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Articles 31 - 49 of 49
Full-Text Articles in Social and Behavioral Sciences
Cancellation Of Installment Obligations, Neil E. Harl
Cancellation Of Installment Obligations, Neil E. Harl
Neil E. Harl
One of the most surprising — and far reaching — provisions in the Installment Sales Revision Act of 1980 was the section dealing with the cancellation or forgiveness of principal amounts by the seller. Before enactment of that legislation, it was generally believed by taxpayers and many tax practitioners that cancellation or forgiveness of principal did not result in negative income tax consequences to the seller forgiving or cancelling payments. Indeed, it had been reported that at least two District Directors of Internal Revenue had taken that position in writing. The 1980 legislative provision was clearly aimed at sellers (usually …
A Summary Of Provisions In The Food, Agriculture, Conservation And Trade Act Of 1990, S. 2830, Neil E. Harl
A Summary Of Provisions In The Food, Agriculture, Conservation And Trade Act Of 1990, S. 2830, Neil E. Harl
Neil E. Harl
This is the first of a two-part summary of the provisions of the 1990 farm bill. The next issue will contain a summary of the tax provisions of the 1990 budget bill and the following issue will contain a summary of the remaining portions of the 1990 farm bill.
Disposition Of Installment Obligations, Neil E. Harl
Disposition Of Installment Obligations, Neil E. Harl
Neil E. Harl
With relatively heavy use of the installment contract or contract for deed in transferring farmland, the transfer or other disposition of the contract poses substantial problems for contract sellers. The privilege of income deferral by installment reporting is generally personal to the seller and, with one major exception, does not outlast the period during which the obligation is held.
Discharge Of Indebtedness: Insolvent Debtors And Debtors In Bankruptcy, Neil E. Harl
Discharge Of Indebtedness: Insolvent Debtors And Debtors In Bankruptcy, Neil E. Harl
Neil E. Harl
In the last issue, we examined the income tax consequences of transfers of property to creditors in discharge of debt. In this article, the focus is on the discharge of indebtedness for debtors in bankruptcy and those insolvent who are not in bankruptcy. In the next issue, we'll examine the discharge of debt for solvent farm debtors.
Avoiding Special Use Valuation Recapture, Neil E. Harl
Avoiding Special Use Valuation Recapture, Neil E. Harl
Neil E. Harl
Although relatively less use has been made of special use valuation of land in recent years, the heavier use of the valuation option in the late 1970s and early 1980s can still lead to recapture. For deaths before 1982, the potential recapture period is 15 years after the death of the decedent; full recapture occurs within the first ten years with a phaseout between 10 and 15 years. For deaths after 1981, the recapture period has been reduced to 10 years after the decedent's death (or 10- years after the commencement of "qualified use" under the two year grace period). …
Depreciation Of Farm Property, Neil E. Harl
Depreciation Of Farm Property, Neil E. Harl
Neil E. Harl
Depreciation rules for farm and ranch property have been on a roller coaster ride over the past decade. The long-established depreciation rules were supplanted by the Accelerated Cost Recovery System (ACRS) in 1981, then the Modified Accelerated Cost Recovery System (MACRS) in 1986 and now a slow-down beginning in 1989 for property used in a farming business.
Discharge Of Indebtedness: For A Solvent Farm Debtor, Neil E. Harl
Discharge Of Indebtedness: For A Solvent Farm Debtor, Neil E. Harl
Neil E. Harl
Until 1987, a procedure was available for avoiding income tax for solvent debtors generally. That procedure involved an election to reduce the income tax basis of depreciable assets for qualified business indebtedness. However, that elective procedure was repealed in 1986 effective at the end of that year. The same legislation repealing the solvent debtor rule enacted a provision for solvent farm debtors. The statute was amended substantially in 1988.
Corporate Ownership Of The Farm Residence, Neil E. Harl
Corporate Ownership Of The Farm Residence, Neil E. Harl
Neil E. Harl
For farmers and ranchers considering incorporating, one of the major questions is whether the farm or ranch residence or residences should be transferred to the newly formed corporation. From an income tax perspective, residential costs are deductible for an unincorporated taxpayer only to the extent of mortgage interest and property taxes and costs associated with business use of the residence such as an office "used regularly and on an exclusive basis" for business purposes.
A Summary Of Provision In The Food, Agriculture, Conservation And Trade Act Of 1990, S. 2830, As Amended By The Agricultural Reconciliation Act Of 1990, Neil E. Harl
Neil E. Harl
This is the second part of a two-part summary of the provisions of the 1990 farm bill. The first part appeared in Vol. 1, No. 25, Nov. 9, 1990.
Abandonment In Bankruptcy, Neil E. Harl
Abandonment In Bankruptcy, Neil E. Harl
Neil E. Harl
Bankruptcy is designed to accomplish two objectives — (1) assure fair and equitable treatment of the unsecured creditors (the secured creditors are entitled to payment up to the value of their collateral and beyond that are unsecured creditors) and (2) provide a "fresh start" to the debtor. The concept of abandonment now poses a collision of those two objectives.
Adjusting Basis For Discharged Debt, Neil E. Harl
Adjusting Basis For Discharged Debt, Neil E. Harl
Neil E. Harl
The final step in handling discharged debt involves the reduction of the basis of the debtor's property or of the debtor's depreciable property if the debtor elects to reduce basis before reducing the other tax attributes. The timing of basis reduction is the same in all instances – basis is reduced at the beginning of the year after the year of debt discharge. The major concern with basis reduction is the order in which the debtor's assets are subject to basis reduction.
