Patriotism of a Western Owner: Kept Account of Wagers Won Last Year So as to Pay Income Tax the Total, Daily Racing Form, 1919-02-24

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PATRIOTISM OF A WESTERN OWNER Kept Account of Wager3 Won Last Year So as to Pay Income Tax on the Total. NEW YOUK, N. Y., February 23. Patriotism personified can be truthfully applied to an act purposed by Jefferson Livingston, the owner of about forty-two race horses, some of which are wortli while, and others well, the less said about them the better. But to begin at the further end of Mr. Livingstons patriotic efforts. Tiie war hail no sooner begun than Mr. Livingston turned over nearly all his business interests and factories for the manufacture of sauces ami many other delieaeies to the government, leaving to its discretion what recompense he should receive. The government has since recognized the obligation by thanking him for his patriotism, us well as a financial reimbursement. This, however, is not all that this patriot is going to do for his country lie is going to pay income tax on his winnings through the victory of Ids and other horses that raced last year. "The income tax calls for payment on income, and I consider my winnings a part of my income," said Mr. Livingston, who is spending a few days in tills city. "All my racing transactions are recorded by my secretary, and he informed me u day or two ago that my winnings last year amounted to about 0,000. Naturally, you will say I was fortunate; I .suppose I was. Nevertheless, I am going to pay I think it is seventy-six per cent of that amount to the government as being a part of my income lust year. Of course, I may lose this year, but that does not matter; that presumption will not effect my transactions of last year. The government is entitled to that part of my income, and it is going to get it. I have often wondered if all who won last year will do the same." In relating his plans for the coming racing season Mr. Livingston said he would send about a dozen horses to Hot Springs and the remainder of a stable of forty-two to Kentucky, where lie intends to race until Saratoga opens. "Those purses in Kentucky look mighty alluring," declared Mr. Livingston, "and the price or things these days causfs oue to look for the richest prizes when selecting locations for racing, fnder the new order of thiiif . in Kentucky there will be plenty of monev distributed, if the plans of the new couceru are carried tlirougU as proposed."


Persistent Link: https://drf.uky.edu/catalog/1910s/drf1919022401/drf1919022401_1_8
Local Identifier: drf1919022401_1_8
Library of Congress Record: https://lccn.loc.gov/unk82075800