188.8.131.52 Notional Ordinary Income - Net Value of a Farm
Net value of a person's farm
The net value of a person's farm is the value of:
- the farm, PLUS
- the land, improvements, livestock plant and machinery, MINUS
- encumbrances (1.1.E.108).
The farm value does NOT include the value of a person's:
- principal home, AND
- household contents and personal effects (1.1.P.235), AND
- motor vehicle.