Discussion:Casualty loss on citrus trees
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Discussion Forum Index --> Advanced Tax Questions --> Casualty loss on citrus trees
Discussion Forum Index --> Tax Questions --> Casualty loss on citrus trees
| 1 September 2009 | |
| I have a client that lost several citrus (is avocado citrus, seems more like a vegetable) aged 5-10 years in a fire that were grown from seed. Does anyone know if these trees can be valued in terms of a casualty loss, and how their value wouuld be determined? | |
| 1 September 2009 | |
| A tree usually lasts 34 years in Ventura county.http://ceventura.ucdavis.edu/ben/avo_handbook/economics/notes_on_depreciation.htm Here's what the Krome family did:http://www.timbertax.org/research/caselaw/cc/K/krome.html
Here's one opinion:http://www.treesaregood.com/pressrelease/press/salvageassets.aspx Since your man is a gentleman farmer, and not in the business of farming, almost none of the above applies, but it does make interesting reading. Your fellow takes his normal casualty loss, following the Texas procedure.http://www.plantanswers.com/EvaluationOfTexasShadeTrees.pdf An avocado is not a citrus fruit, but it is highly flamable due to it's oil content (that's why they are served in salads, and not cooked). | |
| 1 September 2009 | |
| Loss is limited to basis. What is basis in a tree grown from seed? | |
| 1 September 2009 | |
| lol. Actually, that deserves a "D'oh!" more than an lol. Well, there's some good reading material up there for anyone interested in agriculture. | |
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