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Cattle as a tax break. ?'s
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<blockquote data-quote="novatech" data-source="post: 449655" data-attributes="member: 5494"><p>My guess is that you are talking about income tax.</p><p>If this is so then you must show a profit every 5(?) years. You are operateing a business regardless of number of head. If you do not show a profit in five years you must show the IRS were you are actually running this as a business and trying to make a profit. If you cannot do this they will not allow you to write this off as they will clasify it as a hobby, or recreation.</p><p>I am not a CPA, so given that if I were you I would check with one before investing and assumeing anything. ;-)</p></blockquote><p></p>
[QUOTE="novatech, post: 449655, member: 5494"] My guess is that you are talking about income tax. If this is so then you must show a profit every 5(?) years. You are operateing a business regardless of number of head. If you do not show a profit in five years you must show the IRS were you are actually running this as a business and trying to make a profit. If you cannot do this they will not allow you to write this off as they will clasify it as a hobby, or recreation. I am not a CPA, so given that if I were you I would check with one before investing and assumeing anything. ;-) [/QUOTE]
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Cattle as a tax break. ?'s
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