The gentleman farmer recorded the time it took to feed and water his chickens and collect eggs each morning. He has done this several times, so he assigns himself a rating of 1.25. The allowance factor for this endeavor is 5%. What is the standard time for this job element? 
Definitions:
Inherited Property
Property one receives from a deceased person's estate, subject to specific tax rules and basis determinations.
Inventory
Goods and materials a business holds for the ultimate goal of resale or production.
Section 1231
This is a section of the U.S. Internal Revenue Code that provides favorable tax treatment for gains and losses on the sale or exchange of certain types of property used in a trade or business.
Capital Losses
Capital losses occur when the sale of a capital asset, such as stocks or real estate, results in a loss, which can offset capital gains for tax purposes.
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