Timeline for How is the taxable value of a goat determined?
Current License: CC BY-SA 3.0
15 events
| when toggle format | what | by | license | comment | |
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| Mar 1, 2018 at 22:30 | comment | added | WakeDemons3 | "Pretend the goat is a Franc and there's your answer"?? This is the top answer? Really? | |
| Dec 2, 2017 at 2:45 | vote | accept | JPhi1618 | ||
| Nov 30, 2017 at 16:55 | comment | added | user3067860 | @jamesqf The word you are looking for is fungible (or, non-fungible in this case). | |
| Nov 28, 2017 at 23:19 | history | edited | Rory Alsop | CC BY-SA 3.0 |
added 44 characters in body
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| Nov 28, 2017 at 22:23 | comment | added | Joe | This is correct, but it doesn't really meet this site's standards as to what we'd expect in an answer like this; references to the tax code or similar documents are appropriate and I'd argue necessary, especially in answers that have well defined answers in the tax code. | |
| Nov 28, 2017 at 22:01 | comment | added | zwol | @stannius Abstractly that's the same as selling the goats: your income-tax gain or loss is the stand's revenue minus cost of ingredients. Except now you're in the goat-smoothie business, so you have to charge and transfer sales tax, and you have to pay self-employment tax, and ... | |
| Nov 28, 2017 at 18:52 | comment | added | jamesqf | The problem with treating goats like a foreign currency is that while one euro is the same as the next, all goats are not identical. They might be common garden-variety goats, or some sorth of exotic breed. I know more about horses: I can buy a good riding horse for under $1K (and my best horse cost me $1); my neighbor trains & sells Hanoverians that go for upwards of $10K: equinenow.com/hanoverian.htm To my eyes, they're not as good as my horse: I sure wouldn't trust them to stand their ground against a charging bear. | |
| Nov 28, 2017 at 18:16 | comment | added | J... | @RoryAlsop Unlike a foreign currency, however, there isn't a GOATEX around to provide an unambiguous definition of fair market value. The unspoken part of this question might be interpreted to be asking how fair market value is determined for commodities that are not broadly exchanged on open markets. | |
| Nov 28, 2017 at 18:11 | comment | added | stannius | @JPhi1618 you have to make a good faith effort to value the property at time of receipt. Depending on how fungible the item is and/or the volume of trading, it may be easier or harder. But if the IRS challenges you on it, it will be on you to prove your valuation method. It would be hard to do that if you ignored a readily available source of data e.g. foreign currency exchange rates or bitcoin price histories. | |
| Nov 28, 2017 at 18:08 | comment | added | stannius | What happens if you literally liquidate the goats? Open a Goat Smoothie stand and sell the results? | |
| Nov 28, 2017 at 18:04 | comment | added | J... | @stannius ...but only if and when you so choose to liquidate the goats | |
| Nov 28, 2017 at 17:32 | comment | added | stannius | Any gain or loss in goat value after you've received them is considered a capital gain or loss. | |
| Nov 28, 2017 at 16:16 | comment | added | Rory Alsop | It may not be heavily regulated, but you can guarantee the local auction mart will have valuations for livestock daily... | |
| Nov 28, 2017 at 16:15 | comment | added | JPhi1618 | Thanks, that's the part that wasn't evident to me - the part when the valuation is captured. In an unregulated and unrecorded market such as goats, or any other item that can be bartered, would they just have to take your word for it on the exchange rate? | |
| Nov 28, 2017 at 16:10 | history | answered | Rory Alsop | CC BY-SA 3.0 |