. Agri-news. Agriculture. December 26, 1 988 For immediate release Reform taxing for horse industry If you are in the business of horses, you will be doing your taxes differently next year than you have been in the past says a Calgary accountant. Judy Lloyd, a certified management accountant who specializes in farm accounting, will be telling the Horse Breeders and Owners Conference how tax reforms will influence the horse industry. The conference, a top notch educational program for the horse enthusiast, is January 14 and 15 in Red Deer. Lloyd, a former district home economist with Alberta Ag
. Agri-news. Agriculture. December 26, 1 988 For immediate release Reform taxing for horse industry If you are in the business of horses, you will be doing your taxes differently next year than you have been in the past says a Calgary accountant. Judy Lloyd, a certified management accountant who specializes in farm accounting, will be telling the Horse Breeders and Owners Conference how tax reforms will influence the horse industry. The conference, a top notch educational program for the horse enthusiast, is January 14 and 15 in Red Deer. Lloyd, a former district home economist with Alberta Agriculture, says Bill C-139 changes farm income tax calculations effective January 1, 1989. For those engaged in the horse industry JUDY LLOYD there are some major changes. All horses have become designated animals for tax accounting and must form part of inventory. Designated animals, says Lloyd, are no longer allowed as a deductible expense but become capital purchases which are depreciated at a 30 per cent per year rate. When a designated animal is sold, the proceeds are included in income, and the undepreciated cost is recorded as an expense. Lloyd will also look at areas such as restricted farm losses, expense restrictions and capital gains. Fifteen internationally recognized speakers from the horse industry, research and business community will be featured in the conference program For registration information, contact Alberta Agriculture's horse industry branch at 297-6650 in Calgary or 427-8905 in Edmonton. 30 Contact: Les Burwash 297-6650. AGRI-i Alberta Agriculture, Print Media Branch Phone: (403) 427-2121. Please note that these images are extracted from scanned page images that may have been digitally enhanced for readability - coloration and appearance of these illustrations may not perfectly resemble the original Alberta. Alberta Agriculture. Communications Branch; Alberta. Alberta Agriculture. Print Media Branch; Alberta. Alberta Agriculture, Food and Rural
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