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petitioner has to consider bringing “the outside lifestyle as
coming to the inside” by testing fabrics for durability, cleaning
ability, and recovery relative to the client's everyday
livability.
Petitioner keeps records for her horse barn/interior design
activities. All of the files relating to client development and
design implementation are kept together by year. Petitioner
maintains records that keep an inventory of expenses related to
both interior design and equestrian-related activities.
Initially, petitioner used a manual accounting system, but then
upgraded to Excel and then QuickBooks. Petitioner uses
QuickBooks to keep records for both the equestrian and interior
design activities on a consolidated basis. Petitioner does not
keep records of training costs or costs associated exclusively
with horse shows for the purposes of projecting a budget. Nor
does she or C.P.A. Borofsky prepare monthly budgets or cashflow
projections for either the interior design or equestrian
activities. According to petitioner, that is because there is no
way to predict what those costs will be from month to month, and
that the equestrian circuit is not her business but is part of
her overall plan to develop her interior design clientele. At
trial, petitioner produced documentary evidence of a profit or
loss statement prepared by C.P.A. Borofsky that tracked expenses
for both her equestrian and interior design activities.
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Last modified: November 10, 2007