Tracey L. Topping - Page 3




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          any full-time employment for the past 25 years.  Her significant            
          assets consisted of a 16-year-old horse and a debt-encumbered               
          condo in Wellington, Florida.                                               
               Forced to make a living to support herself, petitioner                 
          developed a plan to use her prominence in the equestrian world to           
          build a business designing horse barns and homes.  Her plan was             
          to establish and maintain herself as a peer worthy of trust among           
          the exceptionally wealthy families who participate in the upper             
          realms of the equestrian circuit, own multiple residences, and              
          use interior designers.  Even though she had no written business            
          plan, she discussed her plan for her business venture with her              
          certified public accountant, Jeffrey Borofsky (C.P.A. Borofsky).            
          She also discussed her plan with a longtime friend who had                  
          successfully started her own business.  Petitioner did not                  
          conduct a formal market study, nor did she prepare any cashflow             
          projections in anticipation of starting her new business.  She              
          did not have any experience in design other than taking a few               
          design courses in college.  However, petitioner possessed the               
          artistic ability to draft structural designs freehand.                      
          Petitioner also was an experienced equestrian, having ridden                
          horses and competed on an amateur level since she was 12 or 13              
          years old.                                                                  
               In 1999, petitioner formed a limited liability company,                
          Topping White Design, L.L.C. (Topping White), in Florida.  The              







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Last modified: November 10, 2007