Corporate Limitations on Prepaid Inputs
Corporate Limitations on Prepaid Inputs
Date
1998-01-16
Authors
Harl, Neil
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Altmetrics
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Iowa State University Digital Repository
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Iowa State University Digital Repository
Abstract
For more than four decades the Internal Revenue Service has tried to limit the amount of fertilizer, chemicals, feed, seed and other inputs that farmers could pay for and deduct in the year before the inputs are actually used or consumed. Early litigation involved mostly tax shelter operations but more recent cases challenged deductions claimed by bona fide farmers.