Mitchel Skolnick, et al v. Commissioner of Internal Revenue
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March 08, 2023
3rd Circ. Rules Horse Breeders Can't Claim Tax Losses
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.
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September 13, 2022
Horse Breeders Entitled To Pass-Through Losses, 3rd Circ. Told
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.
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August 23, 2022
US Urges 3rd Circ. To Deny Horse Breeding Deductions
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.
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March 25, 2022
NJ Horse Farm Owner, Partner Appeal Pass-Through Loss
A New Jersey man whom the U.S. Tax Court ruled liable for $876,000 in taxes and the man he owned a horse breeding farm with are appealing their cases to the Third Circuit, court documents show.