What is the MACRS class life for beef animals used for breeding purposes?

(1pts)

3 years

5 years

10 years

7 years

14)

During the first year of farming, a farmer can choose which accounting method to use for tax purposes by

(1pts)

notifying any certified public accountant

keeping the farm records according to teh method chosen

sending a certified letter to the IRS

using that method when completing the farm tax return for the year