Equine Industries: Tax Issues (Completed)

Through many types of investment vehicles from partnerships to individual proprietorships, taxpayers invest in horses in the United States and abroad for fun and profit. These taxpayers range from the local owner who buys an interest in a partnership to the foreign prince who owns multi-million dollar stables. Tax practitioners with clients involved horse related businesses and activities must understand the rules that apply to both domestic and international equine issues.

This practical two-hour CPE webinar presented by Paul Husband and Robert Misey will examine key domestic and international tax concepts and issues necessary to advise taxpayers involved in the equine industry. Mr. Husband is a member of the California bar and a director of the American College of Equine Attorneys and a member of the Board of Advisors and Contributors to the American Horse Council Tax Bulletin. Mr. Misey, a member of the bar in Kentucky and California, previously worked with the IRS’ Specialization Program for Athletes and Entertainers and is the author of the treatise, U.S. Taxation of International Transactions published by Wolters Kluwer.

All professionals in public practice and in industry involved with the “sport of kings” will benefit from this helpful seminar. Course materials will include outlines prepared by Mr. Husband and Mr. Misey. During the program, time will be provided for you to submit questions to Mr. Husband and Mr. Misey.

Who Should Attend
Business tax and finance executives, directors, managers and staff involved with equine related businesses; CPAs; enrolled agents; tax preparers and staff; accountants, attorneys and other financial advisors who work with and advise clients in the equine industries that have domestic or international tax issues

Topics Covered

• Section 183 "hobby loss" challenges - overview and recent case law
• Passive Activity Losses - Section 469 - overview and recent case law
• Depreciation, bonus depreciation, and Section 179 expensing of race horses and show horses
• Withholding of income on payments to foreign owners
• How to minimize your tax on equine activities abroad
• Taxation on gains of sales of U.S. horse farms

Learning Objectives

• Provide overall understanding of the rules of taxation as applied to the equine industries
• Understand common tax issues horse related businesses and activities
• Provide a framework of analysis to advise foreign clients with equine activities in the United States and U.S. clients with equine activities abroad

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of federal income taxation concepts.

Advance Preparation
None