(Bloomberg) Former National Football League player Bill Romanowski can’t deduct costs of a horse-breeding operation, the U.S. Tax Court ruled, upholding a $4.7 million levy by the Internal Revenue Service.
Romanowski and his wife, Julie, didn’t try to make a profit on horse-breeding activities in 2003 and 2004, and as a result, the expenses they incurred aren’t deductible, Judge Joseph Goeke in Washington said in Wednesday’s decision.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access