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AHC Tax Bulletin-March 2018

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The following is from the American Horse Council:

AHC’s Tax Bulletin is Sponsored by

The American Horse Council keeps you up to date with important tax court cases and regulations with its bi-monthly Tax Bulletin. The Tax Bulletin is a member benefit, and thus is not intended for reproduction. For more information on federal legislation, equine health and regulatory issues, taxes, animal welfare, racing, recreation, and showing please visit our website at www.horsecouncil.org

Horse Industry Trots Into New Tax Landscape

Two major policy developments have dramatically changed the tax landscape for horse owners and millions of other Americans as they make nancial plans for their businesses and families in 2018 and beyond: enactment of the Tax Cuts and Jobs Act of 2017, which rewrites major business and individual provisions of the tax code; and passage of the Bipartisan Budget Act of 2018 (aka, “tax extenders”), which extends for one year a host of tax incentives that expired at the end of 2016.

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Qualifed Business Income Deduction Under the Tax Cuts and Jobs Act

By Douglas Dean, CPA, Dean Dorton Allen Ford, PLLC, Lexington, KY

Thomson Reuters, a major resource provider for tax professionals, recently stated: “Few provisions in the recently enacted Tax Cuts and Jobs Act are likely to have a greater impact or create more confusion than the new Code Section 199A deduction for noncorporate taxpayers for qualified business income.”

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The AHC Tax Bulletin is a digest of current tax developments affecting the horse industry. The AHC Tax Bulletin is for informational purposes only and not intended to take the place of professional tax counsel.

Click to dowload a PDF of the Tax Bulletin

AHC Tax Bulletin Advisory Board

Editor-In-Chief
Thomas A. Davis, Esq.
Davis & Harman LLP
Washington, DC

​www.davis-harman.com

Doug Dean
Dean Dorton Allen Ford, PLLC
Lexington, KY
 Paul Husband, Esq 
Husband Law Group
Universal City, CA
www.husbandlaw.com 
John Kropp, Esq
Graydon, Head & Ritchey
Cincinnati, OH
www.graydonhead.com 
Bruce Oberfest, Esq, CPA
Bruce D. Oberfest & Associates
Chappaqua, NY
Douglas Romaine, Esq
Stoll Keenon Ogden, PLLC
Lexington, KY
www.skofirm.com 
Joel B. Turner, Esq.
Frost Brown Todd
Louisville, KY
www.frostbrowntodd.com 

AHC Tax Bulletin-January 2018

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The following is from the American Horse Council:

AHC’s Tax Bulletin is Sponsored by

The American Horse Council keeps you up to date with important tax court cases and regulations with its bi-monthly Tax Bulletin. The Tax Bulletin is a member benefit, and thus is not intended for reproduction. For more information on federal legislation, equine health and regulatory issues, taxes, animal welfare, racing, recreation, and showing please visit our website at www.horsecouncil.org

Horse Industry Faces New Tax Landscape in 2018

Following President Trump’s signing of the new tax law on December 22, federal policy makers began immediately to discuss the likelihood of moving legislation in 2018 to address technical changes and clarifications to the 1100 page law.  While AHC takes a deeper dive into the tax law to address in more detail those provisions having a direct impact on the horse industry, please click to lin below to login and view the highlights that will impact your tax filing for Fiscal Year 2018.

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Tax Court Rules Owner Did Not Operate Horse Activity as a Business for Profit

By Thomas A. Davis, Esq., Davis & Harman, LLP

Since childhood, the taxpayer has been an amateur horsewoman. In 2005, she started Big Dog Farms (BDF) for the purpose of breeding, selling, and showing horses. Operations at BDF ceased in 2011.

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Horse Owners Ability to Utilize a Section 179 Deduction Against Income from Multiple Active Trades or Businesses

By:  Joel B. Turner, Esq. and Nelson D. Rhodes IV, Frost Brown Todd, Lexington, KY

While the Internal Revenue Code (“the Code”) allows taxpayers to deduct from taxable income all ordinary and necessary expenses incurred in carrying out an active trade or business,  generally, when purchasing tangible business assets with a useful life greater than a taxable year, the asset must be capitalized rather than deducted from business income for the year the property is placed in service. Under the Code, taxpayers are generally allowed to take an annual depreciation deduction for the wear, tear, and deterioration of their capitalized tangible property used in an active trade or business over an applicable recovery period.  For race horses, the current applicable recovery period is 3-years from the time the horse is placed in service (i.e., begins training). For broodmares and stallions, the current applicable recovery period is 7-years.

Login to read the January Tax Bulletin

The AHC Tax Bulletin is a digest of current tax developments affecting the horse industry. The AHC Tax Bulletin is for informational purposes only and not intended to take the place of professional tax counsel.

Download a PDF of the Tax Bulletin

 

 

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