Tag: The Biz

A disciplinary panel convened by the British Horseracing Authority issued an 18-month ban to national hunt jockey Robbie Dunne last December, after he was found guilty of bullying female rider Bryony Frost over a sustained period.

Now, racingpost.com reports that an appeals panel has reduced that ban to 10 months.

Dunne's suspension is now slated to end on Oct. 9, 2022.

“We wish to make it clear that Mr. Dunne's behavior, we think, was reprehensible and disgraceful and any jockey behaving like that in future must expect serious punishment,” said appeal panel chair Anthony Boswood QC.

“We think [the original punishment] was severe given the number of rides Mr Dunne will have lost to date and will lose in the future at this late stage in his career.

“We also think that it may be that the disciplinary panel gave insufficient credit for items of mitigation such as his attempted apology to Bryony Frost after the Stratford race, and his willingness to participate in a 'banging of heads together' at Kempton that was facilitated by the jockey Richard Johnson after conversations with Bryony Frost's father.”

The chair of the disciplinary panel, Brian Barker, issued the following statement after the original decision was handed down in December: “We are unable to accept Mr. Dunne's sweep of denials, criticisms and his reasoning. The tenor and type of language that we find was used towards Ms. Frost is totally unacceptable, whatever the frustrations about her style and whatever the habits of the weighing room. They fall squarely within the ambit of the prohibition set out in the rule.”

Dunne's representative Roderick Moore argued that other female jockeys had not spoken out about malevolent behavior from Dunne.

“The isolation I felt for speaking out I wouldn't wish on anyone,” Frost said from the stand. “You are asking me for my opinion and they [the other female riders] have to go into the weighing room every day. I feel they are protecting themselves and, rightly so, staying neutral.”

Dunne gave testimony as well, arguing that when he said he would “put her through a wing,” he didn't mean it as a threat.

“It's a common thing that's said in the weighing room,” said Dunne. “Never once have I seen someone go through with it. It's just a matter of speech . . . it wasn't a threat, it was a figure of speech.”

Read more at racingpost.com.

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Churchill Downs Inc. filed a late-night response in United States District Court (Western District of Kentucky) to trainer Bob Baffert's latest lawsuit attempting to gain entrance into the 2022 Kentucky Derby, reports the Thoroughbred Daily News.

Franklin County Circuit Court Judge Thomas Wingate issued a ruling on March 21 siding with the Kentucky Horse Racing Commission (KHRC) and denying Baffert's bid to overturn the commission's refusal to issue a stay of his suspension, and Baffert has since filed with the Kentucky Court of Appeals.

CDI argued that allowing Baffert to enter runners in this year's Kentucky Derby would not only harm the reputation of Churchill Downs and the Run for the Roses, it would prevent the owners and trainers of other horses which have earned points from entering the race.

“This lawsuit is Bob Baffert's latest attempt to evade responsibility for his wrongdoing,” reads the filing.

“Baffert could have filed this lawsuit ten months ago,” the filing continued. “Instead, his lawyers spent the time working the press and trying without success to persuade other courts and tribunals of Baffert's innocence. They only came to this Court after all their other gambits and legal maneuvers failed.

“They are now rushing into this Court with the 2022 Derby just over a month away, demanding an expedited preliminary injunction on the basis of a manufactured emergency in hopes of litigating Baffert's way into the race.”

A trio of Kentucky Derby hopefuls were also transferred from Baffert to his former assistant Tim Yakteen last week: Messier, Doppelganger, and McLaren Vale. A fourth, Blackadder, was transferred to Rodolphe Brisset.

Baffert-trained horses have been ineligible to earn points on either the Road to the Kentucky Derby or the Road to the Kentucky Oaks owing to Churchill Downs' two-year suspension of the Hall of Fame trainer from its properties. The suspension stems from a medication violation involving his 2021 Kentucky Derby winner Medina Spirit, who was officially disqualified from that win on Feb. 21, 2022.

Baffert was also handed a 90-day suspension by the KHRC as a result of the disqualification of Medina Spirit, which the trainer could begin serving on April 4, according to Judge Wingate's March 21 ruling. The 90-day suspension would be reciprocated by other states, and per California regulation, could require Baffert to remove his signage and equipment from his barns at his home base at Santa Anita Park and send horses to be conditioned by someone other than his assistant training staff.

Read more at the Thoroughbred Daily News.

The post Churchill Calls Baffert Lawsuit Trainer’s ‘Latest Attempt To Evade Responsibility For His Wrongdoing’ appeared first on Horse Racing News | Paulick Report.

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Hall of Fame trainer Ron McAnally has been sentenced to a one-year probation over a 2020 positive for Cannabidiol in one of his trainees, reports bloodhorse.com. The California Horse Racing Board officially issued McAnally a 30-day suspension, but those days have been stayed on the condition that his trainees do not have any Class 1, 2, or 3 violations over the period of the probation.

