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Poultry Industry Edition

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Description

IRS Tax Audit Manual for the Poultry Industry

The purpose of this Manual is to highlight issues that are specific to or have a large impact on the poultry industry. Most of the issues in this manual relate directly to the major companies rather than the individual farmers. However, one chapter has been devoted to the issues normally found in conjunction with a poultry grower audit.

For more general issues concerning individual farmers, please refer to The IRS Tax Audit Manual Grain Farmers Edition.

  • TABLE OF CONTENTS
    • INTRODUCTION
    • Chapter 1 IRC SECTION 447
      • Introduction
      • Prior Law
      • IRC section 447
      • Gross Receipts Test
      • Family Corporations
      • IRC section 481
      • Suspense Account
      • Recapture Rules – Suspense Account
      • Audit Techniques
      • Changes Made by Taxpayer Relief Act of 1997
      • Summary
    • CHAPTER 2 FARM PRICE
      • Introduction
      • Inventories
      • Farm-Price Method
      • Garth
      • Farm Inventory
      • Market
      • Market Conversion
      • Cost of Disposition
      • Technical Advice Memorandum
      • Summary
    • CHAPTER 3 UNIT LIVESTOCK PRICE
      • Introduction
      • General
      • Livestock
      • IRC section 263A
      • Audit Techniques
      • Summary
    • CHAPTER 4 PREPAID FEED
      • Introduction: Cash Basis Taxpayer
      • Revenue Ruling 79-229, 1979-2 C.B. 210
      • Payment for Feed versus Deposit
      • Business Purpose versus Tax Avoidance
      • Distortion of Income
      • IRC Section 464(f) Limitation
      • Case Scenario
      • Payment for Feed versus Deposit
      • Business Purpose or Tax Avoidance
      • Distortion of Income
      • Case Law
      • Audit Techniques
      • Summary
    • CHAPTER 5 IRC SECTION 108 INCOME FROM DISCHARGE OF INDEBTEDNESS
      • Introduction
      • IRC section 108
      • Income from Discharge of Indebtedness
      • Definition of Farming
      • Qualified Farm Indebtedness
      • Limitation
      • Reduction of Tax Attributes for Farmers
      • IRC section 1017
      • Forgiveness of Shareholder Debt
      • Acquisition of Debt by Related Party
      • Audit Techniques
      • Summary
    • CHAPTER 6 SWEETHEART DEALS
      • Introduction
      • Pre-1986 Law
      • Post-1986 Law
      • IRC section 263A
      • Sweetheart Deals
      • Audit Techniques
      • Summary
    • CHAPTER 7 GROWER ISSUES
      • Introduction
      • Expenses
      • Utilities
      • Insurance
      • Miscellaneous
      • Depreciation
      • Net Check – Double Deduction
      • Financing Arrangements
      • Audit Techniques
      • Summary
    • CHAPTER 8 FARM LABOR
      • Introduction
      • Growers
      • Industry Practice
      • Farm Workers
      • Behavioral Control
      • Financial Control
      • Relationship of the Parties
      • Withholding on Employees
 Don’t forget – The IRS Tax Audit Manual for the Poultry Industry is tax deductible as a business expense!