Exam A
Do I Have to Sell?
n amateur rider and breeder has five horses and one too many. Her
daughter is headed off to college and is planning on taking her horse. The amateur rider, “Mom,” will be left with four horses, including a three- year-old filly that she bred herself, who is out of a mare that Mom and her daughter both com- peted. The filly is a beautiful type and a beauti- ful mover, but is, after all, only three and not just a filly but a chestnut one at that. Mom, at her age, has no interest in throwing her leg over the back of that. She decides to offer the filly for sale and places various ads on the internet and other logical places.
Equine Litigation Consulting Certified Equine Appraisals Expert Witness
Mom gets a call
from a woman who says she is interested in buying the filly for
her daughter. She de-
scribes her daughter as a very accomplished and advanced rider. They set up a time for her and her daughter to come look at the filly. At the designated time, the woman pulls up in a luxury sedan and out steps a diminutive child no older than eight. The woman and child approach Mom, very excited, and immediately proclaim that they are in love with the filly and want to buy her. The woman explains that her daughter has been asking for a horse for the past month, and the woman felt it would be a good idea for her to buy a young horse for her child so the two could “grow up together.” The woman plans to build a “corral” in their back yard so that the filly will live with them “like a member of the family,” and her daughter can learn responsibility by car- ing for her horse by herself. Oy. Mom sees that this is a recipe for disaster
Deductions and IRS Tax Codes
Tax season is here and you may want to consult with your CPA regarding IRS Section 1.183 and/or the "passive loss" in IRS Code 469. The code relates to your ability to demonstrate your deductable "material participation" in 7 regulatory tests.
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1-800-575-1669
www.NorthAmericanEquine.com 70 March/April 2015
on too many levels to count. She tries to be as polite and civil to the woman and the child, but she can’t wait for them to go. Of course, the woman asks if her daughter can ride the filly, to which Mom responds in the negative. “She is barely broke and not appropriate for a child or a beginning rider,” Mom declares. The woman looks surprised to be turned down, but responds, “That’s okay. They will have plenty of time to get to know one another. Shall I wire you the money or will you take a check?” When Mom responds, “I can’t sell you this horse. She is not appropriate for your child,” the woman responds hysterically and threatens to sue. She packs the child into the car and departs with the war cry, “You’ll be hear- ing from my lawyer!” Does Mom have to sell the filly to the woman?
☛ Turn page for the outcome.
Test your knowledge of equine law. by Attorney Krysia Nelson
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