Avoiding Acceleration Of Installment Payment Of Federal Estate Tax, Neil E. Harl
Avoiding Acceleration Of Installment Payment Of Federal Estate Tax, Neil E. Harl
Neil E. Harl
For those who have used installment payment of federal estate tax to defer tax payment over 177 months after death, a major concern is avoiding acceleration of the deferred tax and loss of the four percent interest rate on the first $345,800 of tax less the unified credit. For farm and ranch estates using the deferred payment option, post-death planning is needed to avoid acceleration.
"Midstream" Incorporation Considerations, Neil E. Harl
"Midstream" Incorporation Considerations, Neil E. Harl
Neil E. Harl
The basic requirements for a tax-free incorporation are relatively mechanical—(1) the transfer must be solely for stock in the corporation and (2) the transferors must be "in control" of the corporation immediately after the exchange. This requires that the transferors end up with at least 80 percent of the combined voting power of all classes of voting stock and at least 80 percent of the total number of shares of all other classes of stock.
The Failure Of Multi-Year Hedge-To-Arrive Contracts, Sergio H. Lence, Marvin Hayenga, Neil E. Harl
The Failure Of Multi-Year Hedge-To-Arrive Contracts, Sergio H. Lence, Marvin Hayenga, Neil E. Harl
Neil E. Harl
In the late 1980s, grain elevators in Ohio developed the hedge-to-arrive contract (HTA) to induce farmers to use their grain handling facilities and/or merchandising services. Farmers wanted to use HTAs to lock-in abnormally attractive price levels for more years of expected production. Supposedly, the multiple-year HTA would lock-in those attractive prices without farmer margin calls (money required by commodity brokers as security against default) if futures prices rose further. A National Grain and Feed Association survey in early 1996 found that 45 percent of responding elevators offered single or multi-year HTAs, accounting for 6 percent of their grain volume. Many …
Implications Of Changes (Structural And Market) On Farm Management And Marketing Research, George R. Allen, Lester S. Kellogg, G. Edward Schuh, Vernon W. Pherson, Reynold P. Dahl, Rex F. Daly, Dale E. Hathaway, Neil E. Harl, Earl O. Heady, A. Gordon Ball, Glenn L. Johnson, Dale O. Anderson, Lowell D. Hill, John C. Redman, Robert W. Rudd, B. F. Jones, A. Allen Schmid, Karl A. Fox, George D. Irwin, R. L. Kohls, John E. Lee Jr., Thomas T. Stout
Implications Of Changes (Structural And Market) On Farm Management And Marketing Research, George R. Allen, Lester S. Kellogg, G. Edward Schuh, Vernon W. Pherson, Reynold P. Dahl, Rex F. Daly, Dale E. Hathaway, Neil E. Harl, Earl O. Heady, A. Gordon Ball, Glenn L. Johnson, Dale O. Anderson, Lowell D. Hill, John C. Redman, Robert W. Rudd, B. F. Jones, A. Allen Schmid, Karl A. Fox, George D. Irwin, R. L. Kohls, John E. Lee Jr., Thomas T. Stout
Neil E. Harl
This conference was really an outgrowth of an earlier conference on Structural Changes in Commercial Agriculture (CAED Report 24) held in Chicago, April 12-14, 1965. While the earlier conference emphasized structural changes in the agricultural industry and their implications for education and extension, the 1967 conference focused on research.
The Structural Transformation Of The Agricultural Sector, Neil E. Harl
The Structural Transformation Of The Agricultural Sector, Neil E. Harl
Neil E. Harl
A major concern as we move into the Twenty-first Century is the structure of the agricultural sector. By structure, is meant considerations of size and scale as well as who is to manage, control and finance farming and agribusiness operations.
Policy Considerations Related To Further Intervention In The Farm Credit System, Neil E. Harl
Policy Considerations Related To Further Intervention In The Farm Credit System, Neil E. Harl
Neil E. Harl
The Farm Credit System Is a major participant in extending credit to and brokering losses from the agricultural sector during the current adjustment process. This article focuses on the problems faced by the system as a cooperative lender with relatively little diversity in its loan portfolio. Assistance to the system should be accompanied by organizational and structural changes that address the fundamental reasons for its vulnerability. Conditions suggest three basic choices: (1) preservation of the system in recognizable form, (2) decentralization to the district level, or (3) a shift toward a wholesaling function. One realistic alternative would involve a combination …
Economic Perspectives On Gmo Market Segregation, John A. Miranowski, Giancarlo Moschini, Bruce A. Babcock, Michael Duffy, Robert Wisner, John C. Beghin, Dermot J. Hayes, Sergio H. Lence, C. Phillip Baumel, Neil E. Harl
Economic Perspectives On Gmo Market Segregation, John A. Miranowski, Giancarlo Moschini, Bruce A. Babcock, Michael Duffy, Robert Wisner, John C. Beghin, Dermot J. Hayes, Sergio H. Lence, C. Phillip Baumel, Neil E. Harl
Neil E. Harl
Genetically modified .organisms (GMO) crops have become increasingly popular with Iowa farmers over the past few,years. The current genetic modifications are focused on pest management technologies. Although there were early efforts by environmental activists to disrupt the adoption of GMO technology, few concerns were raised by U.S. food retailers and consumers., The primary concern was getting European Union (EU) regulatory-approval for each GMO crop variety event as late as spring 1999. The situation has changed dramatically in the last few months, and the current situation is highly uncertain. .
Economic Impact And Impacts Of Continuing To Proceed As We Are Now, Neil E. Harl
Economic Impact And Impacts Of Continuing To Proceed As We Are Now, Neil E. Harl
Neil E. Harl
A major concern as we move into the Twenty-first Century is the structure of the agricultural sector. By structure, is meant considerations of size and scale as well as who is to manage, control and finance farming and agribusiness operations.