Prairie Meadows Can Retain Tax-Exempt Status
The decision came after an 18-month audit investigation by the IRS.
December 20, 2016
Des Moines Register
Prairie Meadows Racetrack and Casino near Des Moines will retain its federal tax-exempt status, ending a battle that could have cost the racino upwards of $60 million, officials said on Wednesday.
"It sounds like the IRS sort of came to their senses, which I figured they would do," Marc Owens, a Washington, DC, tax attorney retained by Prairie Meadows to fight its case, told the Des Moines Register. "The question is how long it would take."
Prairie Meadows has operated as a tax-exempt nonprofit since it opened in 1989. Track management learned of the IRS' plans to strip its tax-exempt status on May 12, following an 18-month audit investigation.
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