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Displaying 3031 - 3040 of 5223
Detailed Cost-Farm Type
Crop Non-Irrigated 318 Farms
17291536
Harv … Farms
17291536
Harv
Acre
Crop
AcreCrop
Total
Livestock
TotalTotal … 28,302 18.43 16.37
2,1712,171Crop Mach Repair 2,171 1.41 1.26
203203Irrigation …
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 … CROP FARM IRRIGATED … 10,721
16 OTHER CROP …
Farm Type
Crop - Cow Herd (26 FarmsCrop Non-Irrigated (182 Farms)
Income … Forage15 14,75929,794
Other Crop16 284286
Government Payments17 … Payments17 12,81624,425
Crop Insurance Proceeds18 16,6719,990
Machine …
Farm Type
CROP FARM … CROP FARM IRRIGATED … 13,855
16 OTHER CROP …
Farm Type
Crop Irrigated (24 FarmsCrop Non-Irrigated (92 Farms)
Income … Forage15 20,6769,098
Other Crop16 19,8595,573
Government … Payments17 86,19070,931
Crop Insurance Proceeds18 3,0709,459
Machine …
Detailed Cost-Farm Type
Crop Non-Irrigated 123 Farms
17891719
Harv … Farms
17891719
Harv
Acre
Crop
AcreCrop
Total
Livestock
TotalTotal … 30,873 17.96 17.26
6,5106,510Crop Mach Repair 6,510 3.79 3.64
691691Irrigation …
Detailed Cost-Farm Type
Crop Non-Irrigated 185 Farms
15401433
Harv … Farms
15401433
Harv
Acre
Crop
AcreCrop
Total
Livestock
TotalTotal … 23,076 16.10 14.99
6,5266,526Crop Mach Repair 6,526 4.55 4.24
552552Irrigation …
Detailed Cost-Farm Type
Crop Non-Irrigated 134 Farms
11651147
Harv … Farms
11651147
Harv
Acre
Crop
AcreCrop
Total
Livestock
TotalTotal … 20,909 18.23 17.95
7,3767,376Crop Mach Repair 7,376 6.43 6.33
187187Irrigation …
Detailed Cost-Farm Type
Crop Non-Irrigated 193 Farms
16161486
Harv … Farms
16161486
Harv
Acre
Crop
AcreCrop
Total
Livestock
TotalTotal … 25,009 16.83 15.48
5,8085,808Crop Mach Repair 5,808 3.91 3.60
425425Irrigation …