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Horse Breeder/Lawyer Wins In Tax Court. Was It Worth It?

Horse Breeder/Lawyer Wins In Tax Court. Was It Worth It?

Pretty much everything I know about the horse breeding business, I’ve learned from reading Tax Court decisions.  The appeal of working with animals quite a bit bigger than I who appear to defecate quite a bit escapes me. Also, the stories in the Tax Court lead me to believe that the business consists of calamity following misfortune or as my blogging buddy, Robert  Flach would put it, one GD thing after another.

Mr. Tolin’s focus in the years in question was on a stallion named Chosen Choice.  Chosen Choice’s racing career had been cut short by injuries, but he had done well enough to have potential in the post-racing career of the successful stallion.

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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.