Len Green | Horse Racing Free Tips

Pletchers Honored With Marylou Whitney Award For Commitment To The Backstretch Community

Hall of Fame trainer Todd Pletcher, along with his wife Tracy, received the Marylou Whitney Award from the New York Race Track Chaplaincy for their continuing devotion and support of the backstretch community at the organization's 16th annual fundraising brunch at the Saratoga National Golf Club, the organization said in a release Wednesday.

“I can't say enough about what the New York Race Track Chaplaincy organization does for the backstretch community,” Pletcher said. “It provides so much more than spiritual help. I look at it like the mayor's office where everyone goes when they need help. On behalf of Tracy and our children, thank you very much for this honor and for your support of the New York Racetrack Chaplaincy.”

As is the custom, the Pletchers were presented with a framed racing scene created by equine artist Tom Chapman from the New York Race Track Chaplaincy. In a surprise appearance, Pletcher's mentor, fellow Hall of Famer trainer D. Wayne Lukas, made the presentation.

“God blessed Todd with extraordinary talent and he has shown class, dignity and integrity throughout his career,” Lukas said. “In addition to their own family, Todd and Tracy have also adopted the backstretch family and they are most deserving of this honor.”

The brunch attracted a record crowd of approximately 350 individuals from all segments of the racing industry and included such supporters as Mandy Pope, Jo Ann and Paul Oreffice and Len Green.

Among those in attendance were: Rep. Paul Tonko (D-NY), NYS Deputy Commissioner for the Department of Agriculture and Markets Elizabeth Wolters, trainer Jena Antonucci and Hall of Famer riders Javier Castellano, Angel Cordero Jr., Edgar Prado, and John Velazquez. Liz Bishop, the longtime television news anchor for the CBS affiliate in Albany, once again served as emcee.

Previous honorees have included Andy Serling, Irad Ortiz Jr., Anne Campbell, Edgar Prado, Michael Dubb, Fay and David Donk, Marylou Whitney and John Hendrickson, Letty and Kiaran McLaughlin, Lisa and Kenny Troutt, Debbie and Terry Finley and the New York Thoroughbred Horsemen's Association.

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Len Green Issues Challenge Grant in Memory of Wife Lois

Len Green has issued a $25,000 challenge grant to raise money for the New York Racetrack Chaplaincy's Summer Enrichment Program, in memory of his wife, Lois, who passed away May 31.

The Chaplaincy's summer enrichment program provides the children of backstretch workers the opportunity to attend local summer camps when their families travel to Saratoga for work during the race meeting.

“In Hebrew tradition there is a saying which translates to `may her memory be a blessing,' said the Chaplaincy Board President Ramon Dominguez about the gift. “It is up to those of us who knew and loved the person who passed to keep their spirit alive and to remember and share the goodness they brought to the world. This is what Len is doing with this grant. He is honoring and remembering the incredible Lois Green and her love for Thoroughbred racing and the backstretch community. We are humbled and blessed, and we pledge to be worthy of this generosity as we serve those who make racing possible.”

Green said he was inspired by the $10,000 challenge grant issued by the Heider Family Foundation last week. That challenge has been met, raising $20,000 for the program.

“If people want to honor Lois and what she's done, I thought this was a great way to do it,” said Green. “Here, if it can help and other people can do it and pick up on it, just imagine what good it could do for people on the backside! I remember how important summer camp was. Lois used to work on the playground in Red Bank, New Jersey in the summer, with no air conditioning, and I would say, `why would you do that? Why don't you work in an office?' And she'd say, `I'm doing it for the kids.'”

Green said he believed things happen for a reason. “Random things,” he said. “Man plans and God laughs. So many owners never go back to the barns and see what's going on. But I met Chaplain Humberto (Chavez), and he's doing worthwhile things.”

To donate to the challenge, visit the rtcany.org webpage, or click here.

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Lois Green of DJ Stables Passes Away

Lois Green, the co-owner of DJ Stables with her husband Len, passed away Wednesday morning, May 31, according to her husband. She was 84.

Green graduated from Rutgers University with a degree in Biology. She was a trustee of the Leonard and Lois Green Charitable Foundation.

“Lois was an avid reader of the TDN and was a truly involved horse person,” said Len Green in an email. “Her specialty was the vet work and breeding. She was manager of DJ Stable in the early years. Under her leadership we won two Parx ownership awards and are in their Hall of Fame.”

