Legally Speaking

Nov 8, 2013

Tax regulations emphasize importance of appreciation in value of assets

An important consideration in audits is Factor No. 4 of the IRS Regulations. This factor is called, “Expectation That Assets Will Appreciate in Value.” The term “profit” in IRS Regulations encompasses appreciation in the value of assets such as land and/or livestock used in the activity, and was discussed in an early case, Engdahl v.

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