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In Timothy Kuberski v. Commissioner of the IRS [T.C. Memo 2002-200] the Tax Court ruled that a Phoenix, Ariz., physician’s horse breeding and racing activity was not engaged in for profit even though the taxpayer developed a business plan and kept business records. The case appeared to hinge in part upon the judge’s evaluation of the taxpayer’s own testimony, which he found unpersuasive. The judge said that the taxpayer, while he apparently had business plans, did not use these plans to improve the profitability of his activity. The taxpayer testified that he made economic forecasts and otherwise conducted the activity in a businesslike manner, but the operation’s 28-year loss history allowed the taxpayer to offset substantial income from his medical practice. Also, the taxpayer did not show that he had relied upon experts in conducting the activity.

Ice storms, blizzards, floods, or tornadoes – it seems that over the past few years, we’ve seen them all. Disasters often strike without warning as demonstrated recently by the notable December ice storm that wreaked havoc on hundreds of thousands residents in Ontario, the Maritimes, and the northeastern U.S. with downed tree limbs and power lines. Many were without power for days, while for others it was weeks, which meant no heat, hydro or water.

Seattle, Wash. – Feb. 18, 2014 – Entrants for The American Horsewoman’s Challenge will now have until March 23, 2014 to apply. The unusually brutal weather across the country has made it difficult for many trainers to safely work their horses and prepare their entry videos. “We do not want to see any horses or humans injured or anyone unable to enter due to the snow and cold,” said Jim “Hutch” Hutchins, event producer.