Court ruling important in hobby law tax cases

May 5, 2016 By Frank Angst
Blood Horse

A tax law attorney said May 5 that a recent federal appeals court decision expanded the number of arguments attorneys can make when trying to make a case that a client is running a horse operation as a business as opposed to a hobby.

Speaking at the National Conference on Equine Law Thursday at Keeneland in Lexington, Robert Webb of Frost Brown Todd said an April 15 decision by the U.S. Court of Appeals for the Seventh Circuit that overturned a U.S. Tax Court decision will prove significant. In that decision, the appeals court determined that Indiana horseman Merrill Roberts' efforts to acquire land in 2005 to build a Thoroughbred training center was a business and not a hobby, as the tax court had previously determined.

To read the full article, click here.

Attorneys

Practices

Top