Form Boe-571-J - Annual Racehorse Tax Return (Page 2 of 3) in pdf

BOE-571-J (S2B) REV. 6 (8-06)

Column E.

Show the breed by abbreviations as follows: Thoroughbreds (T.B.), Quarter (Q.H.), Standardbred (Std.B.), Appaloosa (App.), or Arabian (Ar.).

Column F.

Show the date you acquired the horse by transfer of legal or equitable title, or its birth date if acquired at birth.

Column G.

Show the domicile of the horse as of 12:01 a.m. on January 1. Include the ranch or stable name and address. The domicile of racehorse is

the home ranch or other customary location to which a horse is taken when not breeding or being bred, racing or in training to race. If you do

not return the horse to any such location, the domicile is your own residence whether or not you have facilities for keeping horses at this

location.

If known, enter the elementary or unified school district name or tax-rate area code number or parcel number as of 12:01 a.m. on January 1

where the racehorse is domiciled.

Column H.

Enter the gross amount of money earned by each racehorse during the previous calendar year.

Show the source (such as racing or breeding) of the income earned during the previous calendar year. If the income is from breeing fees,

show the highest stud fee charged during the previous calendar year (e.g., “$5,000-stud fee”).

Column I.

Enter the applicable annual tax for each racehorse from the following schedule.

DECLARATION BY ASSESSEE

The law requires that this return, regardless of where it is executed, shall be declared to be true under penalty of perjury uner the laws of the State of

California. The declaration must be signed by the assessee, a duly appointed fiduciary , or a person authorized to sign on behal f of the assessee. In the case

of a corporation, the declaration must be signed by an officer or by an employee or agent who has been designated in writing by the board of diretors,

by name or by title, to sign the declaration on behalf of the corporation. In the case of a partnership, the declaration must be signed by a partner or an

authorized employee or agent. In the case of a Limited Liability Company (LLC) the declaration must be signed by an LLC manager, or by a member where

there is no manager, or by an employee or agent designated by the LLC manager or by the members to sign on behalf of the LLC.

When signed by an employee or agent, other than a member of the bar, a certified public accountant, a public accountant, an enrolled agent or a duly

appointed fiduciary, the assessee’ s written authorization of the employee or agent to sign the declaration on behalf of the assssee must be filed with the

Assessor. The County may at any time require a person who signs a production report and who is required to have written authorization to provide proof of

authorization.

A return that is not signed and executed in accordance with the foregoing instructions is not validly filed.

SCHEDULE A

2 YEARS

AGE 13

OF AGE AND

AND

YOUNGER

OLDER

Stallions

Active Racehorses which in the previous calendar

year earned:

Stud fee classification (determined by the highest

$100,000 or more ............................................. $150

stud fee charged during the previous calendar year)

Between $50,000 and $99,999........................... 100

$10,000 and up ..................................................................... $1,000

$650

Between $25,000 and $49,999............................. 60

7,500—9,999 .......................................................................... 750

500

Less than $25,000 ................................................ 40

5,000—7,499 .......................................................................... 500

330

3,000—4,999 .......................................................................... 300

200

Other Racehorses

1,500—2,999 .......................................................................... 150

100

Stakes yearlings, stakes

1,000—1,499 .......................................................................... 100

two-year-olds, stakes

Less than $1,000 ............................................................................ 75

three-year-olds .............................................. 35

Other yearlings, two-year-olds,

Broodmares

three-year-olds, and nonactive

Stakes-winning producing ................................................................... $

$ 50

racehorses ...................................................... 20

Stakes-producing ........................................................................................ 75

Other producing .......................................................................................... 40

Stakes-winning non producing ................................................................... 35

Other nonproducing .................................................................................... 20

If two of the above annual amounts are applicable to the same horse, list only the higher one on the front of this return.

Total Column I and file this return with the appropriate remittance to the

County Tax Collector before 5 p.m.

on February 15 of the current calendar year. If the form is filed late or if the tax becomes delinquent (subject to penalties), you should compute the penalties and

pay the total tax and penalties due.

This return and all your records pertaining thereto are subject to audit within 5 years of the date the t ax was due. They may be compared with federal and state

income tax returns. Retain your records until the 5-year period has expired.

EXEMPTIONS AND EXCLUSIONS

EXEMPTIONS

Racehorse foals, as defined above, and pets, defined in the Revenue and Taxation Code as animals held for noncommercial purposes and not as an investment,

are exempt from the annual racehorse tax and the general property tax.

EXCLUSIONS

Horses which are four years of age or older on January 1 of the current calendar year and which, during the 24 months preceding the current calendar year , did not

participate in a race where parimutuel wagering was permitted, or were not used for breeding purposes in order to produce racehorses, are not subject to the

annual racehorse tax but are subject to the general property tax unless they are exempt because they come within the above definition of pets.

A female horse was used for breeding purposes only if it was bred to a registered male to produce a racehorse, and a male horse was used for this purpose only

if it serviced at least three different registered females to produce racehorses.

Form Boe-571-J - Annual Racehorse Tax Return Page 2

Related Articles

Related forms

Related Categories