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.
Frequently asked questions. The Social Progress Imperative is working through partners in the Social Progress Network to make the concept of social progress as important as economic growth or Gross Domestic Product. We are new and ambitious, maybe even a little radical, and so it's no surprise you have questions.