- 17 -
1995 110,881 (38,203) 72,678 40,981
1996 94,609 (37,313) 57,296 27,896
1997 105,051 (24,215) 80,836 48,895
1998 95,693 (21,068) 74,625 45,228
1999 129,362 (22,777) 106,585 78,961
2000 112,940 (17,649) 95,291 63,531
2001 145,474 209 145,683 113,860
2002 94,486 (27,072) 67,414 44,953
Total 1,683,578 (417,659) 1,265,919 815,971
Petitioner projected at trial that the horse activity also would
lose money for 2003.
VIII. Gavilan Hills Property
Gavilan Hills is an area in California near Riverside, Lake
Elsinore, and Corona, California. In or about October 1990,
petitioner purchased 11.53 acres of vacant, unimproved land in
Gavilan Hills (Gavilan Hills property) at a cost of $70,000. The
Gavilan Hills property is approximately 10 miles from the Falling
Water Way property. Petitioner has never developed the Gavilan
Hills property, and she has never kept any of her horses there.
During the relevant years, she rode one or more of her horses on
the Gavilan Hills property as a change of pace from riding it (or
them) round and round in the arena on the Falling Water Way
property.
Petitioner purchased the Gavilan Hills property aspiring to
sell the Falling Water Way property, to build a house on the
Gavilan Hills property, to move her residence to the Gavilan
Hills property, and to design the Gavilan Hills property so that
she could continue operating the horse activity on the Gavilan
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