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C. Kart Blanche
Kart Blanche is a purebred Arabian mare that was foaled on
April 21, 1989, from the just-mentioned breeding of Feyras
Raehele. Kart Blanche is or was registered with the Arabian
Horse Registry of America, Inc., as purebred Arabian horse No.
0428977. Its parents are GoKart and Feyras Raehele, both of
which at the time of Kart Blanche’s registration were registered
with the Arabian Horse Registry of America, Inc., and had lineage
that included some other horses that were then so registered.
Petitioner has never bred Kart Blanche. Petitioner showed Kart
Blanche from 1990 to 2000 at 34 competitions, and Kart Blanche
won 3 of those competitions.
Petitioner continues to own Kart Blanche, and its fair
market value as of the time of her trial was not more than
$35,000. The record does not indicate the amount of income, if
any, that petitioner has realized from her ownership of Kart
Blanche.
D. Silent Reign
Petitioner purchased Silent Reign in 1989 for $3,500.
Silent Reign has never been bred, shown, or otherwise used for
profit in the horse activity. Petitioner reported on her 1997
Federal income tax return that on December 31, 1997, she sold
Silent Reign to her daughter for no consideration. She reported
on that return that she had claimed $3,339 of depreciation on
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Last modified: May 25, 2011