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Will Crop Insurance Proceeds Be Deferrable This Year?
We have had a couple of posts on prevent plant crop insurance proceeds being deferrable into 2014, however, what happens if there are crop insurance proceeds at harvest time. Most likely, all or almost all of these proceeds will be related to a drop in price. For example, the Corn Spring price was $5.65. If […]
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How Long is Your Pickup Bed
We had a reader ask the following questions about purchasing a new pick-up in 2013: “The new 2014 Silverado pickup has a model with a 5′ 8″ (inside dimension) box. Can you take section 179 on the full amount of this pickup for the 2013 tax year?” The Tax Code has a provision that does […]
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Capital Gains Questions on Selling Farmland
We had a reader ask the following series of questions. We are going to break them down into a question and answer format. Q – Regarding capital gain rates and selling farmland – Am I correct to use the difference between a stepped up ( appraisal / time of death ) value of inherited farmland and […]
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Watch Out For Disregarded Entities When Someone Dies
Limited liability companies (LLC’s) are often a preferred entity choice for small businesses, farm operations, and rentals because they offer some liability protection for owners. Generally, LLC’s are treated as partnerships for tax purposes, and a Form 1065 partnership income tax return is required to be filed. In community property states, when a husband and […]
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Top Farmer – Day 2 – Last Session
The final session of the day was presented by Marcos Fava Neves of the University of Sao Paulo, Brazil on the Brazilian Agriculture Perspective. Marcos is based near Sao Paulo which does not have much soybean or corn production in the area. Rather, they are in the heart of sugar cane country and Ethanol plants. Marcos […]
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Top Farmer – Day 2 Session 3
The next session was presented by Jason Henderson who just started with Purdue after being with the Federal Reserve Bank of Kansas City. He presented a series of maps showing farmland values from 1900 to the 1980s using constant current dollars. In 1900, there were no counties that had average farmland values exceeding $3,000. Some […]
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Top Farmer Day 1 – Session 2
My next recap is in regards to the “Crop Markets in Transition” presented by Darrel Good of the University of Illinois. Darrel noted that there is the potential for a 14 billion bushel crop with added production in South America, it may be tough to meet the export estimates by USDA. Ethanol consumption should pick […]
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Top Farmer – Day 2, Session 1
Since I have my laptop with me today, I am going to try to do a separate post on each session for today’s Top Farmer Conference. Yesterday’s sessions were very informative and I hope today is even better. First session today is an update on Ethanol and Bio-Diesel production presented Scott Irwin of the University […]
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First Full Day of Top Farmer
Today was the first full day of the Top Farmer conference and it was packed with a lot of good sessions. Due to finding out that I had to get something done early this morning, I missed the most of the morning session, but here are my highlights from the rest of the day. Right […]
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The Start of the 46th Annual Top Farmer Conference
This afternoon is the start of the 46th annual Top Farmer conference done by Purdue University. About 100 farmers are attending the conference. The first session was done by Professor Mike Boehlje and Elizabeth Yaeger regarding farm risk management. This discussion on risk did not focus on price or yield risks, but rather other […]
