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selling it for either $75,000 as a “pre-green” or $125,000 to
$150,000 as a “first year green hunter”, and (4) selling “Rising
Sun” for $35,000 to $40,000. Other goals were more general such
as purchasing and developing a grand prix horse and a junior
jumper, increasing the number of horses shown, and increasing the
use of trucks to transport horses.
Petitioners did not sell Fashion Page in 1994. Petitioners
did sell Make Believe, Desire Me, and Rising Sun in 1994. The
sale price and petitioners’ original purchase price of each of
these horses was as follows:
Horse Purchase Price Sale Price
Make Believe $22,500 $20,000
Desire Me 22,500 16,000
Rising Sun 1,000 1
Petitioners' goals for 1995 were more general than those for
1994. They included increasing hauling income, increasing their
client base, developing their horses, purchasing junior jumper
and equitation horses, getting their horses to the shows, and
having Nicole stay on as their trainer.
E. Boarding the Horses
The horses and all other items necessary for the horse
activity were maintained at the following locations (all located
in California):
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Last modified: May 25, 2011