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Year Total Expenses
1988 $27,782
1989 32,244
1990 38,197
1991 28,136
1992 32,545
1993 46,622
1994 38,152
1995 40,703
1996 40,337
1997 24,475
1998 21,568
1999 23,677
2000 18,649
2001 19,791
2002 27,072
2003 23,621
During the period that petitioner stopped breeding her horses,
her total annual expenses were actually higher than during most
years in which she was breeding them. Petitioner testified that
she felt breeding would be unprofitable during the perceived
downturn. However, petitioner did not state how, if at all, her
decision would decrease expenses or otherwise improve
profitability.
In her 1993 annual business plan, petitioner indicated that
she could lower costs by performing basic veterinary work. It is
unclear from the record when petitioner began performing this
work. On petitioner’s Schedules C, she reported the following
veterinary expenses:
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