Domestic Production

Collapse
X
Collapse
 
  • Page of 1
  • Time
  • Show
Clear All
new posts
Previous template Next
  • natiro
    Senior Member
    • Jun 2005
    • 152
    #1

    Domestic Production

    Does wine production qualify for the domestic production activities deduction? I don't know why it wouldn't but I just want to be sure.

    This client is an LLC taxed as a partnership and will have a loss. It's my understanding that we need to report the loss from the quaified activity on the K-1 so that it can be netted with other qualified activities for that LLC member. Is my understanding correct?

    Thanks.
    Tags: None
    • Unregistered
      #2
      Maybe, but it makes no difference if they're already operating at a loss. The deduction is limited at the LLC level first just like 179.

        Comment

        Previous template Next

        Disclaimer

        Collapse

        This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

        Working...