Taxpayers Lose Case on Horse Leasing Venture By John Alan Cohan, Attorney at Law
A new Tax Court case involved $1.3 million in deductions for amounts that Scott and Debra Householder paid to a thoroughbred horse-leasing operation called ClassicStar for leases that turned out to be a scam. [Householder v. Commissioner, T.C. Memo. 2018-136.] The operation was a Thoroughbred mare-leasing and breeding program. The taxpayers leased mares from ClassicStar, paid … Read more