(1) brief recap of the facts, (2) discussion of what the issue is, (3) the conclusion as to what the proper tax treatment is, and (4) the law and analysis supporting the conclusion.
In 2015, Jed James began planting a vineyard. The costs of the land preparation, labor, rootstock, and planting were capitalized. The land preparation costs do not include any non-depreciable land costs. In 2020, when the plants became viable, Jed placed the vineyard in service. Jed wants to know whether he can claim a deduction under … Read more