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Thread: Sorry to see Omega go

  1. #31
    Senior Member jd6400's Avatar
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    Quote Originally Posted by Breck View Post
    Jim W
    Descendent of old timer u mention could put in 2 grounds both north and south in every time zone.
    Yep....and know who you are referring....but will never happen. Jim
    Jim Weitzel
    Proud member of Ole Roy prostaff

  2. #32
    Senior Member Mary Lynn Metras's Avatar
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    Quote Originally Posted by jd6400 View Post
    Its the same....why do you think all the pros head north for summer. 6mths here.....april thru sept.......or down south oct thru march.
    And if anyone thinks they are getting QUALITY water work down south right now they are sadly mistaken. Jim
    This is a bad weather year!!! all over!
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  3. #33
    Senior Member Julie R.'s Avatar
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    It needs a wealthy benefactor to buy it and donate it to the state for retriever and horse people, the way Cooper Black was set up in SC.
    Julie R., Hope Springs Farm
    Chesapeake Bay Retrievers since 1981

  4. #34
    Senior Member RookieTrainer's Avatar
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    Quote Originally Posted by jd6400 View Post
    Agree.....need a legal eagle and 30 people with money....can you say sub chapter s corporation!!!!!!!
    Probably easier to do as an LLC that operates as a partnership for federal income tax purposes, not to mention estate tax planning if that is ever neded, but otherwise your point is very well taken. Sorry, sometimes the tax lawyer just comes out.
    Steve Wyatt

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  5. #35
    Senior Member jd6400's Avatar
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    Quote Originally Posted by RookieTrainer View Post
    Probably easier to do as an LLC that operates as a partnership for federal income tax purposes, not to mention estate tax planning if that is ever neded, but otherwise your point is very well taken. Sorry, sometimes the tax lawyer just comes out.
    Steve,no expert on the matter but doesnt an LLC have to show a profit????Might be hard to do.In a sub chapter s ,I dont think a profit needs to be shown as the shareholders absorb that but still mantain use of property????Just trying to get people thinking here....Jim
    Jim Weitzel
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  6. #36
    Senior Member jd6400's Avatar
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    Quote Originally Posted by Julie R. View Post
    It needs a wealthy benefactor to buy it and donate it to the state for retriever and horse people, the way Cooper Black was set up in SC.
    If Michigan is anything like Ohio,private clubs on state property that show a profit are told to go elsewhere........plus it would probably never be mantained the way it should for dog trial venues.
    We are not alowed any dog work on state property from April thru august.Dont know about Mi. Jim
    Jim Weitzel
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  7. #37
    Senior Member RookieTrainer's Avatar
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    Quote Originally Posted by jd6400 View Post
    Steve,no expert on the matter but doesnt an LLC have to show a profit????Might be hard to do.In a sub chapter s ,I dont think a profit needs to be shown as the shareholders absorb that but still mantain use of property????Just trying to get people thinking here....Jim
    I'm not sure exactly what you are talking about, but it is typically somewhat easier to take losses in an LLC taxed as a partnership because of inclusions in basis that are usually not allowed for an S corp. it's not so much this way any longer, but there's a reason tax shelters were set up as partnerships, and a greater ability to pass losses through to its partners or members was/is a big one.

    As always, this is general knowledge and is not legal advice.
    Steve Wyatt

    HR Belle's Rolling Big Rig "Jimmy"

  8. #38
    Senior Member jd6400's Avatar
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    Quote Originally Posted by RookieTrainer View Post
    I'm not sure exactly what you are talking about, but it is typically somewhat easier to take losses in an LLC taxed as a partnership because of inclusions in basis that are usually not allowed for an S corp. it's not so much this way any longer, but there's a reason tax shelters were set up as partnerships, and a greater ability to pass losses through to its partners or members was/is a big one.

    As always, this is general knowledge and is not legal advice.
    Ok Steve......you come up to damn yankee land,buy it and I`ll manage it,got key people to bring along also!!!!! Jim
    Jim Weitzel
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  9. #39
    Member teacher504's Avatar
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    That really stinks. I went there for the first time this past August. I ran two hunt tests and a mid-week field trial between the tests, all on Omega Farms. I was so impressed I planned on making it an annual trip. Sorry to see that piece lost, but I am certain the locals will feel it worse than me.

  10. #40
    Senior Member Breck's Avatar
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    Too bad those grounds will be lost. If so just move events held there a little north above Detroit like to Tara's maybe and other spots.
    "Darla" AFC Candlewoods Lil Smokin Tequila (2002-2013)(fondly remembered)
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    Per favore, non mi rompere i coglioni.
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