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The record does not indicate the amount of income, if any,
that petitioner earned from any of these competitions.
VII. Relevant Financial Data
The attached appendix lists the gross income, specific
operating expenses, depreciation, total expenses, and net income
(loss) that petitioner reported for the horse activity on her
1988 through 2002 Schedules C. With the exception of $20,000
that petitioner received in 2001 from the sale of Bogaz, we know
nothing about the specific source of the other items of reported
gross income. While some of those other items of income may have
been prize money earned at shows, petitioner reported some of the
amounts of these other items net of cost of goods sold, which
indicates to us that not all of those amounts were prize money
from the shows.
From 1988 to 2002, petitioner reported on her Federal income
tax returns the following amounts of total income (exclusive of
income (loss) from the horse activity), income (loss) from the
horse activity, total income, and taxable income.
Total income Income
(exclusive of income (loss)
or (loss) from the from the Total Taxable
Year horse activity) horse activity income income
1988 $111,854 ($27,687) $84,167 $56,874
1989 108,078 (28,736) 79,342 50,593
1990 126,236 (37,973) 88,263 56,944
1991 113,487 (28,136) 85,351 49,945
1992 109,003 (29,545) 79,458 45,438
1993 109,536 (43,422) 66,114 36,195
1994 116,888 (34,072) 82,816 55,677
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