Author:
Jeff Flake

Date of Publication:
April 2017

Publication:
Flake Oversight Report no. 7, pp. 5-10

Excerpt:
Alpacas were a rarity in the U.S. just 30 years ago, but a fleecing of the tax code has dramatically increased the population. A market for the furry animals’ fleece never took off, but a write-off for the cost of furbearing animals being used to shear tax bills created a demand for the alpacas. Since most of the federal tax benefits are taken in the year of purchase, however, the alpacas are often abandoned when they can no longer be used as tax shelters.

Read the rest of the article: https://www.flake.senate.gov/public/_cache/files/c2a72263-5bd4-4d86-82d9-a05207354cca/tax-rackets-by-sen.-flake.pdf