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Swine Farm Industry Edition

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IRS Tax Audit Manual for the Swine Farm Industry 

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Overview of the industry includes methods of accounting (accrual vs. cash), farm price inventory, unit livestock price, prepaid feed, income from discharge of indebtedness, selection fees, depreciation, grower issues, penalties, research credits, employment taxes, and excise taxes.


TABLE OF CONTENTS

  • Chapter 1 IRC section 447 – Accrual versus Cash
    • Introduction
    • Prior Law IRC section 447
    • Gross Receipts Test Family Corporations IRC section 481
    • Recapture Rules
    • Suspense Account Audit Technique
  • Chapter 2 Farm Price Inventory
    • Introduction
    • Inventories Farm
    • Price Method
    • Farm Price Method and The Swine Industry
    • Garth vs. Commissioner
    • Farm Inventory Market
    • Market Conversion Yield
    • Record Keeping Cost of Disposition
  • Chapter 3 Unit Livestock Price
    • Introduction
    • General Livestock
    • IRC section 263A
    • Audit Techniques
    • Effective Date and Method Changes
    • Resource Cites Transfer of Inventory
  • 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
    • Internal Revenue Code section 464(f)
    • Limitation Case Scenario
    • Payment for Feed Versus Deposit
    • Business Purpose or Tax Avoidance Distortion of Income
    • Case Law Audit Techniques
  • Chapter 5 Income from Discharge of Indebtedness
    • Introduction
    • IRC section 108
    • Income from Discharge of Indebtedness
    • Definition of Farming
    • Qualified Farm Indebtedness
    • Qualified Person Limitation
    • Amount and Manner of Reduction
    • IRC section 1017
    • Forgiveness of Shareholder Debt
    • Acquisition of Debt by Related Party
    • Audit Techniques
  • Chapter 6 Selection Fees
    • Introduction
    • Case Scenario
    • Related Issues
    • Audit Techniques
  • Chapter 7 Depreciation
    • IRC section 167(a)
    • IRC section 168
    • IRC section 168(b)
      • Depreciation Methods Chart
    • IRC section 263
      • Depreciation
      • Accounting Method Changes
      • Swine Farm Components
      • Roads Water Wells
      • Single Purpose Agriculture Structures
      • Other Farm Buildings
      • Lagoons
      • Certified Pollution Control
      • Facility Irrigation Systems
      • Spray Fields
      • Other Farm Equipment
      • Swine Depreciation of Land Improvements
  • Chapter 8 Grower Issues
    • Introduction
    • Income Expenses
    • Depreciation Interest
    • Utilities Insurance
    • Miscellaneous
    • Net Check
    • Double Deduction Section 469
    • Passive Activities
    • Material Participation
    • Recharacterization of self-rental income
    • Alternative Minimum Tax Corporate
    • Minimum Tax Income
    • Averaging Audit Techniques
  • Chapter 9 Penalties
    • Overview
    • Penalty Relief
    • Reasonable Cause
    • Statutory Exceptions
    • Administrative Waiver
    • Requesting Penalty Relief
    • Deficiency Procedures Accuracy
    • Related Penalty IRC section 6662
    • General – All Components of IRC section 6662
    • Negligence or Disregard of Rules or Regulations – IRC section 6662(c)
    • Substantial Understatement – IRC section 6662(d)
    • Substantial Valuation Misstatement – IRC section 6662(e)
    • Fraud Penalty – IRC section 6663
    • Failure to File Tax Return or to Pay Tax – IRC section 6651
    • Delinquency (Failure to File) – IRC section 6651(a)(1)
    • Failure to Pay on Notice and Demand – IRC section 6651(a)(2)
    • Fraudulent Failure to File – IRC section 6651(f)
    • Failure to File A Partnership Return Penalty – IRC section 6698
  • Chapter 10 Research Credits
    • Introduction
    • IRC section 41 Basic Research
      • Credit Base Amount
    • IRC section 174 Qualified Research Audit Techniques
  • Chapter 11
    • Employment Taxes
    • Farm Workers
    • Behavioral Control
    • Financial Control
    • Relationship of the Parties
    • Withholding on Employees
  • Chapter 12 Excise Taxes
    • Gasoline Tax
    • Credits
    • Definitions
    • Taking the Credit
    • Audit Techniques
Don’t forget – The IRS Tax Audit Manual for the Swine Farm Industry is tax deductible as a business expense!

 

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