Search
Displaying 1581 - 1590 of 3389
County Summary
32,810
16 OTHER CROP … 18,800
18 CROP INSURANCE PROCEEDS … 13,028
26 SEED-OTHER CROP EXPENSE …
August 15, 2016
Breakout session presentations
Depreciation allowed or allowable• Fair Market Value (FMV)• Special use valuation on real estate (2032A elections)• … Basis reduction is $0 when the aggregate of the basis of the property held by the taxpayer immediately after the discharge did not exceed the aggregate of the liabilities of the taxpayer immediately after the discharge
Transactions that Create Tax Challenges:
Bunching of Income:
Betty Beans carries forward grain from 2015 to be sold in 2016. Betty cannot get credit to put in 2016 crop, her operation is shut down. She has no production expenses to offset carryover income. Betty will be subject to Federal, Self Employment, and possible State Taxes
Transactions that Create Tax Challenges:
Rapid Depreciation:Fred Farmer bought a grain drill in 2014 for $50,000. His KFMA Economist recommended regular depreciation, but Fred refused to pay anymore taxes than necessary, so section 179 was utilized and $50,000 was depreciated in 2014.
Fred decided to sell the drill in 2016 to pay some debt. He received $30,000 for the drill and his tax depreciation basis was $0. Taxable gain on the drill sale was $30,000 ($30,000 sale –basis $0). Fred will be liable for Federal and possible State Taxes.
Transactions that Create Tax Challenges:
Property turned over to lender (same as sold outright):
Jim decides to turn his planter back to CNH Capital since he can’t make the payments. He has a basis in his planter of $10,000. The FMV of the planter is $65,000 and he owes CNH Capital $90,000. CNH Capital is willing to take back the planter to satisfy the loan.
Jim’s Planter Turn back?
Recourse Debt
DEBT …
Age of Operator
35.4917442.7715328621
Other Crops103
Alfalfa Hay104 579
Other … 807510315
Vegetables106
Truck Crops107
Fruits-Flowers-Trees108
Irrigated … Sorghum110
Soybeans111
Sunflowers112
Wheat113
Other Crops114
Alfalfa Hay115
Other …
Age of Operator
32,000
16 OTHER CROP … 20,408
18 CROP INSURANCE PROCEEDS … 37,056
27 SEED-OTHER CROP EXPENSE …
Age of Operator
24,174
16 OTHER CROP … 59,605
18 CROP INSURANCE PROCEEDS … 58,098
27 SEED-OTHER CROP EXPENSE …
Age of Operator
11,673
16 OTHER CROP … 34,995
18 CROP INSURANCE PROCEEDS … 17,459
26 SEED-OTHER CROP EXPENSE …
Age of Operator
13,180
16 OTHER CROP … 14,619
18 CROP INSURANCE PROCEEDS … 28,761
27 SEED-OTHER CROP EXPENSE …
Age of Operator
10,330
16 OTHER CROP … 26,324
18 CROP INSURANCE PROCEEDS … 12,210
26 SEED-OTHER CROP EXPENSE …
Age of Operator
16,095
16 OTHER CROP … 30,195
18 CROP INSURANCE PROCEEDS … 29,490
27 SEED-OTHER CROP EXPENSE …
Age of Operator
10,682
16 OTHER CROP … 41,693
18 CROP INSURANCE PROCEEDS … 42,675
27 SEED-OTHER CROP EXPENSE …