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Tax accounting methods of aquacultural producers

Author

Listed:
  • Michael P. Watters

    (Department of Accounting, Southwest Texas State University)

  • Zoel W. Daughtrey

    (School of Accountacy, Mississippi State University)

Abstract

Aquacultural producers were surveyed to ascertain the tax accounting methods utilized for federal income tax reporting purposes. Approximately 99% of the producers surveyed use the cash method of reporting and also deduct currently the cost of fingerlings purchased for ultimate resale. Because cash-method farmers generally must capitalize the cost of purchased inventory until the period of sale, aquacultural producers may not be in compliance with current tax rules. Further, producers have classified aquacultural pond construction costs as (a) a soil and water conservation expense, (b) a single purpose agricultural structure, and (c) a land improvement although only the latter treatment appears safe from attack by the IRS. The theoretical propriety of these and other tax policies is examined.

Suggested Citation

  • Michael P. Watters & Zoel W. Daughtrey, 1991. "Tax accounting methods of aquacultural producers," Agribusiness, John Wiley & Sons, Ltd., vol. 7(1), pages 39-55.
    • Handle: RePEc:wly:agribz:v:7:y:1991:i:1:p:39-55
    DOI: 10.1002/1520-6297(199101)7:1<39::AID-AGR2720070105>3.0.CO;2-X
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    References listed on IDEAS

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    1. Kinnucan, Henry W. & Cacho, Oscar J. & Hanson, Gregory D., 1986. "Effects Of Selected Tax Policies On Management And Growth Of A Catfish Enterprise," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 18(2), pages 1-11, December.
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