Internal Revenue Service

News, Articles, Videos and other content about Internal Revenue Service

Equine Equity Act Makes Progress

The Equine Equity Act, which reduces the capital gains holding period for horses and shortens the depreciation schedule for racehorses, is part of the 2007 Farm Bill and could be approved by the United States Senate in a few days.

Asmussens Put Plan for Laredo Racetrack on Hold

  • News

The El Primero Fair Association backed by Cash, Marilyn, and Keith Asmussen and the Laredo National Bank has decided to withdraw its application to open a non-profit Class 3 racetrack near Laredo, Texas.

Appreciating Depreciation

By Robert R. Hill -- On March 9, President Bush signed the Job Creation and Worker Assistance Act of 2002, which was a real income tax benefit for U.S. businesses. Fortunately, this tax act is also a significant boon to the horse industry, benefiting both racing and breeding operations.

Most Popular Stories