DYCHE, Judge.
Calumet Farm, Inc. [hereinafter "Calumet"] appeals from a decision of the Fayette Circuit Court affirming a ruling by the Board of Tax Appeals, which upheld a deficiency assessment levied by the Revenue Cabinet pursuant to KRS 139.531(1)(a). We affirm.
From October 1, 1982 through February 28, 1985, Calumet sold and conveyed a number of "lifetime breeding rights" in its stallion Alydar. Basically, each purchaser acquired a right to breed one...
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