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The Budgetary And Resource Allocation Effects Of Revenue Assurance: Summary Of Results, Dermot J. Hayes, Bruce A. Babcock, David A. Hennessy 2016 Iowa State University

The Budgetary And Resource Allocation Effects Of Revenue Assurance: Summary Of Results, Dermot J. Hayes, Bruce A. Babcock, David A. Hennessy

Dermot J. Hayes

One of the more intriguing alternatives under consideration for the 1995 farm bill is the "Iowa Plan.'' This idea originated with a group oflowa's farm and commodity organizations.


Deductible Livestock Costs For Adjusting 2016 Income Tax Returns, Alejandro Plastina 2016 Iowa State University

Deductible Livestock Costs For Adjusting 2016 Income Tax Returns, Alejandro Plastina

Ag Decision Maker Information Files

Estimated deductible costs for use in adjusting farm expenses to exclude the cost of producing home-consumed farm produce.


Taking Stock: Why The Supreme Court’S Decision To Apply The Market-Value Standard In Horne Ii Further Complicates The Just Compensation Requirement, Greg Seidner 2016 University of New Hampshire School of Law

Taking Stock: Why The Supreme Court’S Decision To Apply The Market-Value Standard In Horne Ii Further Complicates The Just Compensation Requirement, Greg Seidner

University of New Hampshire Law Review

The Fifth Amendment’s Takings Clause does not prevent the federal (or a state) government from taking private property. It merely sets as a condition that the government pay the owner “just compensation” for the taking. Precisely what constitutes just compensation, however, is a tricky matter. One method for determining just compensation is the “market-value” method, which requires the government to pay the owner the property’s market value. But where a taking is only partial, that is, where the government takes only a portion of private property, the property that remains with the owner may see an increase or ...


The 2002 Senate Farm Bill: The Ban On Packer Ownership Of Livestock, Roger A. McEowen, Peter C. Carstensen, Neil E. Harl 2016 Kansas State University

The 2002 Senate Farm Bill: The Ban On Packer Ownership Of Livestock, Roger A. Mceowen, Peter C. Carstensen, Neil E. Harl

Neil E. Harl

On December 13, 2001, the United States Senate approved an amendment to the Senate Farm Bill making it unlawful for a packer to own, feed, or control livestock intended for slaughter more than fourteen days prior to slaughter. 1 The amendment includes exemptions for packing houses owned by farmer cooperatives, and packers with less than two percent of national slaughter. The amendment was approved 51-46, and became part of the Senate Farm Bill.2 In early 2002, the amendment language was clarified to prohibit arrangements that give packers ―operational, managerial, or supervisory control over the livestock, or over the farming ...


Soil Expenditures, Neil E. Harl 2016 Iowa State University

Soil Expenditures, Neil E. Harl

Neil E. Harl

Historically, expenditures to improve the productivity of soil have been viewed as capital in nature and not deductible. Over the past four decades Congress has acted to make some expenditures deductible if specified conditions are met.


Taxing Agricultural Program Payments, Neil E. Harl 2016 Iowa State University

Taxing Agricultural Program Payments, Neil E. Harl

Neil E. Harl

As a general rule agricultural program payments received in cash or in materials or services are includible in income. The time at which the amounts are received or made available under constructive receipt principles is ordinarily the time the payments are to be included in income. Amounts are "made available" in the year in which farm program payment requirements have been met, regardless of whether an application had been signed to receive final payment. Thus, if federal farm program payments are made available in one year with an option to accept payment in the following year, the amount made available ...


Tax-Free Incorporation, Neil E. Harl 2016 Iowa State University

Tax-Free Incorporation, Neil E. Harl

Neil E. Harl

For several years, relatively little change had been made in the rules governing the tax-free exchange of property to a corporation. The questions raised in the 1970s about how to handle basis allocation between stock and debt securities had been answered. The problems of distinguishing debt and equity securities had not been resolved but that issue seemed to be less of a burning concern with IRS than it was until the proposed regulations issued in 1980 were revoked in 1983 before becoming final.


Revenue Reconciliation Act Of 1990, Neil E. Harl 2016 Iowa State University

Revenue Reconciliation Act Of 1990, Neil E. Harl

Neil E. Harl

The legislation imposes a 31 percent marginal tax rate above the 15 and 28 percent marginal tax rate brackets. The phase-outs of the benefits from the 15 percent rate and the personal exemption amounts (creating the so-called "bubble") are repealed. The new 31 percent rate begins at the same level of taxable income as the phase-out range of prior law.


Proposed Regulations Issued For Estate "Freezes", Neil E. Harl 2016 Iowa State University

Proposed Regulations Issued For Estate "Freezes", Neil E. Harl

Neil E. Harl

The repeal of I.R.C. § 2036(c) in 1990 as part of the Revenue Reconciliation Act of 1990 was accompanied by enactment of rules shifting estate freezes away from federal estate tax and toward the federal gift tax arena. Proposed regulations have now been issued for the statute, I.R.C. § 2701-2704.


