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syndicate power, you can buy pretty nice horses, several of them probably, and look at a potential for bigger chances of success.”
Falk’s Washington, D.C. law firm handles partnerships, syndicates, corporations and other forms of joint ownership in addition to tax planning for this type of business. His company syndicated stallion Cherokee Colony, a son of Buckland Farm’s Pleasant Colony who formerly stood service at Marshall’s Rockbum Farm.
‘‘There are many different ways to characterize your new syndicate,” Falk said. “Depending on your tax situation and the motives behind horse ownership, you may find it best to form as a joint ownership, partnership or corporation. Whatever the case, the fear is getting ‘too large’ and believe me, the IRS will watch you. Don’t take them lightly. In general, though, I find that a joint ownership has many advantages to a partnership, especially in that partners can
See Owners, Page 8
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