I had made a fishing hole and my horse wandered into it. The hole was two by two and four blocks deep, but only the top layer had source blocks of water. I tried to hit the horse with a splash potion of water breathing to give me more time to save it, but instead it mounted me on the horse. It immediately dismounted me and placed me in a nearby cave. The horse died.
I can't replicate it. It seems Mojang fixed it.