Tag: DR

Drought-forced Sale of Livestock means:a provision whereby a cash basis farmer receiving insurance proceeds as the result of damage or destruction to livestock or crops may elect to include these proceeds in gross income in the year after the year when the damage or destruction was incurred. For…

Drawing Account means:an account used by a proprietorship or partnership to track withdrawals. It is closed at year-end and the balance transferred to the owners' equity account or profit and loss account….

Dry Hole means:a well with little or no oil or gas, which must be kept properly plugged in most states. Dry-hole costs are considered intangible drilling and development costs….