Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 24 · column 3 of 6 · from the scan, no model involved
Owners
From Page.7 define among themselves the profits and losses, whereas legal language exists for those within a partnership.”
Falk said that the American Horse Council’s Horse Owners and Breeders Tax Manual was an important guide for anyone looking to form a formal syndicate. Whether within a syndicate, a horse owner claiming tax profits or loss has the burden of proof, Falk said. “There is the old ‘two of seven’ profit presumption rule, that if you show profit in two out of seven years of operation, the IRS will presume that you are in the business for profit. But if you keep careful financial records to prove your profit objective, that should satisfy the law.”
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