Elizabeth Giles - Page 6

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               Petitioner maintained a library of horse-related reference             
          materials, including 15 books, 6 trade journals/periodicals, and            
          14 video sets.  During the years in issue, petitioner spent 6 to            
          8 hours per month reading trade journals.                                   
               Petitioner had a Falling Water Arabians business card                  
          listing the Falling Water Way address as the business address.              
          However, the business card was prepared in the late 1980s, and              
          the phone numbers are no longer correct.                                    
               Petitioner maintained a checking account with California               
          Bank & Trust in Moreno Valley, California, under the names                  
          Elizabeth Giles and Falling Water Arabians.  From December 16,              
          1998, to December 3, 2001, the account’s average daily balance              
          never exceeded $402.  A $9 maintenance fee was deducted from the            
          account monthly.  The only other withdrawal taken during this               
          period was $240 on April 13, 2000, the purpose of which was not             
          identified.  As of April 17, 2001, the account had a negative               
          balance of -40 cents.  The only deposit made before December 4,             
          2001, was $9, deposited on May 5, 2001, in order to restore a               
          positive account balance.  On December 4, 2001, petitioner                  
          deposited $20,000 received from the sale of Bogaz, as discussed             
          below.                                                                      
               During the years in issue, petitioner spent 4-1/2 to 6 hours           
          a day with the horses.  In a typical day, petitioner fed,                   







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Last modified: May 25, 2011