- 3 -
herd consisted of three breeding horses and eight racing horses.
Petitioner’s breeding herd is stabled at McMahon of Saratoga
Thoroughbreds Farm (McMahon Farm). Petitioner’s racing herd is
boarded at various tracks where they race, which is standard
practice for racing thoroughbreds. The horses race exclusively
in New York State. She visits her horses in person only three to
four times per year. She most often watches her horses race via
closed circuit simulcast in New Jersey. She never had any of her
thoroughbred horses appraised.
Petitioner’s educational background consists of a bachelor’s
degree in anthropology that she received from Monmouth College in
1981. Her employment history consists of a lab technician’s
position for an archeologist as well as a position as an
instructor at an archeology field school between 1981 and 1983.
Petitioner is the beneficiary of three trusts holding assets
with a total value of approximately $6 million. The trusts were
funded by petitioner’s inheritance from her mother. Petitioner
derives her primary income from dividends and interest received
from the trusts. From 1985 through 1996, she received over $3.2
million of income from the trusts–-over $200,000 in 1996 alone.
Petitioner did not make a profit from her thoroughbred horse
breeding and racing activities in any year between 1982 and 1996.
Her losses during that time totaled over $1.1 million.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011