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Arabian Horse Farm Loses Millions of Dollars (tax case)

Posted by on May 8, 2015 in News | 0 comments

A Significant Victory in a New Tax Court Case By John Alan Cohan, Attorney at Law       A new Tax Court case involved several million dollars of losses from 2004-2009 in an Arabian horse farm owned by Henry and Christie Metz.  [Metz v. Commissioner,T.C. Memo. 2015-54.] The Metzes specialize in Straight Eqyptians, and established their horse farm in 1991, at a time when prices of quality Arabians had dropped significantly from the 1980s.  The Metzes believed that prices had reached their bottom. Mrs. Metz worked full-time on farm advertising, marketing and promotion, drawing on her fine-arts background.  In 1995 the taxpayers bought a farm in Naples, Florida for...

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Tax Tips for Horse Business Owners

Posted by on Mar 28, 2014 in News | 0 comments

(used by permission from author) By Kathleen A. Reagan, Esq. Congress recognized a long time ago that taxpayers will try to claim federal income tax losses for activities at which the taxpayer has no genuine intent to create profit. The so called Hobby Loss provisions are found at section 183 of the Internal Revenue Code. Horse owners are a prime target of IRS “hobby loss” challenges, reflecting, of course, the fact that it is very difficult to actually make money in horses, yet many engage in the pursuit for the sheer enjoyment of it anyway. Here are seven tips that will make it easier to survive a so called “Hobby Loss” audit. 1. In the planning...

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Think you’re protected by Georgia’s Equine Liability Law? You may not be!

Posted by on Feb 5, 2014 in News | 0 comments

By Christopher C. Chapman, Attorney at Law, www.smithwelchlaw.com, and GHC President   Georgia has an Equine Liability statute that offers liability protection relating to equines and equine-related activity, but it is not an absolute shield to liability involving equines. On the subject of equine liability, most horse owners are aware of the requirement to post a sign with the warning that, “Under Georgia law, an equine activity sponsor or equine professional is not liable for an injury to or a death of a participant in equine activities resulting from the inherent risk of equine activities, pursuant to Chapter 12, Title 4 of the Official Code of Georgia...

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UGA Horse Owners Seminar and Trade Show!

Posted by on Jul 22, 2013 in Events | 0 comments

UGA Horse Owners Seminar and Trade Show!

Join us for this informative, fun event. Stop by our booth and enter our drawing for a FREE individual membership (or bring a friend who’s not a GHC member)!

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GHC President Christopher Chapman at the 150th Anniversary Gettysburg Reenactment

Posted by on Jul 18, 2013 in Gallery | 0 comments

GHC President Christopher Chapman at the 150th Anniversary Gettysburg Reenactment

 

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