Horse Breeder Materially Participated

The Tax Court held that a taxpayer materially participated in his horse-breeding activity for 2002 through 2004 and therefore was not barred from deducting his losses as passive activity losses under Sec. 469.

Source: http://feedproxy.google.com/~r/AICPA_TaxAdvisor/~3/lCrnGBBIPng/20140410.aspx

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