I live next to farmers. Everything they do and own is a business expense. The business owns everything. Home, cars, utv, electric, propane, internet, new land, gas, desiel, and red desiel. They go on multiple caribbean vacations, rent out the banquet room and claim it as a business expense. Is this really what business are able to do?
In: Economics
Farms are special. They don’t attract inheritance taxes and work in similar but different ways to normal companies (yay big land owners become MPs and get themselves out of paying tax for generations).
Also, if the farm owns everything, the farmer owns nothing. If they go personally bankrupt, then have nothing to sell (equipment doesn’t belong of the farmer, it belongs to the farm).
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