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Married Couple Suffers Losses - Essay Example

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Furthermore, the husband had a strong background in business practices and the wife holds a degree in horse management. All of these aspects enabled the couple to be rightfully qualified for horse breeding. The respondent of the case noted inadequacies in the petitioners’ Federal incomes taxes for 2005 and 2006 in the amounts of $46,504 and $34,500, respectively. As such, a trial was held on March 3, 2011, in St. Paul, Minnesota to determine whether or not the petitioners’ horse breeding enterprise was considered to be for profit. When the petition was filed, the petitioners, Mark and Patti Blackwell, lived in Minnesota. Mark Blackwell has an MBA degree and thirty years of experience in business management. After working as a motocross racer and instructor, he founded a motocross drivers’ school. Since then, Mark has had an astounding career as the manager and senior officer for motorcycle, snowmobile, ATV, and personal watercraft manufacturing companies. At these jobs, Mark worked over forty hours a week. Patti holds a college degree in nursing. She did not work between 2000-2002, though she was involved in horse breeding, but picked up thirty hours a week in 2003 as a rehabilitation nurse counselor, working out of the family residence. In 1993, the petitioners bought their first horse, and many after until 2000. They studied numerous horse magazines, especially those concerning horse management, breeding, and bloodlines. They also attended numerous national horse shows. It was in the

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mid-1990s that they formed an interest in purchasing, breeding, and training horses. To aid herself in the proper management of horse breeding as an activity, Patti enrolled in the Equine Industry Management degree program at the University of Minnesota, where she learned how to manage horses as a business, as well as the economic aspects of breeding and training. Patti and Mark also attended horse training classes and conversed with horsemen on many occasions. In 1991, Mark and Patti set out to create a detailed business plan in regard to horse purchasing, breeding, training, showing, and sale of reining horses. The business plan declared that Patti would be the barn and breeding manager, taking responsibility for health, care, nutrition, and the training of the horses, while Mark would be in charge of the business and marketing aspects. The business plan also estimated losses for 2000 and 2001 at a total of $31,000, but averaged profits from 2002-2005 with a total of $152,000. Starting in 2000, the petitioners operated their horse ranch, Fresh Horses Farm, on their family property in Delano, Minnesota. During the years in question, Patti and Mark did not hire anybody to manage their horse business, but opted to do so on their own, including training and medical. To manage the monetary aspects of the horse business, the Blackwells opened a back account under the name of FHF and used BarnPro, a software program that records FHF income and expenses. In 2006, the petitioners ceased reining horses and began cutting horses, since cutting horses were in higher demand in the horse industry. Furthermore, they started selling some of their horses as long yearlings so they would not have to pay the expenses involved in keeping the horses longer. Out of the fifteen horses that were purchased between 1998 and 2008, only eleven were sold, and were done so at a loss. Of the remaining four, three were sold at a minimal profit, and one died, resulting in an insurance payment to the petitioners. Between the years of 1999 and 2008, the petitioners obtained and sold an additional twenty-one horses, which they received by
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Summary

A married couple consisting of a business manager and a nurse bred horses for profit within Code Section 183. While the couple had their losses, records declared that taxpayers made a profit. …
Married Couple Suffers Losses
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