Featured among the Fares Farm offerings are DEPUTY SAINT (Saint Liam), a
Lane’s End Farm will act as agent for the dispersal. The 80-horse
Fares’ Canadian champion Embur’s Song (Unbridled’s Song), in foal to Giant’s
Another prominent withdrawal, according to Keeneland, is Grade 1 Breeders’
The January Sale runs through Friday, with daily sessions beginning at 10
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Recent January Sale alumni include such graded stakes winners as Love Theway
Youare, successful in last summer’s Grade 1 Vanity Handicap; Willy Beamin, hero
of the Grade 1 King’s Bishop; Bern Identity, the current winner of the Grade 2
Sanford; Twilight Eclipse, who captured the Grade 2 W.L. McKnight Handicap in
his latest venture); Joyful Victory, the 2011 Grade 2 Fantasy heroine who
annexed the 2012 Tiffany Lass; Stunning Stag, victorious in the 2011 Grade 3
Vigil and 2012 Ontario Jockey Club; Two Months Rent, reigning winner of the
Grade 3 Hawthorne Derby; Unbridled’s Note, the Grade 3 Eddie D hero who has
subsequently placed in the Breeders’ Cup Turf Sprint and Grade 1 Malibu;
and Ollie Olga, who garnered the Group 3 Prestige at Goodwood in August.
Keeneland has cataloged a total of 1,893 lots, and will offer broodmares in
foal to, and yearlings represented by, such top stallions as Arch, Awesome
Again, Bernardini, Blame, Broken Vow, Candy Ride, Cape Blanco, Curlin, Distorted
Humor, Drosselmeyer, Elusive Quality, Eskendereya, Ghostzapper, Giant’s
Causeway, Hard Spun, Harlan’s Holiday, Henrythenavigator, Indian Charlie,
Kitten’s Joy, Lemon Drop Kid, Lookin at Lucky, Majestic Warrior, Malibu Moon,
Medaglia d’Oro, More Than Ready, Pulpit, Quality Road, Scat Daddy, Speightstown,
Street Cry, Tapit, Tiz Wonderful, Tiznow, Trappe Shot, Unbridled’s Song, Uncle
Mo and Zensational.
In welcome news for prospective buyers, recent legislation passed earlier
this week reinstated an important business investment incentive and
substantially increased another incentive program. Both incentive programs could
have important implications for purchasers of horses, farm equipment and most
other depreciable property in 2013.
As a result of the new legislation, bonus depreciation will be reinstated at
50 percent, just as it was in 2012. The expense allowance will be increased to
$500,000 in 2013 and retroactively increased from $125,000 to $500,000 for
property purchased in 2012.
Bonus depreciation applies only to new property whose original use begins
with the taxpayer. All such property must be purchased and placed in service
prior to January 1, 2014. A yearling can be an example of a “new” horse
purchase.
The $500,000 expense allowance applies to new or used property purchased in
2012 or 2013 and can be used to reduce taxable income derived from the horse
business or any other business from which the taxpayer has income. A broodmare
is an example of a “used” horse.
Also, accelerated depreciation for young racehorses continues through 2013.
This means that taxpayers can depreciate racehorses that are 24 months and
younger when purchased and placed in service using a three-year schedule rather
than the previous seven-year schedule. Taxpayers may use this accelerated
schedule on any remaining balance that is not written off when taking bonus
depreciation and/or the expense allowance.
To view the interactive January Sale catalog, keep abreast of the latest
outs, and watch live video of the auction, log onto keeneland.com.
Updates will also be posted on Keeneland’s Facebook and Twitter pages
at #keejan.