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Profit made off of cattle !
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<blockquote data-quote="Brandonm2" data-source="post: 428759" data-attributes="member: 2095"><p>IF no money ever changed hands, and nobody ever reported it as income it is NOT a legitimate expense. IF you are audited they MIGHT catch it and if they do they will bill you for the difference plus compounded interest and penalties. You can't claim you spent $200 and then not have any explanation as to who got the $200. That would be like me growing out 20 replacement heifers....deducting all the costs of growing them out....then selling them to myself at $1000 each without then accounting for where the $20,000 went to. What you are doing is tax fraud. IT probably will go under the radar, but I would discuss this with a CPA before doing it again.</p></blockquote><p></p>
[QUOTE="Brandonm2, post: 428759, member: 2095"] IF no money ever changed hands, and nobody ever reported it as income it is NOT a legitimate expense. IF you are audited they MIGHT catch it and if they do they will bill you for the difference plus compounded interest and penalties. You can't claim you spent $200 and then not have any explanation as to who got the $200. That would be like me growing out 20 replacement heifers....deducting all the costs of growing them out....then selling them to myself at $1000 each without then accounting for where the $20,000 went to. What you are doing is tax fraud. IT probably will go under the radar, but I would discuss this with a CPA before doing it again. [/QUOTE]
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Profit made off of cattle !
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