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February 1, 2013
Beef Cattle
what type of
pastures and crops are included? (Include
legal … with pasture, less
so for crop ground and less yet for livestock … manages them, keeps the calf crop,
and returns the cows to …
December 1, 2015
KFMA Newsletters
2
the grain to the charity, call the charity to make them aware of the gift and have the charitable organization sell the
grain. Simply calling the coop, and having the coop sell your grain in the name of the charity, will not work. You must
follow the two step process above to guarantee the proper documentation is provided for your records. Gifting grain to
charity avoids federal and state income tax (state income tax will come back at some point) and self‐employment tax.
The gift is not required to be reported on your income tax return. When you write a check to charity you have to
itemize your deductions to receive a tax benefit. The only deduction you receive by doing this comes from federal and
state income tax and only then if the total itemized deductions exceed the standard deduction amount. That amount in
2015 is $12,600 for married‐filing‐joint status and $6300 for single filing status; even then you don’t get a deduction
against self‐employment tax. Also for higher income taxpayers, the phase out of itemized deductions has returned
making it more difficult to receive a tax benefit. I should note that crop share landlord grain is not eligible for this
provision.
Deferred payment contracts a tool for planning after the year is over – A cash basis farmer has the unique ability to
defer income from the sale of raised inventory by the use of deferred sales contracts. Many, if not all of you, have used
these contracts, (some use them every year) to price the grain in the current year, sign a valid written deferred contract
and then collect the proceeds of the contract the following year. This essentially is an installment sales contract of
raised inventory. There is a provision in the IRS code under Section 453(d) (1) that allows a taxpayer to elect out of the
installment method. For example, if you had a $50,000 August 1, 2015 wheat sale that you deferred to January 2016
with a valid written deferred payment contract, you could decide in March 2016 to show that income in 2015 by simply
electing out of the installment sale method. To elect out you simply show the income in 2015 the year of sale, instead of
2016, the year you actually received the proceeds. This is a good “after the fact” planning tool should you have some
change after the year is completed that would cause you to want to increase your income in the prior year. Instead of
having one deferred 2015 grain contract for $250,000, you may want to have several deferred payment contracts in
smaller increments to allow for some planning “after the fact.” This could be of particular value should they raise the
Section 179 amount at the end of the year after tax planning has already occurred.
Depreciation – Section 179 is $25,000 for tax years beginning in 2015. Sec 179 is not allowed on purchases from a
related party. Section 179 is reduced if qualifying asset purchases exceed $200,000 for the year. There is no bonus
depreciation available to you. I do expect this to change before the end of 2015, but when and how are a guess are at
this point. Last year it took Congress until I believe December 19th to pass legislation making that adjustment. I
wouldn’t be surprised to see the same scenario play out again this year …
Breakout Sessions
quantify weather effects on crop and livestock output and … reverses (i.e., is positive) for crop output in the cooler years … Investigate the impacts of farm inputs on a combined measure of
crop & livestock output
• …
March 30, 2017
Financial Management, KFMA Research
description of each presentation. Links to the PowerPoint slides … affects the land market, crop insurance, and what
one … and Robin Reid,
and for Crops, by Dr. Mykel Taylor. Pendell …
June 7, 2016
Risk Management Strategies
Art Barnaby (barnaby@ksu.edu) and Robin Reid (robinreid@ksu.edu)
Kansas State University Department of Agricultural Economics – June 7, 2016
http://www.agmanager.info/crops/insurance/risk_mgt/rm_pdf16/AB_UpdatedMaps.pdf
… prices for spring planted crops will not be
final until …
September 18, 2017
Risk Management Strategies
paid on 85% X base acres X crop share). The wheat price … curser over their county. The link to the maps of the estimated …
October 17, 2018
Risk Management Strategies
If you count RMA’s ARP crop insurance area plan
yields … readers will
select the link to the interactive maps and …
October 13, 2014
Commodity Program Papers
years correspond to when the crop was harvested until the next … by the percentage of the crop that is marketed each month … by the percentage of the crop marketed
that month and …
May 1, 2011
KFMA Newsletters
payments as a
percentage of crop market value for programcrops in Kansas. Due to differences … Kansas. Due to differences in crops
produced and the relative … payments
as a percentage of crop market value have
ranged …
March 30, 2017
KFMA Newsletters
returns and reporting for crop insurance and
government … benchmark category of a 1000-2000 crop acre farm with a cow herd … you are keenly aware that crop prices are down and, without …