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Valuation of Inventories

An inventory is an itemized list of goods held for sale or for consumption in a manufacturing or merchandising business. In order to properly calculate gross profit from operations, leading to a determination of taxable income for that business,...

Transfer of Property between Spouses

In general, if you transfer property to or receive property from your spouse, no gain or loss is recognized. This rule applies even if the transfer is made to a trust for the benefit of your spouse or to a former spouse if it was incident to a...

Deductibility of Business Gifts

It is a common business practice to give gifts to customers and clients as a way of saying thank you for their patronage and to encourage future business. However, the taxpayer giving these gifts must be aware that certain tax laws limit the...

Net Operating Losses for Farmers

If you are a farmer who had a loss from the operation of your business, you might be eligible for favorable tax treatment of that loss. Generally, a taxpayer is entitled to carry back a net operating loss to the two tax years before the loss year...

Welfare and Other Public Assistance Benefits

Welfare Benefits

If you are the recipient of benefit payments from a public welfare fund, you do not have to include them in your income. In addition, any payments from a state fund that you received as a...