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because she felt the better weather and grass there gave her
horses a training advantage when the racing season began in New
York.
Richard Mahon (Mahon) is a CPA licensed in New Jersey.
Petitioner has employed Mahon to perform record keeping for her
thoroughbred horse breeding and racing activities since
approximately 1982, and he has many other clients who raise
horses. These records were distinct from petitioner’s personal
financial records.
In 1996, Mahon prepared annual and semiannual Statements of
Income Collected and Expenses Paid for petitioner’s thoroughbred
horse breeding and racing activities. Each statement included
results from the prior year for purposes of comparison.
Mahon provided other services to petitioner in 1996 as well
as in previous years. He prepared miscellaneous ledgers,
maintained other records in connection with petitioner’s
thoroughbred horse breeding and racing activities, and prepared
petitioner’s Federal and State income tax returns. Petitioner
did not prepare nor did she have prepared balance sheets,
financial projections, or budgets in connection with her
thoroughbred horse breeding and racing activities for any year in
which she engaged in the activities.
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Last modified: May 25, 2011