Below is an excerpt of a summary provided by Dean Dorton Allen Ford, PLLC, Tax Accountants, reflecting the revised depreciation provisions of the new Tax Reform Bill specifically related to Bonus Depreciation. This Bill expands the definition of new property as it relates to Bonus Depreciation and may allow you to take depreciation on 100% of your purchase acquired from September 27, 2017 through the end of the calendar year. The excerpt is as follows:

DEPRECIATION PROVISION:

Under current law, bonus depreciation (50%) may be claimed on new tangible property purchased and placed in service. The current bill increases the amount eligible to be immediately expensed to 100% of the purchase price and expands the definition of new to include the taxpayer’s first use of the property. So, if I purchase a broodmare, I may now expense 100% of her purchase price, as long as I had not previously owned her. Yearlings, racing prospects, farm equipment and office equipment, land improvements and barns, to name a few, continue to qualify for this write-off as long as they have not been owned previously by the purchaser. This provision is effective for assets purchased after September 27, 2017.

While timing is limited, we look forward to helping you in the event that you are seeking to acquire any horses to take advantage of this new tax law. Obviously, as with any tax matter we encourage you to check with your tax accountants to address your specific situation and ability to take advantage of this change.

Please give us a call if we can be of assistance.

Today is the start of Breeders Cup at Del Mar. It’s fillies day! The pick of the day is Elate in the Distaff over Stellar Wind with Unbridled Forever running third. There is your tri. Remember the Europeans breed for the grass.

Good Luck!

Churchill Downs goes into full swing tomorrow. One of the best meets to claim horses out of. Purses are high and competition is very good.  If you have any desire to claim, let us know. We are more than ready.

Next week as soon as the Breeders Cup is over the Breeding Stock Sales start and continue for two weeks. They sell anything from race horses to weanlings, mares and stallions. If you have any interest in anything, let us know.

The stable had four wins and three seconds the last week of the meet. We broke two 2 Year Old Maidens (IN A FOG and REDYORNOTHEREICOME first time starter). We ran second (WHISTLE STOP) in $150,000 Stake. We ran first (FLURRY) and Second (OBSOLETE) in the Miss Indiana Stakes going a mile and seventy. Overall a good week. Our total for the Indiana Meet was  34 wins, 24 seconds and 26 thirds winning $1,067,023 in purses. We were second in money earned and third in overall wins for the meet.

As of closing day we were in the top 100 trainers in North America for money won in 2017.

The last yearling sale of 2017 began today at Fasig Tipton. There is still time to get one or two if you are interested in having a two year old race horse for next spring. They are selling about 350 yearlings each day. You can read the catalog on line and watch the auction as well. Let me know if you want me to look at one or put in a bid for you.