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Cases, Regulations And Statutes, Robert P. Achenbach Jr. Dec 1992

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

Agricultural Law Digest

No abstract provided.


When Discharge Of Indebtedness Occurs If The Debtor Is Not In Bankruptcy, Neil Harl Dec 1992

When Discharge Of Indebtedness Occurs If The Debtor Is Not In Bankruptcy, Neil Harl

Agricultural Law Digest

As was noted in the March 30, 1990 issue of Agricultural Law Digest, whether discharge of indebtedness occurs for debtors in bankruptcy depends upon the chapter of the Bankruptcy Code. For Chapter 12 debtors, discharge of indebtedness takes place upon completion of payments under the plan.

For debtors not in bankruptcy, the rules for when discharge of indebtedness take place are different and the consequences are also quite different.


Cumulative Index, Volume 3 Nos. 13–24, Agricultural Law Digest Dec 1992

Cumulative Index, Volume 3 Nos. 13–24, Agricultural Law Digest

Agricultural Law Digest

No abstract provided.


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Nov 1992

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

Agricultural Law Digest

No abstract provided.


Taxing Joint Tenancy Property, Neil Harl Nov 1992

Taxing Joint Tenancy Property, Neil Harl

Agricultural Law Digest

Although joint tenancy (and tenancy by the entirety in the few states where that form of co-ownership is recognized) is apparently used less frequently than three or four decades ago, joint ownership is still widely used, particularly for real property co-ownership.

A recent decision has focused attention on the issue of income tax basis of joint tenancy (or tenancy by the entirety) property after the death of the first joint tenant to die.


Single Class Of Stock In S Corporations, Neil Harl Nov 1992

Single Class Of Stock In S Corporations, Neil Harl

Agricultural Law Digest

Almost from the day of enactment of Subchapter S of the Internal Revenue Code in 1958, the single class of stock requirement has generated questions that have led to extensive litigation, repeated attempts to address the issues by regulation and numerous rulings in an effort to resolve the issues involved. The major area of concern has been the line between debt securities and equity interests, particularly where the debt securities represented shareholder loans.


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Nov 1992

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

Agricultural Law Digest

No abstract provided.


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Oct 1992

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

Agricultural Law Digest

No abstract provided.


Preferred Stock And Special Use Valuation, Neil Harl Oct 1992

Preferred Stock And Special Use Valuation, Neil Harl

Agricultural Law Digest

The special use valuation statute clearly contemplates that land held by an entity should be eligible for special use valuation. However, regulations have not been issued providing guidance on the procedure for valuing land held by a corporation, partnership or trust even though the issuance of regulations was mandated in the statute, enacted in 1976. Other than for a Tax Court case holding that a corporation could not utilize special use valuation and at the same time claim a minority discount, until the issuance of a 1992 private letter ruling, estates have been forced to rely on the general guidance ...


Resale Of Land Purchased Under Installment Obligation, Neil Harl Sep 1992

Resale Of Land Purchased Under Installment Obligation, Neil Harl

Agricultural Law Digest

For decades, taxpayers have tried various strategies for selling land, qualifying the transaction for installment reporting of the gain with the land then resold to a third party for cash. Often, the initial transaction involved related parties with the resale typically made to a developer who paid cash and received title to the property. The result of the two stage transaction, if successful, was to have the initial buyer in possession of the full purchase price with the initial buyer making payments to the initial seller who reports the gain over the period of the installment obligation.


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Sep 1992

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

Agricultural Law Digest

No abstract provided.


General Asset Account Depreciation, Agricultural Law Digest Sep 1992

General Asset Account Depreciation, Agricultural Law Digest

Agricultural Law Digest

The IRS has issued proposed regulations which simplify the computation of depreciation by allowing taxpayers to group assets in one or more general asset accounts with the assets in any particular asset account depreciated as a single asset. The regulations apply to assets placed in service in taxable years ending on or after the date of publication of the final regulation. For prior taxable years, the IRS indicated that it will allow use of any reasonable method that clearly reflects income and is consistently applied to the general asset accounts.


The Cost Of Home Ownership In Vermont, 1975-1990, Arthur G. Woolf Sep 1992

The Cost Of Home Ownership In Vermont, 1975-1990, Arthur G. Woolf

New England Journal of Public Policy

Housing prices in Vermont, like those in the other New England states, shot up dramatically during the economic boom of the 1980s. This article investigates the causes of that price increase and focuses on the cost of home ownership in Vermont in the years 1975 to 1990. Cost of home ownership is defined as the percentage of family income needed to finance an average-price home. Although prices skyrocketed during the 1980s, the actual cost of home ownership as a percentage of income was about 15 percent greater in 1990 than it was during the mid-1970s. Housing price increases are expected ...


