Automatic Accounting Method Change for Bypassing UNICAP and Deducting Investments Used to Replant Damaged Citrus Crops (Rev. Proc. 2018-35)

An automatic change in accounting method procedure provides guidelines for qualifying investors in damaged citrus groves to opt out of the uniform capitalization (UNICAP) rules of Code Sec. 263A. The damage may be caused by freezing temperatures, disease, drought, pests, or casualty. If the accounting method change is adopted, the investor’s costs of replanting are […]

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