Greg Luther Strikes Again

[Mailbox Money]

Planning to get some money back? Off his card is more likely! Breeders want the "Hot Hand" and not the stud that is skating on the edge of "Has Been", G.L. better send him elsewhere if he does race him. Should be a good watch if nothing else!

Greg Luther Racing lit up the OnGait.com auction site today, buying Why Not Now for $502,000.  The Always A Virgin Colt has hit the board in all 18 starts this year, winning nine.  He has earned $617,165 this year.  He is coming off a win in the $260,000 Progress Pace Final.

Greg Luther says he is very excited about the purchase.  “We plan to race him next year to get some of the investment back and then breed him.”

[LAW AND ORDER]

WHY DOES HE PURPOSELY TRY TO LOSE MONEY?

[Brown jug]

paid about $110k -$150 k too much

[rainman2]

Where was Andrew Harris et al when we needed them??

[Bitter Truth]

Nice that you guys found someone besides Lucpark to tell how to spend 'THEIR' $$

[Miguel_Sanchez]

Where was Andrew Harris et al when we needed them??

Andrew Harris is no dummy.  He knows that horse will crash in a month and will not function.  That horse will look like absolute death within two months. 

[okdfool]

Maybe some sort of funds he has to get rid of quickly???

[rainman2]

Maybe some sort of funds he has to get rid of quickly???

Spending the money before the wife/significant other does??

[Stan durbread]

Can't write off on taxes when it's a hobby and not a business.  Goverment has really cracked down on the horses and tax laws.  People tried to get away with "I made a LLC" but now the IRS says "If you have had a license to own for more than 6yrs and your still losing money then it's a hobby" Just because you make a new LLC doesn't constitute it being a new business venture and you get to start over on your 6yrs.  So this IS NOT a tax write off.

Easy enough on year 6 you show a $10k profit. Now it is a business

[Dingus]

Easy enough on year 6 you show a $10k profit. Now it is a business

Section 183 of the Internal Revenue Code provides that if a horse business engaged in by an individual, partnership or subchapter S corporation shows a profit in two years within a seven year period (beginning with the first profit year), it will be presumed to be engaged in for profit.

[Miguel_Sanchez]

Section 183 of the Internal Revenue Code provides that if a horse business engaged in by an individual, partnership or subchapter S corporation shows a profit in two years within a seven year period (beginning with the first profit year), it will be presumed to be engaged in for profit.

Go check the date on that.  That's old code and IRS is using new rules now.

[halfinhalfout]

A fool and his gold are soon parted.  That being said, if he wants to invest then God bless him.  At least he doesn't attempt to drive them himself.
Remember Courtney Foos?

[Brown jug]

the industry thanks luther, pollack ,heimbecker et all
and yes they should spend their money however they wish
its just interesting to watch what they buy and how it turns out

[Par Four]

the industry thanks luther, pollack ,heimbecker et all
and yes they should spend their money however they wish
its just interesting to watch what they buy and how it turns out

Add in Gino Toscani