March 08, 2023
Two New Jersey men can't claim tax losses for their horse breeding business because they didn't run the operation with the intent to make a profit, as indicated by their loss of millions of dollars, the Third Circuit found Wednesday, affirming a U.S. Tax Court opinion.
September 13, 2022
The Third Circuit should undo a U.S. Tax Court opinion determining that two New Jersey men couldn't claim pass-through losses for their horse breeding business, the men argued, disputing findings that they didn't operate the business intending to profit.
August 23, 2022
The U.S. Tax Court did no wrong when it decided that a horse breeding business run by two men wasn't something they ran for profit, so they couldn't deduct related expenses, the Internal Revenue Service told the Third Circuit.