knowledge topics
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)
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
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Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
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Compare
To note the similarities and differences between two or more things
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Estimate
To determine an approximate value for
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Calculate
To find the value using mathematics
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Convert
To change from one form or purpose to another
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Evaluate
To reach a conclusion or make a judgement through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally
Read more about the Taxonomy used in the FP-BoK
