On the surface, the
process of spreading income in respect of live stock sales sounds very well. However, the question I would ask is this: What happens to previous income? For instance, a man is making $2,000 a year on a farm. Then he will have a sale which nets him $10,000. Would that $2,000 a year be added to his income for each of the previous years, and would he pay income tax on the extra $2,000?
Topic: INCOME WAR TAX ACT