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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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