Written Business Plan Is Crucial In Horse Tax Court Case
Peter J Reilly, Contributor, Forbes Magazine
Horse breeding is a favorite target of the IRS, when it comes to the hobby loss rules. Nonetheless, breeders will often beat the IRS in Tax Court. Reading a recent decision I got the sense that William Dodds, a tax accountant, came so close that he could almost taste it. He ended up losing. His case is very instructive and is a must read for anyone affected by this issue. I really hope he appeals.