Set off restrictions on racehorse losses bar use against other income and limit carry forward to activity income. Losses from owning and maintaining race horses cannot be set off against income from other sources; unabsorbed losses may be carried forward and set off only against income from that specified activity, only while the activity is continued, and only for up to four succeeding tax years. Defined terms include income by way of stake money, loss incurred in the specified activity (expenditure wholly and exclusively for maintaining race horses excluding capital expenditure), race horse, specified activity, and unabsorbed loss.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Set off restrictions on racehorse losses bar use against other income and limit carry forward to activity income.
Losses from owning and maintaining race horses cannot be set off against income from other sources; unabsorbed losses may be carried forward and set off only against income from that specified activity, only while the activity is continued, and only for up to four succeeding tax years. Defined terms include income by way of stake money, loss incurred in the specified activity (expenditure wholly and exclusively for maintaining race horses excluding capital expenditure), race horse, specified activity, and unabsorbed loss.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
