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Federal Courts -
8th Circuit Court of Appeals - February 10, 2006
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Montagne v. Comm'r, No. 04-4137,
UNITED STATES COURT OF APPEALS FOR THE EIGHTH CIRCUIT, February 10, 2006, Filed
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Overview: Tax court did not clearly err in its finding that taxpayers' horse breeding and training activities were not engaged in for profit, under 26 U.S.C.S. § 183, where evidence established, inter alia, that taxpayers lacked a written business plan or financial projections, and they maintained a single bank account for both personal and farm expenses.
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