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• The good faith intention of making a profit or producing income. • Continuity of operations, repetition of transactions, or regularity of activities. • Regular occupation. • Holding out to others as being engaged in the selling of goods or services. (3) Verification Obtain a copy of the business tax return (i.e., Form 1040 and the appropriate Schedules) for the tax year prior to the application or redetermination. If the current tax return is not available, obtain a copy of the latest tax return or business records. Obtain the a/b’s statement describing the trade or business, business assets and the number of years in business. c. Property Used to Produce Goods/Services for Home Consumption Exclude up to $6,000 equity in non-business real or personal property used to produce goods or services solely for home consumption (i.e. land or equipment used to produce vegetables or livestock solely for home consumption). There is no requirement that the property produce a certain rate of return. (1) The equity is the tax value less any encumbrances on the property. (2) From the equity, deduct $6,000. The remainder is a countable resource. This $6,000 exclusion is separate and apart from the $6,000 exclusion of non-business income producing property that produces a net annual income of 6% of its equity. EXAMPLE: A/b owns 10 acres and uses 1 acre and a tractor to grow food - exclude the tractor and one acre in determining the equity value. The equity value in the acre is $3,000, and the equity in the tractor is $1,500. The total equity is $5,500, which is less than $6,000. The equity of the acre and the tractor is excluded. d. Property Which Does Not Meet Current Use Requirements Exclude property which does not meet current use requirements in a.­ c. above if: (1) It has been in use within 12 months, and (2) That use will resume within 12 months. 35