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This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn: - Cash-method farmers are generally not required to maintain or use inventories. - Cash-basis farmers can elect to defer crop insurance proceeds for one year if they normally would have sold the crop in the following year. - The one-year deferral election also applies to federal payments received due to natural disasters that damage crops. - Gain from selling excess livestock of any kind due to weather in a federal disaster area can be postponed for one year under IRC Section 451(g). - Gain from selling excess draft, breeding, or dairy livestock due to weather can be deferred for a two-to-four-year replacement period under IRC Section 1033(e).
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
