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Full-Till Corn
Number of Farms 11
Crop Acres 911
Acres Owned 148
Acres … 1,252.76
Government Payments 2,906.88
Crop Insurance Proceeds 106,021.09
Total … 12.090.1711,016.79
Seed/Other Crop Expense 70.200.9863,958.54 …
Full-Till Wheat
Number of Farms 9
Crop Acres 838
Acres Owned 118
Acres … 980.30
Government Payments 4,391.99
Crop Insurance Proceeds 377.33
Total … 10.960.209,177.80
Seed/Other Crop Expense 22.390.4218,756.26 …
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 …
Farm Type
CROP FARM … 1,271
16 OTHER CROP … 4,476
18 CROP INSURANCE PROCEEDS …
Farm Type
CROP FARM … 8,853
16 OTHER CROP … 3,551
18 CROP INSURANCE PROCEEDS …
Farm Type
CROP FARM … 9,230
16 OTHER CROP … 3,101
18 CROP INSURANCE PROCEEDS …
August 1, 2003
Farm Business and Transition Planning
products,
production practices marketing methods, and other highlights … a commodity or specialty market? What is the status of
“our” … products or services, target markets, and
work force composition …
Farm Type
CROP FARM … 8,439
16 OTHER CROP … 4,120
18 CROP INSURANCE PROCEEDS …
Farm Type
CROP FARM … 5,054
16 OTHER CROP … 3,719
18 CROP INSURANCE PROCEEDS …
County Summary
and Forage15 2,784
Other Crop16
Government Payments17 … Government Payments17 8,284
Crop Insurance Proceeds18 51,628
Machine … Repairs25 3,334
Seed/Other Crop Expense26 77,657 …