Michael G. Bunney - Page 8

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          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”.                                                                 

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