This publication explains how the federal tax laws apply to farming. You are in the business of farming if you cultivate, operate, or manage a farm for profit, either as owner or tenant. A farm includes livestock, dairy, poultry, fish, fruit, and truck farms. It also includes plantations, ranches, ranges, and orchards.
About Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (For Individuals)