Prairie Meadows Can Retain Tax-Exempt Status

The decision came after an 18-month audit investigation by the IRS.

Des Moines Register

Prairie Meadows Racetrack and Casino will retain its tax-exempt status.

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.

Click here to read more.

AQHA News and information is a service of the American Quarter Horse Association. For more news and information, follow @AQHA Racing on Twitter, "like" Q-Racing on Facebook, and visit www.aqharacing.com.