Dire Predictions
Should IRS claims that NYRA owes $1.6 billion in back taxes prevail, Paul Moran sees a grim future for racing:
Frank Stronach would flee to Canada, riding The Green Monkey across the Peace Bridge to Fort Erie ... Just before turning off the lights, the New York Racing Association, Churchill Downs and Magna Entertainment sell the rights to the Kentucky Derby, Preakness and Belmont Stakes to the Maktoum Family, which announces that the Triple Crown will continue uninterrupted at Nad Al Sheba ... [Saratoga] adopts the slogan: "Birthplace of the potato chip."
The IRS asserts that NYRA owes taxes on gross handle, not takeout, a claim that could have (seriously) devastating consequences not only for NYRA, but racetracks across the country. More over on Left at the Gate.
Posted by JC, Nov 2, 2007 11:00 AM
Comments
Posted by J.S., Nov 11, 2007 01:48 AM
That is a story worth pursuing ...
Posted by Jessica, Nov 12, 2007 08:44 PM
I'm just catching on to this story, but you'd have to be concerned. Watching the ADWs retreat without even being warned from D.C. shows there are segments of this industry distinctly on the defensive. The tax assertion by the IRS, however, would end the game. I'm about to take a little vacation break but it's going to be worth some digging to find out just who the impetus was for this. Can you get the IRS to name names? Sounds like a challenge -- J.S.