Roses and Candy, winner of the third race at Del Mar on Nov. 22, 2020, was officially disqualified by the CHRB in November of 2021 after testing positive for a metabolite of the Class 1 drug 7-Carboxy-Cannabidiol.

Better known as CBD – and marketed widely for a variety of health benefits to humans – Cannabidiol is found in a number of equine products, including tincture oil, pellets, liniment spray and poultices. While it is believed to work as an anti-inflammatory there is limited research on the possible benefits of CBD in horses and its use remains controversial. Because it is not included in the CHRB's classification list of drugs, it becomes a Class 1/Penalty Class A by default, according to CHRB spokesman Mike Marten.

The Association of Racing Commissioners International lists Cannabidiol as a Class 2/Penalty Category B substance, and the CHRB began the process of changing CBD's classification in early 2021. On Jan. 21, 2021, the CHRB pushed back the proposed rule change to make Cannabidiol a Class 3/Penalty Category B drug to the February meeting, at which point it went out for public comment.

The complaint was not made public until May 17, 2021.

CBD is now listed as a Class 3/Penalty Category B drug, for which first-time violations can result in a fine of no more than $10,000 and a minimum 30-day suspension, absent mitigating circumstances.

According to a report in Daily Racing Form, jockey Geovanni Franco, who rode Roses and Candy to victory Nov. 22, admitted to McAnally assistant Dan Landers that he used a product containing CBD the day of the race. Roses and Candy won the day's third race. Geovanni rode another winner on the same card three hours later that did not test positive.

Read more at bloodhorse.com.

The post McAnally Sentenced To One-Year Probation Over 2020 Cannabidiol Positive appeared first on Horse Racing News | Paulick Report.

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Tax Day is right around the corner. As you work hard to get everything filed by April 18th, NTRA's equine tax experts have some tips for you this tax season!

This information was created and provided by NTRA's Tax Advisors at Dean Dorton.

DEPRECIATION REMINDERS

• 100 percent bonus depreciation is available on purchases of qualifying assets that were placed in service during 2021 and 2022. Examples of qualifying assets may include yearlings, racehorses, breeding stock, equipment, fencing, land improvements and barns. Bonus depreciation is most commonly used by industry participants since it is not limited to taxable income and may be used to create or increase a tax loss.
• Yearlings may use the 3-year depreciation life through 2021.
• NEW farm equipment may use 5-year (versus 7-year) life.

DEDUCTIONS

• Meals purchased at restaurants (including racetracks and at the sales) are 100% deductible in 2021 and 2022. These are normally only 50% deductible for tax purposes.
• Cash donated by individuals to public operating charities during 2021 may be eligible to offset up to 100% of adjusted gross income. This limitation returns to 60% in 2022.
• For profitable businesses owned by individuals, there may be a 20% qualified business deduction available.

OTHER ITEMS OF CAUTION

Excise Business Loan Loss –

The excess business loss limitation returns for individuals, trusts and estates in 2021 and remains through 2026 under current law. This limits the 2021 net business loss to ($262,000) or ($524,000) if filing a joint return. The excess above this limitation is treated as a net operating loss (NOL) carryforward available to offset taxable income in future years, subject to the regular NOL carryforward rules.

Hobby Loss Rules –

Attention should be paid to the hobby loss rules, which require that gross revenues be included in taxable income with no offset for any of the related expenses if an activity is treated as a hobby. The 100% bonus depreciation accelerates tax losses and tax losses sustained over a period of time may cause an IRS audit. Industry participants should employ good business practices and document the steps being taken to make a profit.

Other Transactions –

There are some additional reporting requirements for individuals who participate in virtual currency transactions (including using the virtual currency to purchase goods or services or accepting virtual currency for goods or services), for partnerships to report gross revenues and expenses for foreign tax credit purposes (even if the partnership does not have any foreign activity), and some basis reporting forms for S corporation shareholders who report losses.

COVID-19 RELATED ECONOMIC STIMULUS PROGRAMS

• The Paycheck Protection Program (PPP) ended on 5/31/21. If a PPP loan was forgiven before 2022, the loan forgiveness, which is non-taxable, should be reported on either a 2020 or 2021 tax return. There are also some 2021 additional reporting requirements for S corporations which previously reported the loan forgiveness on a 2020 tax return based on recent guidance issued by the IRS in 2022.
• Employee Retention Credits concluded as of 10/1/21 for most. Credits for voluntary employer-provided paid sick and family leave for various COVID-19 related reasons expired 9/30/21.
• For those who deferred the payment of 2020 employer payroll taxes, 50% of these were due by 12/31/21 with the remaining 50% due by 12/31/22.

Note the above are for Federal tax filings only and more information can be found on Dean Dorton's website. Have any questions? The NTRA urges every industry participant with tax concerns to consult with Dean Dorton directly or your tax advisor for information and planning advice applicable to your specific situation.

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