AdminThink you’re protected by Georgia’s Equine Liability Law? You may not be! By Christopher C. Chapman, Attorney at Law, www.smithwelchlaw.com 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 … Read more
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
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, … Read more
(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. … Read more
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)!
Join us Saturday, March 30th, at Hard Labor Creek State Park. Plan to be checked in and at the trailer parking lot by 10 a.m. Only cost is for park entry and a day ride pass ($5 per truck and $10 per rider for trail pass). Anyone wishing to stay over needs to make reservations … Read more
On March 6, Congressman Andy Barr (R-KY) introduced the Equine Tax Parity Act (H.R. 998), which would make horses eligible for capital gains treatment after 12 months, rather than 24, similar to other business assets. Under the current federal tax code, gains from sales by individuals of property used in a trade or business, including … Read more
From the American Horse Council The country went over the “cliff,” but, like a bungee jumper, after a short fall it was pulled back up to the precipice. Congress’ passage of the American Taxpayer Relief Act of 2012 in 2012 and the President’s signing it in 2013 broke the Congressional impasse and got the … Read more
Fox 5 Atlanta recently did a story on the Calvin Center’s Horses & Warriors program. Read the story and see the video at https://www.myfoxatlanta.com/story/19687480/horse-therapy-aids-veterans. For more on the Calvin Center’s program, visit https://www.calvincenter.org/equestrian/horses-for-heroes.php