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Normal?, Olivia Langenberg Dec 2006

Normal?, Olivia Langenberg

Sketch

No abstract provided.


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Dec 2006

Cases, Regulations, And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

No abstract provided.


Index To Volume 17, Nos. 1-24, Agricultural Law Digest Dec 2006

Index To Volume 17, Nos. 1-24, Agricultural Law Digest

Agricultural Law Digest

No abstract provided.


Bankruptcy Court Interpretation Of Chapter 12 Tax Rules, Neil E. Harl, Joseph A. Peiffer Dec 2006

Bankruptcy Court Interpretation Of Chapter 12 Tax Rules, Neil E. Harl, Joseph A. Peiffer

Agricultural Law Digest

The first Bankruptcy Court interpretation1 of the provisions in the Bankruptcy Abuse Prevention and Consumer Protection Act of 20052 pertaining to the income tax treatment of asset dispositions in Chapter 12 bankruptcy cases3 has been published. The first case, involving a hog farmer from Northern Iowa who had encountered disease problems in the swine herd and a series of accidents (following a period of low hog prices), tested the income tax rules enacted in 2005 for Chapter 12 filers. Although the decision was favorable to the taxpayers on some issues, the opinion did not go as far ...


What Is "Like-Kind" For Real Estate?, Neil E. Harl Nov 2006

What Is "Like-Kind" For Real Estate?, Neil E. Harl

Agricultural Law Digest

Since the earliest days of like-kind exchanges,1 the line between real property and depreciable tangible personal property has been indistinct, at best.2 Interestingly, the dichotomy between real and personal property is a creature of the Treasury regulations,3 not of the statute. The statute merely refers to “property”4 other than for separate provisions for real property and personal property indicating that foreign property is not “like-kind” to property located in the United States.5 Actually, the relevant authority has identified three classes of property eligible for like-kind exchange treatment – (1) real property,6 (2) depreciable tangible personal ...


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Nov 2006

Cases, Regulations, And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

Since the earliest days of like-kind exchanges,1 the line between real property and depreciable tangible personal property has been indistinct, at best.2 Interestingly, the dichotomy between real and personal property is a creature of the Treasury regulations,3 not of the statute. The statute merely refers to “property”4 other than for separate provisions for real property and personal property indicating that foreign property is not “like-kind” to property located in the United States.5 Actually, the relevant authority has identified three classes of property eligible for like-kind exchange treatment – (1) real property,6 (2) depreciable tangible personal ...


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Nov 2006

Cases, Regulations, And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

No abstract provided.


Health And Accident Insurance For "2%" S Corporation Shareholders, Neil E. Harl Nov 2006

Health And Accident Insurance For "2%" S Corporation Shareholders, Neil E. Harl

Agricultural Law Digest

Recent developments1 have called into question the availability of the “above-the-line” deduction for federal income tax purposes for “2 percent” shareholders of S corporations under certain circumstances.2 The problem is particularly acute for sole shareholders of S corporations.3


New Proposed Regulations On Private Annuities, Neil E. Harl Oct 2006

New Proposed Regulations On Private Annuities, Neil E. Harl

Agricultural Law Digest

On October 18, 2006, the Department of the Treasury issued new proposed regulations on private annuities1 which will affect most private annuities entered into after April 17, 2007 and some entered into after October 18, 2006.2 The proposed regulations will render the private annuity less attractive as an estate and business planning tool.3 Basically, the new rules specify that, in a private annuity setting, the transferor and transferee of property are left as if the transferor had sold the property for cash and used the proceeds to purchase an annuity contract.4 The established rule of deferring ...


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Oct 2006

Cases, Regulations, And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

No abstract provided.


The Latest On Reporting Csp Payments, Neil E. Harl Oct 2006

The Latest On Reporting Csp Payments, Neil E. Harl

Agricultural Law Digest

On September 25, 2006, the Internal Revenue Service published Rev. Rul. 2006-461 which states that – “. . . the Conservation Security Program is substantially similar to the type of program described in section 126(a)(1) through (8) of the Code within the meaning of section 126(a)(9). As a result, all or a portion of cost-share payments received under the CSP is eligible for exclusion from gross income to the extent permitted by section 126. The language of the ruling echoed the language appearing in the Federal Register2 in June of 2005 in which the Secretary of Agriculture stated ...


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Oct 2006

Cases, Regulations, And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

No abstract provided.


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Sep 2006

Cases, Regulations, And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

No abstract provided.


Planning For Retirement And Death Of A Partner, Neil E. Harl Sep 2006

Planning For Retirement And Death Of A Partner, Neil E. Harl

Agricultural Law Digest

Although the number of farm partnerships remains modest,1 the increase in use of limited liability companies in recent years2 has contributed to the need for planning for the retirement and death of partners in general partnerships, limited partnerships, limited liability companies (LLCs) and limited liability partnerships (LLPs), all of which are essentially taxed as partnerships.3 The significant differences in treatment of a partner at retirement and death compared to a sole owner or co-owner of assets add to the importance of careful planning in advance of either event.


Taxing Recoveries That Are Not "Personal Physical Injuries Or Physical Sickness", Neil E. Harl Sep 2006

Taxing Recoveries That Are Not "Personal Physical Injuries Or Physical Sickness", Neil E. Harl

Agricultural Law Digest

With a pair of U.S. Supreme Court decisions in 2005 on handling litigation costs including contingent attorney’s fees1 and an attempt by Congress to resolve the controversy for such fees and expenses in 20042 with respect to costs associated with discrimination in employment and enforcement of civil rights,3 many thought the taxation of settlements and court judgments involving “personal physical injuries or physical sickness” was, at long last, settling down and taxpayers and tax practitioners could expect a modicum of certainty for a few years. However, the recently decided case of Murphy v. United States ...


