To amend the Internal Revenue Code of 1986 to reduce the holding period used to determine whether horses are section 1231 assets to 12 months.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code, with respect to the preferential tax treatment of gains and losses from the sale of depreciable property used in a trade or business, to eliminate "horses" from the definition of "livestock" (thus making the 24-month holding period requirement for livestock inapplicable to horses and allowing horses to be treated as capital assets subject to the existing 1-year holding period requirement).…