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Beginners Board
Taxes???
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<blockquote data-quote="dph" data-source="post: 173675" data-attributes="member: 2112"><p>One thing we use to do for bulls was to not deduct their purchase price, but instead carry them on inventory. You deducted their full purchase price when they died, or the difference between it and the selling price when you hauled them to the barn. We had done this for a very long time, but this year our accountant said the IRS was starting to frown on it, so she talked us into deducting the purchase price of the two new and other remaining bulls. It did give us a nice deduction this year.</p></blockquote><p></p>
[QUOTE="dph, post: 173675, member: 2112"] One thing we use to do for bulls was to not deduct their purchase price, but instead carry them on inventory. You deducted their full purchase price when they died, or the difference between it and the selling price when you hauled them to the barn. We had done this for a very long time, but this year our accountant said the IRS was starting to frown on it, so she talked us into deducting the purchase price of the two new and other remaining bulls. It did give us a nice deduction this year. [/QUOTE]
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