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Cases, Regulations And Statutes, Robert P. Achenbach Jr Feb 2018

Cases, Regulations And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

No abstract provided.


After Repeal Of The “Small Partnership” In 2015, What Next?, Neil E. Harl Feb 2018

After Repeal Of The “Small Partnership” In 2015, What Next?, Neil E. Harl

Agricultural Law Digest

After a shocking and unannounced repeal of the “small partnership” provision in late 2015, as part of the Bipartisan Budget Act of 2015,1 which was enacted as part of the Tax Equity and Fiscal Responsibility of 1982, the stunned users of that part of the 1982 Act began to raise questions. When does it go into effect? Will I end up with partnership status? Will I have a choice on what I can shift to? Will that shift be automatic or will it be an election? In the 27 months which have elapsed since enactment, not one word has ...


Cases, Regulations And Statutes, Robert P. Achenbach Jr Feb 2018

Cases, Regulations And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

No abstract provided.


The “Gallenstein” Rule: Slowly Slipping Away, Neil E. Harl Feb 2018

The “Gallenstein” Rule: Slowly Slipping Away, Neil E. Harl

Agricultural Law Digest

Most legal rules exist until the rule is repealed, the rule comes to the end of its stated term or is held to be unconstitutional. But one, the so-called “Gallenstein” Rule, which has been in existence only for 26 years, is slowly slipping into oblivion. That rule, the indirect product of the 1976 amendment of joint tenancy rules,1 did not emerge until 1991 when the case of Gallenstein v. United States was decided by the Federal District Court of the Eastern District of Kentucky and the case was later affirmed by the Sixth Circuit Court of Appeals.2


Points To Watch With Revocable Trusts, Neil E. Harl Jan 2018

Points To Watch With Revocable Trusts, Neil E. Harl

Agricultural Law Digest

Revocable trusts go by several names – living trusts, inter vivos trusts, revocable trusts, grantor trusts – but regardless of name, the trusts bearing any of the names are basically the same, although such trusts should be read with care because the language used in the trust may affect the ultimate disposition of the property held in the trust. With such a trust, the grantor creates the trust by executing a trust agreement and ordinarily funds the trust by transferring property to the trust during the life of the grantor.


Cases, Regulations And Statutes, Robert P. Achenbach Jr Jan 2018

Cases, Regulations And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

No abstract provided.


Tax Cut And Jobs Act, Neil E. Harl, Charles F. Curtiss Jan 2018

Tax Cut And Jobs Act, Neil E. Harl, Charles F. Curtiss

Agricultural Law Digest

Periodically, the Federal Government schedules a systematic view of issues confronting the country. The latest was concluded in late December 2017. The event was identified as focusing on “Tax Cuts and Jobs Act.” In this issue we focus on a range of issues and the results of tax rates and other important concerns.


Cases, Regulations And Statutes, Robert P. Achenbach Jr Jan 2018

Cases, Regulations And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

No abstract provided.


Index To Volume 28, Agricultural Law Digest Dec 2017

Index To Volume 28, Agricultural Law Digest

Agricultural Law Digest

No abstract provided.


Discounts For Co-Ownership Of Real Estate, Neil E. Harl Dec 2017

Discounts For Co-Ownership Of Real Estate, Neil E. Harl

Agricultural Law Digest

Today, discounts for co-ownership of interests in real estate are available generally and that has been the case since the late 1980s.1 Earlier cases involving undivided interests in tenancy in common were not eligible for a discount.2 The Youle case with a 12 ½ percent discount, the first case to allow a discount, was soon followed by discounts of up to 20 percent and, more recently, much larger discounts. For example, the case of Estate of Williams v. Commissioner,3 The discount allowed in that Tax Court decision for a gift of undivided interests in Florida timberland for ...


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Dec 2017

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

Agricultural Law Digest

No abstract provided.


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Nov 2017

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

Agricultural Law Digest

No abstract provided.


Unwarranted Downgrading Of “Partnerships And Partners”, Neil E. Harl Nov 2017

Unwarranted Downgrading Of “Partnerships And Partners”, Neil E. Harl

Agricultural Law Digest

The concepts of partners and partnerships have been firmly established in history from ancient times through the twentieth century but the harsh treatment by the United States Government over the past three or so decades has cast a dark shadow over the time-honored contributions that had become solidly anchored in history.1 From ancient times, the partnership has been viewed as a conduit-type entity that has provided flexible and effective service in the developing world.2


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Nov 2017

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

Agricultural Law Digest

No abstract provided.


The Two-Entity Business Model, Neil E. Harl Nov 2017

The Two-Entity Business Model, Neil E. Harl

Agricultural Law Digest

Without much doubt, one of the most difficult issues in farm estate and business planning, after the parents are either deceased or inactive, is leaving as direct heirs some of which are anticipating carrying on the farming (or ranching) operation and some of which are interested in obtaining a fair shake in terms of land ownership only.


