Back in May of this year I was very pleased to share details of a tax case that held that a farmer need not pay Capital Gains Tax (CGT) on the subdivision and sale of his 10-acre holding. CGT was avoided as it only applies to capital assets acquired on or after 19 September 1985.
Lush Lips (GB), who won Keeneland’s Queen Elizabeth II Challenge Cup (G1) Presented by Dixiana last month, sold for $3.7 million to Dixiana Farm to top Tuesday’s Book 1 opener of the Keeneland November Breeding Stock Sale. A strong weanling trade and the sale of 17 horses for $1 million or more also marked the session, which posted double-digit increases across the board.