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Petitioners did not have a written business plan or make a
budget for the horse activity. Petitioners did not have bills of
sale for every horse they owned. Some of the bills of sale for
horses were in petitioners’ names rather than the name of the
horse activity. Petitioners insured only some of their horses.
Petitioners would not force people to pay money owed to them.
Jill and Claire advised petitioners which horses to purchase and
sell.
The horse activity’s opening balance sheet for 1994 listed
several horses as assets that had been reported as sold, or as
dying, in 1993. This opening balance sheet also listed “Cody
Williams” as an asset. Cody Williams is not a horse; he is a
person.
Petitioners placed an advertisement in a horse show program
that pictured Jill and Claire riding horses, wished them good
luck in 1995, and congratulated them on their 1994 equitation
medals and participation in the Marshal-Sterling Children’s
Jumper League. Petitioners also placed one advertisement in a
publication called “Horse’s International”.
Petitioners kept records called “business goals” for 1994
and 1995. Petitioners came up with these goals. These goals
were informal ideas that petitioners hoped to implement. Some of
the goals for 1994 were: (1) Leasing or selling “Make Believe”,
(2) selling “Fashion Page”, (3) developing “Desire Me” and
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Last modified: May 25, 2011