1997 Horse Owners and Breeders Tax HandbookAmerican Horse Council, 1997 - Horse industry |
Common terms and phrases
allocated American Quarter Horse American Saddlebred amount apply assets books and records breeder breeding and racing breeding fees breeding operation breeding right broodmare cash method cattle claimed COMMISSIONER T.C. Memo corporation Court concluded Court found Court held Court noted depreciation depreciation deductions determining discussed in section earnings election example factors filed foal hobby loss horse activity horse breeding horse business horse operation horse owner individual intent investment investors IRC Sec IRS challenged IRS Regs IRS regulations land lease limited livestock mares Morgan horses ordinary income paid partner passive income penalty percent placed into service presumption prior profit motive purposes qualify Quarter Horse race horse racing and breeding recovery period rules selling seven-year period share shareholders showing horses sold stable stallion Standardbred Standardbred horses straight-line substantial syndicate tax basis tax code Tax Court tax return taxable income thoroughbred trainer treated