In judging whether you are engaged in a business rather than a hobby, one element is whether you have consulted experts so as to determine if the activity is conducted in accordance with IRS Regulations.... click for more

Importance of Tax Opinion Letters for Livestock Owners
By John Alan Cohan, Attorney at Law

Livestock businesses should be operated basically in the same way as other business, utilizing business principles and judgment in decision-making, and maintaining appropriate books and records.  For many ranchers, this activity is a second venture, entered into to supplement retirement income or with the expectation that assets will appreciate in value and later be sold, together with the ranch, at a profit....               click for more