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Trade The Farm
I am spending tonight with my friend Tommy Grisafi of Indiana Grain on my way to Top Farmer at Purdue tomorrow. Here is his trading setup and he is actively trading grain contracts as I type this. If any of our readers are going to be at the Top Farmer conference, please stop me and […]
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Ag Labor Employment Up in Washington
According to a recent Agricultural Labor Employment and Wages report compiled by the Employment Security Department (ESD), total agricultural employment for the state of Washington increased 8.7 percent from May 2012 to May 2013. Here are some other highlights: From April 2013 to May 2013, statewide total agricultural employment increased 4.2 percent South central Washington […]
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Employer Mandate Delayed for One Year
One of the major initiatives of ObamaCare was the mandate for employers to either provide health insurance or face possible extremely steep penalties for not providing health insurance or providing insurance that was too costly. This mandate was to take place starting January 1, 2014. The mandate applied to employers with 50 full-time equivalent employees. […]
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CRP in an S corporation?
We had a reader ask the following question in response to our posts on CRP payments being subject to SE tax: “What about CRP income that is earned by an S corp which only rents out farmland and also collects CRP income. Will that CRP income be subject to SE tax while the land rent […]
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Remember, Corn is Not Just Grown in the Corn Belt
With today’s release of the USDA acreage report, it is becoming more apparent that the production of corn is rapidly expanding outside of the corn belt. North Dakota (3.9 million acres) for 2013 has almost planted as much acreage to corn as Ohio (3.95 million acres). My father was born in South Dakota and was […]
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Some Eager Participants on Day 1 of Santa Fe
We had a great first day of farm income tax discussions in Santa Fe. Roger and I had a lively discussion of the Morehouse court case and we both agree that this might be one of the worst farm tax court cases we have seen in the last 20 years. We hope that it gets […]
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Start of Day 1 of the Santa Fe Seminar
A shot of the crowd eagerly awaiting the start of Day 1 of the Santa Fe farm tax seminar.
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Getting Ready For Santa Fe
My wife and I made the trip from Seattle to Santa Fe today. Southwest actually has a nonstop flight from Seattle in Albuquerque that takes less than 3 hours and then it is only an hour drive to Santa Fe. I knew we were getting higher in elevation and I decided to download the “Elevation” […]
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A Lease Qualifies For Like Kind Treatment But Watch the Fine Print
A recent court case (VIP Industries, Inc.) spelled out the right and wrong way to exchange a lease for real property. Under Section 1031 you can exchange real property for real property. One of the rules indicates that a lease with 30 years or more left on the lease will qualify for like kind treatment. […]
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Semantics Can Be Important
It has been brought to our attention that certain AGR crop insurance policy claims are being denied. These claims are being made by a single member LLC which is being filed on a schedule F on the farmers personal tax return. An AGR policy is based upon the gross revenue of the farm operation. A […]
