miscellaneous handwritten notes about the cattle on scratch pads, which he generally kept on the dashboard of his truck for a while before discarding. During 1993, petitioners maintained no separate bank account relating to the ranch activity. Rather, financial matters relating to petitioners’ personal and family activities and to the ranch activity were handled through the same bank account. During 1994 and 1995, petitioners did maintain a separate bank account for financial activity relating to the cattle ranch. For the years in issue, petitioners retained receipts relating to expenses incurred in connection with the cattle ranch activity. Petitioners estimate that as of 1999 the property and improvements on the ranch had a market value of approximatelyPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
Last modified: May 25, 2011