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Displaying 3001 - 3010 of 5209
Detailed Cost-Farm Type
Crop Non-Irrigated 14 Farms
24733516
Harv … Farms
24733516
Harv
Acre
Crop
AcreCrop
Total
Livestock
TotalTotal … 12.36 17.56
12,73012,730Crop Mach Repair 12,730 3.62 5.15
524524Irrigation …
Detailed Cost-Farm Type
Crop Non-Irrigated 12 Farms
22503454
Harv … Farms
22503454
Harv
Acre
Crop
AcreCrop
Total
Livestock
TotalTotal … 17.87 27.42
10,58310,583Crop Mach Repair 10,583 3.06 4.70
1,0041,004Irrigation …
Detailed Cost-Farm Type
Crop Non-Irrigated 12 Farms
20402904
Harv … Farms
20402904
Harv
Acre
Crop
AcreCrop
Total
Livestock
TotalTotal … 19.23 27.37
17,38417,384Crop Mach Repair 17,384 5.99 8.52
412412Irrigation …
Detailed Cost-Farm Type
Crop Non-Irrigated 68 Farms
18391621
Harv … Farms
18391621
Harv
Acre
Crop
AcreCrop
Total
Livestock
TotalTotal … 43,949 27.11 23.89
7,5627,562Crop Mach Repair 7,562 4.66 4.11
352352Irrigation …
Detailed Cost-Farm Type
Crop Non-Irrigated 16 Farms
22413165
Harv … Farms
22413165
Harv
Acre
Crop
AcreCrop
Total
Livestock
TotalTotal … 63,838 20.17 28.49
7,6947,694Crop Mach Repair 7,694 2.43 3.43
772772Irrigation …
Detailed Cost-Farm Type
Crop Non-Irrigated 73 Farms
19661780
Harv … Farms
19661780
Harv
Acre
Crop
AcreCrop
Total
Livestock
TotalTotal … 45,682 25.67 23.24
9,9179,917Crop Mach Repair 9,917 5.57 5.04
1,6791,679Irrigation …
Detailed Cost-Farm Type
Crop Non-Irrigated 63 Farms
18201700
Harv … Farms
18201700
Harv
Acre
Crop
AcreCrop
Total
Livestock
TotalTotal … 23.31 21.77
12,67612,676Crop Mach Repair 12,676 7.46 6.96
1,2231,223Irrigation …
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 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 …