So we were at a dance last night and I got a new client....yeah...well they were asking me some questions and I was giving free advice on the sale of some land they have planned this year. I do it all the time. And then they tell me they want me to do their return because they are older and TT is getting harder to use. OK, more than happy to do so.
Then they tell me they have a small cattle ranch. I have never done a cattle ranch and I would sure appreciate any suggestions you might have to point me in the right direction. I am embarrassed to say that I only know it goes on the Schedule F and I think the animals are inventory, but I have no idea how to value them.
Thanks in advance.
Tom
Longview, TX