NTRA, Fasig-Tipton Host Equine Tax Seminar

 

The National Thoroughbred Racing Association and Fasig-Tipton Company, Inc., are hosting a free equine tax seminar in Saratoga Springs, N.Y., on Tuesday, Aug. 3, the second day of Fasig-Tipton’s Saratoga Selected Yearling sale.

The seminar in the Humphrey S. Finney Sales Pavilion will be conducted by Thomas A. (Tad) Davis, a partner in the Washington, D.C., law firm Davis & Harman, LLP, and author of numerous guides on tax matters affecting horse owners, including the "Horse Owners and Breeders Tax Handbook."

The seminar, which will include a question and answer session with Davis, is scheduled to end at 10-11:30 a.m.

According to a press release, topics during the seminar will include existing tax law as it relates to the depreciation benefits of the Equine Equity Act and the small business expensing allowance, as well as tax initiatives now before Congress that could impact horse owners, breeders and farms in the years ahead. Davis also will discuss hobby versus business criteria and passive loss rules.

"Buyers, sellers, consignors and prospective horse owners, alike, can benefit greatly from tax planning for their equine businesses," Peggy Hendershot, NTRA senior vice president of legislative affairs, said in a statement. "This seminar will guide attendees through important topics such as passive loss rules, the Equine Equity Act, bonus depreciation and the expensing allowance that allows buyers to write off up to $250,000 in bloodstock purchases."

"Fasig-Tipton strives to educate its clients about every aspect of the equine industry and is proud to offer them this unique opportunity to have an open dialogue with one of the horse industry’s foremost tax experts," said Fasig-Tipton executive vice president Dan Pride.

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