Rhett Rance Smith and Alice Avila Smith, et al. - Page 23




                                         - 23 -                                       
                    Tax       Total      Total          Total                         
                    Year      Income        Expenses         Losses                   
                    1997      --         $52,683        ($52,683)                     
                    1998      –-         61,490         (61,490)                      
                    1999      --         28,826         (28,826)                      
                    2000      –-         51,409         (51,409)                      
                    2001      --         80,152         (80,152)                      
               2002           –-         56,818         (56,818)                      
                    2003     $5,673      7,651          (1,978)                       
                    2004        –-           6,064          (6,064)                   
                    Total  5,673         345,093        (339,420)                     
          Most of the expenditures were for travel, advertising, and show             
          expenses.  For example, in 1997, of the $52,683 of total expenses           
          claimed, $28,676 was for show expenses, $10,850 for travel, and             
          $9,800 for advertising.  Accordingly, $49,326 of the $52,683                
          (almost 94 percent) was for shows, travel, and advertising.  Most           
          of the expenses were associated with showing dogs and judging dog           
          shows.                                                                      
               According to a March 2004 report from Synbiotics, Zane had             
          44 semen straws stored from the dog Malcolm.  Synbiotics                    
          calculated that 7.9 inseminations could be accomplished from the            
          44 straws.                                                                  
          Zane’s Cow and Dairy Farm Activity                                          
               Zane had an interest in cattle as a boy, and in July 1998,             
          he purchased a 400-acre property in Earlville, New York, known as           
          Goose Hill Farm.  Zane had an interest in genetics and animal               
          husbandry beginning with the Staffordshire Bull Terriers when he            
          was a boy.  Zane developed an interest in Normande cows, and he             








Page:  Previous  16  17  18  19  20  21  22  23  24  25  26  27  28  29  30  Next 

Last modified: March 27, 2008