Not everyone was happy on January 2 when President Obama signed into law the American Taxpayer Relief Act, notably those whose first 2013 paychecks were smaller than the ones they’d received in 2012. However, many thoroughbred owners and potential buyers raised a toast, as the act enabled favorable provisions that had expired at the end of 2011.
As a result of the new legislation, bonus depreciation will be reinstated at 50%, just as it was in 2012. The expense allowance will be increased to $500,000 in 2013 and retroactively increased from $125,000 to $500,000 for property purchased in 2012. Buying horses and writing them off was included in the law because of the ripple effect to the economy – this encourages investment in assets. It's important keep in mind that it's vital to involve a lawyer when buying/selling horses in any horse industry to ensure you are getting the right deal.
The equine world has various rules and regulations, which is why it's so important to find an attorney that is familiar with the industry. Looking for a Los Angeles horse attorney can be a hassle, as the horse would is a very niche industry. Catanese & Wells' equine group specializes in the following:
- General Equine and Horse Law
- Lease Agreements
- Breeding Contracts
- Equine Litigation Support
- Syndication Agreements
- Purchase and Sale Agreements
- Installment Sale Agreements
- Equine Real Estate and Ranch Matters
- Tax Planning
- Equine Insurance Claims
- Corporations and Partnerships
Contact us today for more information at 818-707-0407 and see how Catanese & Wells, a top Los Angeles horse attorney, can help you.