Ag-Visors

Horses need six basic nutrient categories to be met. Most commercial feeds will balance the diets. These diets will be made up of protein, carbohydrate, vitamins, minerals and fats. Water should also be considered as a nutrient too. Enzymes are starting to gain popularity.

The IRS Manual has a section in the Audit Technique Guide entitled “IRC Section 183: Farm Hobby Losses With Cattle Operations and Horse Activities.” The guide is intended to alert IRS auditors to situations pertaining to the horse and cattle industries. The guide says that, “Current trends indicate that these two activities, due to their nature, contain certain opportunities for taxpayer abuse.” Auditors are advised:  “Many of the taxpayers who potentially fall under the provisions of IRC section 183 with respect to horse and cattle activities have been involved in such activities during their youth. These taxpayers have grown up on farms or had close relatives who operated farms. Other taxpayers had unfulfilled childhood aspirations to be involved with such activities, but circumstances prevented participation. As adults, these taxpayers have achieved the financial wherewithal which permits participation.”