
Everyone is familiar with the motto, “There’s no ‘I’ in team.” Even athletes like superstar extraordinaire Michael Jordan knew he was a better player when he worked together with his team.
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Jim Chafin and Heather Graft have horses in their blood. Jim started out under the watchful eye of his parents, Jim and Sandy Chafin, owners of C Bar C Quarter Horses in Ohio. His success as a youth competitor included Top Five placings at the AQHA Youth World Show and national standings that gave him a solid foundation, responsibility, and work ethic that he parlayed into big wins as an adult at all of the major breed venues.
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How many horses come with their own brand of cookie? Zips Chocolate Chip was a legend, not only for the indelible mark he left on the equine industry, but for the delicious, chocolate chip cookies baked and distributed at shows by his loving owners, Ann and Phil Myers of Myers Horse Farms in Ashland, Ohio.
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In any IRS audit of horse activities, one issue will be the extent to which the taxpayer has advertised horses for sale. Advertising is considered to be an effective type of promotion to attract customers, and if you do not advertise or otherwise promote the sale of your horses, the IRS will argue that you are not engaged in a business because you don’t care about selling your product.
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