Writing (And Living) A Succession Plan, Neil E. Harl Oct 2017

Writing (And Living) A Succession Plan, Neil E. Harl

Agricultural Law Digest

A half century ago, with land values hovering around $500 to $1,000 per acre, there was little talk of succession plans. The sons (and daughters) with farming in mind would usually strike out on their own and rent a half section (if they were lucky) and forge an agreement with the parents to use their equipment. In my case, after I fulfilled my military commitments, the half section I wanted to rent was suddenly unavailable because of the landlord’s conclusion that I posed too great a risk


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Oct 2017

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

Agricultural Law Digest

No abstract provided.


The Intricacies Of Income-In-Respect-Of Decedent, Neil E. Harl Sep 2017

The Intricacies Of Income-In-Respect-Of Decedent, Neil E. Harl

Agricultural Law Digest

Property held until death ordinarily is entitled to a new income tax basis, determined as of the date of death of the owner.1 However, property defined as “income-in-respect-of-decedent” at the death of the property owner is not eligible to receive a new income tax basis as of the death of the owner of the property.2 With the run-up in property values in recent years, the result can be a sharp difference in future income tax liability, depending upon the classification of the property at death. Without much doubt, the federal income tax provisions (as well as state income ...


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Sep 2017

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

Agricultural Law Digest

No abstract provided.


A Complete Misinterpretation Of The “Small Partnership” Exception, Neil E. Harl Sep 2017

A Complete Misinterpretation Of The “Small Partnership” Exception, Neil E. Harl

Agricultural Law Digest

The “small partnership” exception, enacted in 1982 as part of TEFRA,1 has been criticized in the past, mostly by the Joint Committee on Taxation, but never as irresponsibly as the recent release by the Office of Chief Counsel of the Internal Revenue Service, dated July 12, 2017 and released August 18, 2017.2 The author (or authors) write as though they had never read I.R.C. § 6231(a)(1)(B) of the Internal Revenue Code. The criticism comes less than six months before the “small partnership” exception is scheduled to be history unless an aggressive effort to save ...


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Sep 2017

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

Agricultural Law Digest

No abstract provided.


Retained And Granted Life Estates, Neil E. Harl Aug 2017

Retained And Granted Life Estates, Neil E. Harl

Agricultural Law Digest

Confusion sometimes reigns when mention is made of granted life estates and retained life estates. The two are quite different,1 and are governed by different rules. Retained life estates usually involve original ownership of property with the decision made to grant another a limited interest for a designated time but with retention of the remaining interest. A granted interest is the interest given to another but of less than the entire interest. As an example, the father as owner of a section of farmland purchased the land in 1970 and farmed the land himself but granted to his only ...


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Aug 2017

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

Agricultural Law Digest

No abstract provided.


Dividing Up Assets After Death, Neil E. Harl Aug 2017

Dividing Up Assets After Death, Neil E. Harl

Agricultural Law Digest

Dividing assets after death rarely poses a problem although there may be hurt feelings for years among those getting less than a proportionate share of the estate. The problems, if they develop in dividing up assets after death, usually arise where the parents left undivided interests in assets, particularly if the assets are of unequal value and an equal division is difficult or impossible to achieve. That could occur with one-of-a-kind personal property items or of farmland with widely varying productivity and value. Unfortunately, none of the alternatives will assure that all parties will be completely satisfied. However, some of ...


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Aug 2017

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

Agricultural Law Digest

No abstract provided.


History Of Annually Determined Prices For Ownership Interests, Neil E. Harl Jul 2017

History Of Annually Determined Prices For Ownership Interests, Neil E. Harl

Agricultural Law Digest

For active farms and ranches, one of the most difficult issues in estate and business planning is how to go about setting values for multiple ownership situations if both on-farm heirs and off-farm heirs are involved. Our experience has been that the task can be eased if –(1) the organizational documents (articles of incorporation, bylaws and shareholder agreements for corporations and the same as to partnerships and other organizational structures) have been agreed to by the owners as to how and when the valuation is to occur; (2) the valuation process has been carried out annually without exception; and (3 ...


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Jul 2017

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

Agricultural Law Digest

No abstract provided.


A Long-Term Concern: Repealing The Rule Against Perpetuities, Neil E. Harl Jul 2017

A Long-Term Concern: Repealing The Rule Against Perpetuities, Neil E. Harl

Agricultural Law Digest

We seem to be encountering all manner of unpleasant developments these days – bad weather, low commodity prices, disagreement in politics, the threat of rare infections and on and on. Some are comparable to what was encountered in our younger years and some appear, at least, to be targeting today’s population. But one, in particular, seems to be yoked with actions that, at first blush, looks harmless but may be the most disruptive in the long run.


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Jul 2017

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

Agricultural Law Digest

No abstract provided.


Good News For Estates With Portability In Mind, Neil E. Harl Jun 2017

Good News For Estates With Portability In Mind, Neil E. Harl

Agricultural Law Digest

The enactment of what has been dubbed “portability” in the Tax Relief Act of 20101 became famous for enabling the surviving spouse to utilize the remaining applicable exclusion amount (or applicable credit amount) of the last deceased spouse (dying after 2010) if a federal estate tax return was filed in the estate.2 The executor had to elect and that election had to be on a timely-filed federal estate tax return.3 A six month’s extension was allowed in order to file Form 706 for deaths in the first half of 2011 and to make a portability election ...