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Thread: Farm question - cattle

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  1. #1
    Join Date
    Dec 2006
    Location
    Independence, MO
    Posts
    621

    Default Farm question - cattle

    Client is a cash basis cattle farmer. He buys breeding stock and sells raised cattle. This year he sold $100,000 worth of cattle and bought $90,000 of cattle. The cattle he sold was raised and the cattle he bought was young but he does NOT intend them to be breeding stock. He intends to sell them next year. What do I do with the $90,000 on his tax return? Thanks for any help.
    Last edited by Larmil; 03-23-2008 at 04:08 PM. Reason: left out important word - NOT

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