During the current tax year, a calendar-year farmer purchased a 6-month supply of feed for ($12,000) and

Question:

During the current tax year, a calendar-year farmer purchased a 6-month supply of feed for $$12,000$ and purchased $$5,000$ of seed that she plans to use in the subsequent spring planting season. The farmer’s other farm expenses totaled $$18,000.$ How much can she deduct in the current tax year?

Fantastic news! We've Found the answer you've been seeking!