Turn Over Of Assets To Creditors, Neil E. Harl 2016 Iowa State University

Turn Over Of Assets To Creditors, Neil E. Harl

Neil E. Harl

From 1983 to 1989, US agricultural debt dropped by about $60 billion as debts were discharged in bankruptcy, obligations were restructured with debt written off and property was deeded back to creditors. The resulting tax consequences created highly significant income tax burdens for debtors and contributed to various proposals for debtor relief from tax liability. However, except for relief from alternative minimum tax liability stemming from capital gains and a new solvent farm debtor rule for discharge of indebtedness, farm and ranch debtors were consigned to working through their debt problems within existing tax law.


The Gross Income Test For Chapter 12 Bankruptcy Eligibility, Neil E. Harl 2016 Iowa State University

The Gross Income Test For Chapter 12 Bankruptcy Eligibility, Neil E. Harl

Neil E. Harl

Chapter 12, added to the Bankruptcy Code in 1986 may be initiated only voluntarily and is available only to a "family farmer" whose debts do not exceed $1,500,000. At least 80 percent of the debts (other than debts on the principal residence unless the debt arose out of a farming operation) must have arisen out of a farming operation owned or operated by the debtor or debtor and spouse. Moreover, an individual debtor or debtor and spouse must have earned more than 50 percent of their gross income from farming for the preceding taxable year. Closely held corporations ...


Type Of Lease For An S Corporation, Neil E. Harl 2016 Iowa State University

Type Of Lease For An S Corporation, Neil E. Harl

Neil E. Harl

Since enactment of the S corporation concept in 1958, it has been important to give careful thought to the kind of lease entered into by S corporations as landowners. In the years since the major amendments to Subchapter S of the Internal Revenue Code in 1982, The type of lease has been less important for some S corporations but it is still a major checklist item for S corporation planning.


Self-Cancelling Installment Notes, Neil E. Harl 2016 Iowa State University

Self-Cancelling Installment Notes, Neil E. Harl

Neil E. Harl

Until 1980, it was generally believed that an installment contract set up with remaining payments cancelled after the death of the contract seller would be treated as a transfer with a retained life estate. That was sufficient to discourage use of such a concept.


Tax Free Incorporation–Ii, Neil E. Harl 2016 Iowa State University

Tax Free Incorporation–Ii, Neil E. Harl

Neil E. Harl

In the June 8, 1990, issue of Agricultural Law Digest, we discussed a 1989 amendment specifying that, with some exceptions, for transfers after October 2, 1989, debt securities issued as part of a tax free exchange are treated as boot. Gain is recognized to the extent of boot received by the transferor.


Private Annuity: Useful Concept Or Troublemaker?, Neil E. Harl 2016 Iowa State University

Private Annuity: Useful Concept Or Troublemaker?, Neil E. Harl

Neil E. Harl

As an estate planning concept, the private annuity is seldom included in formal estate plans but more frequently employed by families acting without professional assistance who are seeking to assure income for so long as the parents live. The private annuity is best known for the problems inherent in its use; however, there are situations where the private annuity can be a useful part of an overall estate plan.


Handling Income Under Drought Provisions, Neil E. Harl 2016 Iowa State University

Handling Income Under Drought Provisions, Neil E. Harl

Neil E. Harl

The widespread drought in 1988 and the dry conditions in some areas in 1989 have focused a great deal of attention on how income should be reported under the various drought provisions.


Expense Method Depreciation, Neil E. Harl 2016 Iowa State University

Expense Method Depreciation, Neil E. Harl

Neil E. Harl

Recently published proposed regulations to the expense method depreciation rules have provided firm guidance on the position of the Department of the Treasury on several key issues involving the 1986 amendments to the expense method depreciation statute.


Farm Leases And Passive Activity Losses, Neil E. Harl 2016 Iowa State University

Farm Leases And Passive Activity Losses, Neil E. Harl

Neil E. Harl

Enactment of the passive activity loss rules in 1986 was motivated by a desire to curb tax shelter abuses and to correct the misallocation of resources caused by tax-induced investment in agriculture and elsewhere in the economy. Thus, it is not surprising that the provisions have caused economic pain. One provision, involving the deduction of up to $25,000 for losses attributable to "rental real estate activities," has led to taxpayer confusion and uncertainty for their tax advisors.


Paying Wages In Kind For Agricultural Labor, Neil E. Harl 2016 Iowa State University

Paying Wages In Kind For Agricultural Labor, Neil E. Harl

Neil E. Harl

Beginning in 1990, cash remuneration paid to an agricultural laborer is subject to mandatory income tax withholding. Prior to 1990, employers were not required to withhold federal income tax on wages paid to agricultural labor. However, agricultural employees could, if their employers agreed, choose voluntarily to have income tax withheld from wages. The enactment of mandatory income tax withholding plus the gradual increase in FICA tax (increasing from 7.51 percent of the first $48,000 of wages in 1989 to 7.65 percent of the first $51,300 of wages in 1990) have given added impetus to the payment ...


Forgiving Debt: Purchase Price Adjustment, Neil E. Harl 2016 Iowa State University

Forgiving Debt: Purchase Price Adjustment, Neil E. Harl

Neil E. Harl

In the last three issues, the discussion focused upon the discharge of indebtedness as a result of transfers of property to creditors, discharge of indebtedness for insolvent debtors and those in bankruptcy, and discharge of indebtedness for solvent farm debtors. Another possibility for handling discharged debt, and one that has been very important to many farm debtors in recent years, is purchase price adjustment.


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