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World Class Rider Does Not Insure Allowable Tax Losses In Horse Case

World Class Rider Does Not Insure Allowable Tax Losses In Horse Case

As I have mentioned often, everything I know about the horse business, I have learned from reading tax decisions. Conservatives of the Tea Party ilk believe they were targetted by the IRS for persecution.  All I can say is they should be thankful they are not money-losing equestrian types.  Interestingly, horse people often win in Tax Court, unlike Amway Independent Business Owners, who pretty much always lose.

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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.