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Displaying 1361 - 1370 of 3386
Summary
and Forage15 15,364
Other Crop16 7,236
Government Payments17 … 7,236
Government Payments17 33,964
Crop Insurance Proceeds18 40,170
Machine … Repairs25 3,459
Seed/Other Crop Expense26 54,273 …
Summary
14,847
16 OTHER CROP … 22,924
18 CROP INSURANCE PROCEEDS … 22,459
27 SEED-OTHER CROP EXPENSE …
Age of Operator
42.1139245.1122839982
Other Crops103 605
Alfalfa Hay104 5617
Other … 13713518560
Vegetables106
Truck Crops107
Fruits-Flowers-Trees108
Irrigated … 49.4210120.6415212710
Other Crops114
Alfalfa Hay115
Other …
Capital Managed
1,125
16 OTHER CROP … 19,818
18 CROP INSURANCE PROCEEDS … 4,356
26 SEED-OTHER CROP EXPENSE …
Summary
18,861
16 OTHER CROP … 19,589
18 CROP INSURANCE PROCEEDS … 19,678
27 SEED-OTHER CROP EXPENSE …
Farm Type
ck-Ranch Cow Herd (11 Farms)Crop Non-Irrigated (304 Farms)
Income … Forage15 15,61123,242
Other Crop16 3,4457,853
Government … 3,4457,853
Government Payments17 4,75923,280
Crop Insurance Proceeds18 5,591144,270
Machine …
September 30, 2016
Wind Energy Leases
Stillwater, Oklahoma. This publication is printed and issued by … other sources, and
due to market conditions, peak power can … transmission systems, pow-
er marketers and government agencies in …
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 …
County Summary
63
16 OTHER CROP … 13,796
18 CROP INSURANCE PROCEEDS … 22,690
27 SEED-OTHER CROP EXPENSE …
County Summary
12,791
16 OTHER CROP … 22,009
18 CROP INSURANCE PROCEEDS … 20,097
27 SEED-OTHER CROP EXPENSE …