Federal Tax Deductions and Credits for Farming and Fishing
KNOWLEDGE EXPECTED OF: CFP® Professionals Only
- Identify that expenses related to farming can be deducted in the calculation of net farming income.
- Identify that restrictions exist for net farming losses.
- Identify that expenses related to fishing can be deducted in the calculation of net fishing income.
Glossary of Verbs (mouse over to see definition)
To state exactly the meaning of
To be aware of / to recognize and correctly name / to locate an appropriate resource
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
To note the similarities and differences between two or more things
To determine an approximate value for
To find the value using mathematics
To change from one form or purpose to another
To reach a conclusion or make a judgement through careful study
To give the meaning of / to construe or understand / to translate orally