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Displaying 2221 - 2230 of 5053
County Summary
455
16 OTHER CROP … 18,903
18 CROP INSURANCE PROCEEDS … 6,663
26 SEED-OTHER CROP EXPENSE …
County Summary
15,710
16 OTHER CROP … 27,174
18 CROP INSURANCE PROCEEDS … 23,200
26 SEED-OTHER CROP EXPENSE …
County Summary
7,488
16 OTHER CROP … 25,065
18 CROP INSURANCE PROCEEDS … 17,936
26 SEED-OTHER CROP EXPENSE …
County Summary
4,549
16 OTHER CROP … 27,486
18 CROP INSURANCE PROCEEDS … 17,255
26 SEED-OTHER CROP EXPENSE …
County Summary
1,826
16 OTHER CROP … 17,220
18 CROP INSURANCE PROCEEDS … 18,010
26 SEED-OTHER CROP EXPENSE …
County Summary
2,486
16 OTHER CROP … 29,007
18 CROP INSURANCE PROCEEDS … 14,612
26 SEED-OTHER CROP EXPENSE …
County Summary
3,226
16 OTHER CROP … 25,822
18 CROP INSURANCE PROCEEDS … 10,722
26 SEED-OTHER CROP EXPENSE …
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 …
March 7, 2022
Risk and Profit Online Mini-Conference Presentations
Russian Conflict Ramifications
• Crop Trade Effects• Major dis … Major disruptions in the World Wheat Market• Significant disruptions … Significant disruptions in the World Corn Market• Smaller direct disruptio …