Wonder Wheel | Coady

Fifteen hundred of the stable's now 2,500 wins came under Lois Green's management, along with seven leading owner titles at different tracks, and the stable's first Grade I winner, Do It With Style, purchased by her son, Jon, for $23,000 at Fasig-Tipton. Len Green had told him he could go to $20,000, and told him to resell the horse; Lois vetoed that decision, and they kept the filly, who went on to win the Ashland at Keeneland.

Green was a certified genius, said Jon, and a MENSA member with an IQ of over 160. She completed a certification course at Cornell on how to assist mares with foaling, learned to fly an airplane, and could fix anything mechanical, he said.

“She was a strong advocate for safety and fair play,” said Len Green. “She named (two-year-old champion filly) Wonder Wheel after her favorite Coney Island ride. She was a credit to the game and will sorely be missed by all who knew her.”

Upon being named TOBA Owner of the Month in November, 2019, Lois was asked about the dynamics of operating a family stable. “Well, fortunately, we've learned how to discuss without arguing and come to conclusions that are the best for the horses and for each other,” she said at the time. “And obviously we don't always agree on everything, but having great trainers to work with and good therapists helps,” she said with a laugh. “Family businesses are always interesting.”

DJ Stables' longtime trainer, Mark Casse, was shaken by the news.

“Tina and I are heartbroken,” he said. “She was just the epitome of class and a lovely, lovely lady. Jon is obviously very involved in racing, as is Len, but I don't think a lot of people realized how much she loved horse racing. After we would win a big race–or any type of race, really–she would call me and we would go over the race in detail. I'm going to miss those calls. I'm crushed. I just wish we could have won the (Kentucky) Oaks this year for her. It's tough.”

Lois Green and Mark Casse | courtesy of the Green Group

Len and Lois Green were married for over 60 years.

She is survived by her children, Jon, the general manager of DJ Stables and his wife Michelle, her daughter Beth, her daughter Debbie and her husband Marty, and grandchildren Carly, Griffin, Robin, Wyatt and Kenny, as well as “adopted family members” Aron Yagoda and Karlene Bauer.

Services will be held Friday, June 2, from 10:30 to 11:30 a.m. at Congregation B'nai Israel, 171 Ridge Road, Rumson, NJ.

Anyone wishing to make a contribution in her name should do so to New Vocations Racehorse Adoption Program, or to the New York Racetrack Chaplaincy.

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Proven Strategies: Looking a Gift Horse in the Mouth

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” or look online for the listing of approved charities.

Determining Fair Market Value (FMV)
What is the price your horse could be donated for on the date of your charitable gift? You may want to consider the services of a professional equine appraiser.

FMV will be a function of several variables, including the horse's age, the number of years owned, how the horse has been trained and used, as well as the horse's personality and track record.

The appraisal should include a description of the horse, the dates of the appraisal and donation, the appraiser's name and qualifications, and the appraisal method used.

Potential Income Tax Deduction
Generally, you may deduct the FMV of the horse you are donating, though many caveats apply. The full FMV deduction is available when:

–The horse will be used by the donee charitable organization directly in regard to its stated charitable purpose.

–There is no financial consideration received in return.

–You have used the horse in business activities for the prior 24 months.

Limitations on the Income Tax Charitable Contribution Deduction
If the horse is not used in connection with the charity's purpose, the income tax deduction becomes the lesser of the FMV of the horse or the amount of your cost basis. A horse that you bred yourself or one that is fully depreciated would not give rise to any deduction in such a case.

This same limitation of the lesser of FMV or cost basis also applies to a horse that has been owned for less than 24 months.

Another situation of a reduced deduction arises when a donated horse that has appreciated in value but has been depreciated. In this scenario, the amount of the charitable deduction is reduced by the amount of depreciation that has been taken.

Further, if you donate a horse that has diminished in value, i.e. your cost basis is higher than the FMV, your charitable deduction would be limited to the FMV.

In such a case, you may be better off selling the horse to generate a tax loss, then donating the proceeds to the charity.

How to Report Your Donation on Your Tax Return
When your charitable deduction is more than $500, you will need to include Form 8283 with your tax return. This form asks for how and when you acquired the horse, your basis, the estimated FMV, and the method used to come up with the FMV.

If the charitable deduction to be taken is greater than $5,000, you will need to have your horse appraised at the time of the donation. This attached written appraisal needs to be contemporaneous and signed by the appraiser, along with the appraiser's qualifications and method(s) used to determine the valuation.

The Green Group
Our team here at the Green Group, with our many decades of equine experience, would be glad to walk you through the steps to make sure that you achieve the maximum charitable contribution deduction that you deserve.

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