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petitioner’s and petitioner’s daughter’s names. Several letters
were prepared under the heading of “Olympic Equine Enterprises”
or “Three Colts West Performance Horses”. Petitioner did not
retain correspondence sent to M&S from potential clients or other
third parties.
Until 1996, petitioner insured Bandits Lucky Doc.
Petitioner did not insure any of the horses that he owned during
the years in issue. In 1996, petitioner prepared an inventory of
some of the equipment used by M&S in order to have the equipment
covered under his homeowner’s insurance policy. Some of the
equipment was stored at an offsite trainer’s facility.
Petitioner did not have a dedicated telephone line for M&S
and instead used a pager, a cellular telephone, and his home
telephone line. Petitioner occasionally used his employers’
telephone numbers for M&S. In 2000, petitioner opened a
dedicated bank account for M&S with Union Bank of California. On
March 23, 2000, petitioner filed a fictitious business name
statement for M&S.
On May 15, 1996, in connection with custody and child
support proceedings, petitioner signed a declaration that was
filed with the Superior Court of California for the County of
San Diego. In the declaration, petitioner claimed that the
losses incurred by M&S should be considered to reduce his income
for purposes of calculating child support payments. Petitioner
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