Thoroughbreds: A Sure Bet with the IRS
Six high school buddies from Sackets Harbor, N.Y., a small town upstate, formed a general partnership over a couple of beers at a Memorial Day barbecue in 1995 -- even though five of them knew nothing about Thoroughbred racing. "I chipped in $5,000 and looked at it as an investment club,'' says Jon Constance, an optician, former Sackets Harbor mayor, and 4% partner.
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