I think it is relatively certain that Acres Wild Farm was incorporated and filed a “C” tax form. Since th horse in question was owned by Acres Wild and Paul Valliere was the owner as registered with SEF it is likely he has always run and operated as a business.
I do not agree that most horse owners donot have a farm. There are many incorporated farms that do not own a specific piece of land. The horses themselves represent the farm. I see this on the checks we receive at our shows. Many horse owners also include the horses under PR and advertising as part of their existing business of many varieties.
For example you can be certain the the Friesians owned by Martha Stewart are part of her corporation and they are covered as a business expense.
In New Jersey for the tax advanatge of farmland assessment most horse owners do have farms and are businesses which produce minimum income from breeding and grazing.