Transfer Of Residence With Continued Occupancy, Neil Harl Sep 1992

Transfer Of Residence With Continued Occupancy, Neil Harl

Agricultural Law Digest

The rule has been well established that a transfer of a residence to a spouse with occupancy by the transferring spouse until death, would not result in inclusion of the value of the residence in the transferor's gross estate under a theory of a retained life estate. The courts have consistently required proof of at least an implied agreement between the husband and wife (assuming the transferring spouse continued occupancy) before that spouse is held to have retained possession or enjoyment so as to require inclusion of the residence in the gross estate. If the transferor is to prevail ...


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Sep 1992

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

Agricultural Law Digest

No abstract provided.


Claiming Motor Vehicle Deductions, Neil Harl Aug 1992

Claiming Motor Vehicle Deductions, Neil Harl

Agricultural Law Digest

A taxpayer may, on a yearly basis, deduct an amount equal to either (1) the business standard mileage rate (at 28 cents per mile for all business miles for 1992) times the number of business miles traveled or (2) the actual costs (both operating and fixed) paid or incurred by the taxpayer allocable to business miles.


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Aug 1992

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

Agricultural Law Digest

No abstract provided.


Cautionary Note On Scin's, Neil Harl Aug 1992

Cautionary Note On Scin's, Neil Harl

Agricultural Law Digest

The concept of self-cancelling installment notes or SCIN's grew out of a 1980 Tax Court decision holding that an arrangement involving the cancellation at the death of the seller of the remaining payments due on an installment obligation would not be treated as a transfer with a retained life estate. The publication in 1986 of Rev. Rul. 86-723 essentially validated the concept and provided guidelines for classifying arrangements as private annuities, SCIN's or conventional installment sales. Since 1986, SCIN's have come to be viewed as a useful planning device in some settings. In particular, many view SCIN ...


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Aug 1992

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

Agricultural Law Digest

No abstract provided.


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Jul 1992

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

Agricultural Law Digest

No abstract provided.


Paying Wages In Kind: Proposed Repeal Of The Provision, Neil Harl Jul 1992

Paying Wages In Kind: Proposed Repeal Of The Provision, Neil Harl

Agricultural Law Digest

Tucked away in a remote corner of the Revenue Act of 1992 lies the long-expected Congressional challenge to the practice of payment of wages in kind to agricultural labor. Barring a major lobbying effort, the provision is likely to be aboard the next major tax bill to pass the Congress.


Revenue Act Of 1992 (Proposed) Summary Of Selected Provisions, Neil Harl Jul 1992

Revenue Act Of 1992 (Proposed) Summary Of Selected Provisions, Neil Harl

Agricultural Law Digest

The legislation would extend on a permanent basis the targeted jobs credit and would restore individuals aged 23 and 24 to the category of economically disadvantaged youth. The provision would be effective for individuals who begin work for an employer after June 30, 1992.


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Jul 1992

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

Agricultural Law Digest

No abstract provided.


Avoiding Self-Employment Tax, Neil Harl Jul 1992

Avoiding Self-Employment Tax, Neil Harl

Agricultural Law Digest

Two recent private letter rulings issued about a month apart in late 1991 have provided additional guidance on the IRS national office position on two of the strategies used to avoid self-employment tax. In both rulings, the IRS position was adverse to the taxpayers.


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Jul 1992

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

Agricultural Law Digest

No abstract provided.


No Interest Deduction For Private Annuities, Neil Harl Jul 1992

No Interest Deduction For Private Annuities, Neil Harl

Agricultural Law Digest

Although a 1929 case, Commissioner v. Moore Corp., had suggested that an interest deduction could be claimed by the obligor under a private annuity arrangement, cases considering the issue since that time have held that no part of the payments made under private annuities involving the acquisition of property is deductible as interest. A 1992 decision by the U.S. Claims Court, Rye v. United States, is in accord with the view that an interest deduction may not be claimed by the obligor and the imputed interest rules likewise do not apply to private annuities.


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Jun 1992

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

Agricultural Law Digest

No abstract provided.


Capitalizing Preproductive Period Expenditures, Neil Harl Jun 1992

Capitalizing Preproductive Period Expenditures, Neil Harl

Agricultural Law Digest

Few have forgotten the provision in the Tax Reform Act of 1986 requiring the capitalization of preproductive period expenditures for animals or crops having a preproductive period of more than two years. The provision was repealed as to animals in the Technical and Miscellaneous Revenue Act of 1988. However, problems may now be encountered by those who elected out of the provision before 1989.


Cases, Regulations, And Statutes, Robert P. Achenbach Jr. Jun 1992

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

Agricultural Law Digest

No abstract provided.


Cumulative Index, Vol. 3 Nos. 1–12, Agricultural Law Digest Jun 1992

Cumulative Index, Vol. 3 Nos. 1–12, Agricultural Law Digest

Agricultural Law Digest

No abstract provided.