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  • Jack, Bill Thank you for your response. There is material participation. Passive income rule won't be the problem. Accumulated retained earnings, I will research this further. ------------------------------ Thomas Kim CPA Honolulu HI ------------------------------

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    Farming--Hobby???

    Client bought a new home with 15 acres. He built a $15000 an d bought 3 cows. He beefed them up & sold them for $2000. He has some expense for feed & supplies. He is not doing this activity for profit. He is doing it for pleasure....

  • The costs can be amortized over the life of the loan or you can add to basis. ------------------------------ Jack Franklin EA, ATA, ATP jfrank001@bellsouth.net Franklin Accounting, Inc. (Est 1969) Conyers GA (770) 922-1166 ext 104 ------------------------------



Main Street Practioner Latest Issue

August 2015

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In This Issue

  • Top 5 Myths of Third-Party Designations on Tax Returns

  • Focus on Networking During the Slow Season

  • Riches in Niches: A Three-Step Plan to Build a Specialty Focus

  • Gearing Up for The Great American Accounting Opportunity

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