RowTax wrote:People pay good money to come hunt. Tall fences so they can't jump out.
RowTax wrote:Client owns a deer hunting ranch in Texas. People pay good money to come hunt. Tall fences so they can't jump out. Are the cost of deer purchased a depreciable item? Or perhaps inventory and when shot or they die of natural causes (lighting, etc) then they become cost of good sold?
Spell Czech wrote:It's the deer just as long as the people are paying *good* money. "Bad" money voids the deal.
RowTax wrote:Tall fences so they can't jump out.
(Regs.). Are the deer merchandise? How is merchandise defined? Do the hunters pay for the merchandise or for the chance to hunt? Are they selling deer or hunting rights?... are necessary in every case in which the production, purchase, or sale of merchandise is an income-producing factor.
RowTax wrote:Indeed....But, client says the deer roam the thick forested land and therefore he can't get a good count of the so called inventory at December 31, or any other time.
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