The Green Group

The 2024 Thoroughbred Owner Conference hosted its first panel Mar. 5, with a discussion about how Thoroughbred owners can avoid, prepare for and survive an audit. The panel was sponsored by Mersant International. Gary Falter, project manager for OwnerView, moderated the panel with guests Len Green, founder and chairman of The Green Group, and Frank Palino, Tax Controversy & Divorce Mediation, The Green Group. The panel delved into the intricacies of how the Internal Revenue Service views horse and farm owners and how those owners can best prepare for tax...

Todd Fincher, a standout on the New Mexico circuit, picked the perfect time and place to pick up his first Grade I win. His stable star Senor Buscador (Mineshaft), who was overdue to collect a big win, got the job done in the GI Saudi Cup. With a purse of $20 million, it is the richest Thoroughbred race in the world. Fincher joined this week's TDN Writers' Room podcast presented by Keeneland to discuss his popular horse, the reasons why he likes training in New Mexico, what are the prospects...

Who better to be the Green Group Guest of the Week Than Mr. Green Group himself, Len Green. Green joined the 'TDN Writers' Room' podcast presented by Keeneland to discuss the latest goings-on with his DJ Stable as well as to offer advice on how those in the Thoroughbred industry can best prepare for the upcoming tax season. The best horse DJ Stable campaigned in recent years was Wonder Wheel (Into Mischief), who won the 2022 GI Breeders' Cup Juvenile Fillies on her way to being named champion 2-year-old filly....

Len Green, the founder of The Green Group, joined this week's TDN Writers' Room to share what breeders and owners can do before the close of the year to save money on taxes.

A donation of a horse to a tax-exempt organization can be mutually beneficial. The donor could potentially obtain an income tax deduction, and the organization receives a worthwhile asset. The horse itself also appreciates greener pastures. This article summarizes the guidelines for horse owners contemplating such a charitable contribution. Recipient Be sure that the donee organization qualifies as an eligible charity under the Internal Revenue Code and that your horse will be used by the organization to further its exempt purpose. You can ask to see the "IRS Determination Letter"...

Additional reporting from Jack Canaley Some will label the recent IRS Case Skolnick v. Commissioner as a win for the government since the court disallowed the deductibility of the losses and classified the operation as a hobby. However, we examined the case in great detail and learned some very valuable lessons that will benefit people in the horse business. The recent ruling, which ultimately was upheld upon appeal by the Third Circuit, provided some clarity and insight into the factors considered in determining the deductibility of losses generated by a...

Len Green joins this week's TDN Writers' Room to discuss DJ Stables' Breeders' Cup-winning filly Wonder Wheel and to advise on changes that will have implications for horse owners' taxes in 2022.

Is the Horse Racing Integrity and Safety Act (HISA) good for horsemen and, by extension, good for racing? Representing the National HBPA, lawyer Peter Ecabert doesn't think that it is, and he was invited to join the TDN Writers' Room podcast presented by Keeneland to explain why. Ecabert was one of two guests on this week's podcast as Len Green, the founder and chairman of the Green Group, came on to share some tax advice and to talk about his soon-to-be-named champion 2-year-old filly Wonder Wheel (Into Mischief). When asked...

Confusion has reigned ever since an appellate court ruled last week that the Horse Racing and Integrity Act (HISA) is unconstitutional. So what does that mean for the state racing commissions and what should they do going forward? The TDN Writers' Room presented by Keeneland called upon Ed Martin, the chairman and CEO of the Association of Racing Commissioners International to help clear up the situation. Martin was this week's Green Group Guest of the Week. Martin believes that considering the situation HISA should drop the Jan. 1 date and...

Editor's note: Back by popular demand: our column where readers ask The Green Group's Len Green for advice on saving taxes on their equine-related activities. What changes in the tax law can I take advantage of this year to maximize my tax savings? --Kerry L., Lexington, KY 2021 has been another exciting year when it comes to providing new laws that can save you taxes. 1. First-year expensing for qualified property placed in use is allowed up to $1,050,000. This would include the purchase of horses and more fixed assets...

It was an eventful few days for racing in the northeast, and the TDN Writers' Room presented by JPMorgan Private Bank broke down all of the latest developments in the Monmouth jockey standoff and the raids on Parx barns by the Pennsylvania Racing Commission Wednesday morning. Plus, they welcomed Four Corners Racing's managing partner Anthony Trimarchi as the Green Group Guest of the Week to discuss his experiences as a new owner in the game and the economics of racing from a banking perspective. "I was exposed to racing at...

We departed New Jersey today-destination Louisville. The flight took almost two hours and thankfully was without incident. But, in reality, the journey to this time and place began almost 40 years ago when my dad tore his Achilles while playing tennis. Back then, the best way to treat a ruptured tendon was to be placed in a cast from your ankle to your upper hip and keep your body as immobile as possible. Well, anyone who knows my dad understands that this directive was going to be short-lived. As someone...