10.26 Ark. Code R. 51-404(a)(1)
Current through Register Vol. 49, No. 9, September, 2024
The term "farm" is to be interpreted in its ordinary, accepted sense. A farm is used to produce agricultural products such as livestock (including fish), dairy products, crops, fruits and nuts. A taxpayer engaged in forestry or the growing of timber or trees is not engaged in farming. A person cultivating or operating a farm for recreation or pleasure rather than a profit is not engaged in the business of farming. See IRC Regulations § 1.61 -4(d) and § 1.175 -3.
10.26 Ark. Code R. 51-404(a)(1)