- 8 - made a similar claim regarding losses from a consulting business, The Graham Group (Graham). Petitioner estimated $2,050 in monthly losses from M&S and $525 in monthly losses from Graham. On October 21, 1999, petitioner filed an Income and Expense Declaration with the Superior Court. Petitioner estimated monthly expenses of $3,482 for his daughter’s “pet supplies and associated expenses”. On June 16, 2000, petitioner filed a second Income and Expense Declaration estimating monthly expenses of $3,588 for pet supplies for “daughter’s horses”. On May 15, 2001, petitioner filed a Responsive Declaration to Order to Show Cause or Notice of Motion with the Superior Court. Petitioner stated in the declaration that he paid 100 percent of the expenses related to his daughter’s three horses, totaling over $1,600 per month. Federal Tax Returns Petitioner filed Forms 1040, U.S. Individual Income Tax Return, for 1997 through 1999. Petitioner listed his occupation on the returns as “Manager: Equine Business”. Attached to each of the Forms 1040 was a Schedule F reporting a net farm loss each year for petitioner’s horse activity. Petitioner described his horse activity on the Schedules F as “equine breeding, training, and sales”.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Next
Last modified: May 25, 2011