Agribusiness refers to the large-scale production, processing, and marketing of food and nonfood farm commodities and products. It is a major commercial industry sector.
An inheritance tax relief available on the transfer of agricultural property under specified conditions, with relief rates at 50% or 100% depending on possession status and leasing history.
A comprehensive understanding of agriculture is paramount for recognizing the broader economic, environmental, and social impacts of this primary sector. This knowledge extends to managing biological assets and farming practices.
At-risk rules are tax laws designed to limit the amount of tax losses an investor can claim from certain industries, including oil and gas, movie production, farming, and real estate. These rules ensure that losses are deductible only to the extent of money the equity investor stands to lose.
A crop that is grown primarily for sale to return a profit rather than for consumption by the farmer. Common examples include coffee, cocoa, and sugar in tropical regions, and grains and vegetables in temperate zones.
Farming, as defined by the Income Tax (Trading and Other Income) Act 2005, involves the occupation of land predominantly for the purpose of husbandry, excluding market gardening. Special tax provisions and reporting rules apply to farming activities.
An underdeveloped country is characterized by a low standard of living, an economy primarily based on primitive technologies for farming and manufacturing, and limited industrialization.
