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Originally Posted by Kasept
That's addressed in today's piece...
http://www.paulickreport.com/blog/gi...hats-so-wrong/
He's been involved in a 5 year evaluation by IRS on the hobby/business equation:
Though he said he has lost tens of millions of dollars over the years, Gill claims he didn’t “put one penny of my money into the business last year. I can go to the IRS and say this is a business, it isn’t a hobby.” Gill said he is in a five-year audit with the Internal Revenue Service over whether or not his racing stable is a legitimate business. |
He loves to pay for things and people cash. Keeps the on the books expenses down, makes it easier to try to declare a profit and avoids all those pesky payroll taxes and workmans compensation audits.