The prepayment must be for the purchase of feed, not just a deposit. The prepayment must be for a business purpose, not just to reduce tax liability. The deduction resulting from the prepayment must not materially distort income. Rent or lease payments for equipment and buildings are deductible farm expenses.
Work in process, work in progress, (WIP) goods in process, or in-process inventory are a company's partially finished goods waiting for completion and eventual sale or the value of these items. These items are either just being fabricated or waiting for further processing in a queue or a buffer storage.
Related Articles. Organization is the key to success in any project. A work plan can help you to stay organized, meet deadlines and complete all the steps involved in your project. It forces you to plan out every detail. You can create a work plan for your whole team or a personal work plan for your own project.