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Sep 2006

Cases, Regulations, And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

No abstract provided.


Pension Protection Act Of 2006, Roger A. Mceowen Sep 2006

Pension Protection Act Of 2006, Roger A. Mceowen

Agricultural Law Digest

Overview. On August 17, President Bush signed into law the Pension Protection Act (Act) of 2006,1 the first comprehensive pension legislation in more than 30 years. The Act is massive, is designed to strengthen traditional pension plans that cover approximately 44 million Americans (primarily in the manufacturing and other non-service industries) and will certainly make retirement planning for businesses and individuals more complex.2 The Act also creates new rules governing charitable donations for businesses and individuals, as well as the operation of charities. In addition, the Act includes numerous miscellaneous provisions and technical corrections.


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Sep 2006

Cases, Regulations, And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

No abstract provided.


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Aug 2006

Cases, Regulations, And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

No abstract provided.


Complications In Leaving Farmland Or A Personal Residence To Charity, Neil E. Harl Aug 2006

Complications In Leaving Farmland Or A Personal Residence To Charity, Neil E. Harl

Agricultural Law Digest

For those who want to leave farmland or a personal residence to a charitable organization, with an income tax or federal estate tax deduction1 but set it up such that the income goes to the surviving spouse, it’s been possible to use a very simple procedure – a life estate to the surviving spouse and a remainder interest to the charity.2 The alternative, if a charitable deduction is desired, as is nearly always the case, is to set up a charitable remainder annuity trust, charitable remainder unitrust or a pooled income fund.3 The simplicity of a legal ...


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Aug 2006

Cases, Regulations, And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

No abstract provided.


Further Guidance On Where Real Property Interests Constitute An Interest In A Closely-Held Business For Purposes Of I.R.C. § 6166, Neil E. Harl Aug 2006

Further Guidance On Where Real Property Interests Constitute An Interest In A Closely-Held Business For Purposes Of I.R.C. § 6166, Neil E. Harl

Agricultural Law Digest

The rules for “15-year”1 installment payment of federal estate tax2 require that the value of an “interest in a closely held business” exceeds 35 percent of the adjusted gross estate.3 The statute specifies that an interest in a closely held business means an interest as a proprietor in a trade or business carried on by a proprietorship, an interest as a partner in a partnership carrying on a trade or business or stock in a corporation carrying on a trade or business.4 However, there is no statutory guidance on the circumstances in which ownership of real ...


Federal Estate Tax Discounts For Potential Income Tax Liability For Retirement Accounts?, Neil E. Harl Jul 2006

Federal Estate Tax Discounts For Potential Income Tax Liability For Retirement Accounts?, Neil E. Harl

Agricultural Law Digest

It’s been well-established for decades that discounts in valuation for federal estate tax and federal gift tax purposes could be claimed on corporate stock (and partnership interests) for minority interest and non-marketability.1 And it has been clear for nearly two decades that discounts could be claimed for co-ownership interests as well.2 Moreover, for nearly a decade, in valuing corporate stock, courts have allowed a discount for potential income tax liability.3


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Jul 2006

Cases, Regulations, And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

No abstract provided.


Disposition Of Installment Obligations By An Estate Or Trust, Neil E. Harl Jul 2006

Disposition Of Installment Obligations By An Estate Or Trust, Neil E. Harl

Agricultural Law Digest

With several exceptions, the rule is clear that the privilege of income deferral by installment reporting of gain is personal to the seller and cannot be transferred to another taxpayer.1 Usually, that question is raised with estates (or trusts) as to installment obligations entered into before death, which involves “income in respect of decedent”,2 for installment obligations transferred in whole or in part at death to an obligor (or the obligor) under the installment contract3 or for installment obligations cancelled at death.4


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Jul 2006

Cases, Regulations, And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

No abstract provided.


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Jun 2006

Cases, Regulations, And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

No abstract provided.


Tax Increase Prevention And Reconciliation Act Of 2005, Roger A. Mceowen Jun 2006

Tax Increase Prevention And Reconciliation Act Of 2005, Roger A. Mceowen

Agricultural Law Digest

On May 17, the President signed into law the “Tax Increase Prevention and Reconciliation Act of 2005” (H.R. 4297).1 On May 9, House-Senate conferees reached an agreement on the bill and the House passed it the next day by a vote of 244 to 185. The Senate passed the bill by a 54-44 margin on May 11. The bill is estimated to reduce taxes by $70 billion over the next decade. The major provisions of the bill extend the current rates for capital gains and dividends as well as the enhanced expense method depreciation amount. Also included is ...


Cases, Regulations, And Statutes, Robert P. Achenbach Jr May 2006

Cases, Regulations, And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

No abstract provided.


U.S. Supreme Court Clarifies Extent Of State Medicaid Lien Statutes, Roger A. Mceowen May 2006

U.S. Supreme Court Clarifies Extent Of State Medicaid Lien Statutes, Roger A. Mceowen

Agricultural Law Digest

Medicaid is the joint federal/state program that pays for long-term health care in a nursing home.1 To be able to receive Medicaid benefits, an individual must meet numerous eligibility requirements but, in short, must have a very minimal level of income and assets. State law typically allows the state Medicaid agency to file a claim in a deceased Medicaid recipient’s estate to recoup Medicaid benefits paid during the recipient’s lifetime,2 and also authorizes a statutory lien to the extent of Medicaid benefits paid.3 In general, the amount of the lien is set at the ...