Farming Firm Asks Court to Reverse Tax Accounting Method Case

Arkansas agriculture firm Conmac Investments Inc. told the Eleventh Circuit that $235,000 in claimed deductions should stand because the IRS misunderstood how the company calculated its taxes years ago.

Conmac, which owns and leases farms disputes an IRS decision that found the firm changed its accounting method on tax returns from 2009 when it started claiming amortization deductions on its tax returns to recover the cost of acquiring land. That move wasn’'t, as the IRS claimed, a change accounting method, which requires government permission under IRC Section 446(e), the farm firm said in a brief filed with the US ...