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Transfer Of Residence With Continued Occupancy, Neil Harl 2017 Iowa State University

Transfer Of Residence With Continued Occupancy, Neil Harl

Neil E. Harl

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 ...


Taxing Joint Tenancy Property, Neil Harl 2017 Iowa State University

Taxing Joint Tenancy Property, Neil Harl

Neil E. Harl

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.


Deferred Payment Sales: Amt Liability, Neil E. Harl 2017 Iowa State University

Deferred Payment Sales: Amt Liability, Neil E. Harl

Neil E. Harl

Since enactment of the Installment Sales Revision Act of 1980, which permitted the installment sale of grain and livestock, questions have been raised regarding the continuing availability of the deferred payment procedure established by cases and rulings. In recent years, the importance of the question of whether both procedures can be used has been magnified by the 1986 enactment subjecting installment sales of inventory property to potential liability for alternative minimum tax.6 A recent IRS technical advice memorandum (TAM) has provided some insight to the IRS national office position on the two issues — (1) are installment sales of inventory ...


Gifts Of Grain And Other Farm Commodities, Neil E. Harl 2017 Iowa State University

Gifts Of Grain And Other Farm Commodities, Neil E. Harl

Neil E. Harl

The sale of assets held by the taxpayer primarily for sale to customers in the ordinary course of business (such as grain or market livestock) usually produces ordinary income. That rule has encouraged gifts of grain and other farm commodities to spouses, children, grandchildren or other family members who are not considered to be holding the gift property for sale to customers. The outcome is capital asset treatment for gains and avoidance of liability for self-employment tax.


Leasing Personal Property, Neil Harl 2017 Iowa State University

Leasing Personal Property, Neil Harl

Neil E. Harl

Appearance of the note on Part I of the 1992 edition of Schedule E, Form 1040, that taxpayers are to "report income and expense from the rental of personal property on Schedule C or C-EZ" has raised concerns about the proper reporting of rentals from personal property such as farm machinery rented after retirement to children or others. Several high profile audits in which examining agents have taken a relatively aggressive stance on the issue have added to the concerns.


Resale Of Land Purchased Under Installment Obligation, Neil Harl 2017 Iowa State University

Resale Of Land Purchased Under Installment Obligation, Neil Harl

Neil E. Harl

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.


Preferred Stock And Special Use Valuation, Neil Harl 2017 Iowa State University

Preferred Stock And Special Use Valuation, Neil Harl

Neil E. Harl

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 ...


Earnings After Retirement, Neil E. Harl 2017 Iowa State University

Earnings After Retirement, Neil E. Harl

Neil E. Harl

Many farmers, approaching retirement, must make important decisions on — (1) the nature of their relationship to the farm business in retirement, (2) the extent of their personal involvement in business operations, and (3) the timing and manner of disposition of their inventory of crops and livestock during the retirement years.


Fixing Corporate Values At Death By Agreement, Neil E. Harl 2017 Iowa State University

Fixing Corporate Values At Death By Agreement, Neil E. Harl

Agricultural Law Digest

Establishing values for corporate stock (or other types of entities as well) at death for farm and ranch entities has always been a difficult task. Unlike stock held at death in a corporation listed on a stock exchange, where values are readily established in the various stock exchanges, with day-to-day trading in securities, ownership interests in small, closely held corporations must rely heavily on the values of corporate assets for which there are market-driven values determined every trading day (such as for grains, cattle held for slaughter and other commodities traded regularly) and appraisals for real estate.


Cases, Regulations And Statutes, Robert P. Achenbach Jr. 2017 Iowa State University

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

Agricultural Law Digest

No abstract provided.


An Assessment Of Economic Considerations For Industrial Hemp Production, Luke T. Lane 2017 University of Arkansas, Fayetteville

An Assessment Of Economic Considerations For Industrial Hemp Production, Luke T. Lane

Agricultural Economics and Agribusiness Undergraduate Honors Theses

The Farm Bill now allows for the legal production and research of industrial hemp as long as it meets the standards outlined in the Farm Bill. The bill passed by the House of Representatives states, “To amend the Controlled Substances Act to exclude industrial hemp from the definition of marihuana, and for other purposes” (House of Representatives, Bill 525). Prior to the passing of this bill, farmers were not allowed to produce industrial hemp. Industrial hemp is defined as, “the plant Cannabis sativa L. and any part of such plant, whether growing or not, with a delta-9 tetrahydrocannabinol concentration of ...


Cases, Regulations And Statutes, Robert P. Achenbach Jr. 2017 Iowa State University

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

Agricultural Law Digest

No abstract provided.


Testimony In Absentia Before The Committee On Agriculture United States House Of Representatives Washington, D.C. March 15, 2017 (Part 2), Neil E. Harl 2017 Iowa State University

Testimony In Absentia Before The Committee On Agriculture United States House Of Representatives Washington, D.C. March 15, 2017 (Part 2), Neil E. Harl

Agricultural Law Digest

Note from the Editor: In early March, the Committee on Agriculture of the United States House of Representatives asked Dr. Harl to testify at a hearing then scheduled for March 15 in Washington, D.C. on Tax Policy. An expected severe snow storm that week caused the Hearing to be postponed to April 5. Because of the health of Dr. Harl’s wife, necessitating intensive care, the Committee agreed to receive his testimony in writing rather than in person. The first four topics covered by Dr. Harl were published in the previous issue; the last three topics are covered in ...


Testimony In Absentia Before The Committee On Agriculture United States House Of Representatives Washington, D.C. March 15, 2017 (Part 1), Neil E. Harl 2017 Iowa State University

Testimony In Absentia Before The Committee On Agriculture United States House Of Representatives Washington, D.C. March 15, 2017 (Part 1), Neil E. Harl

Agricultural Law Digest

Note from the Editor: In early March, the Committee on Agriculture of the United States House of Representatives asked Dr. Harl to testify at a hearing then scheduled for March 15 in Washington, D.C. on Tax Policy. An expected severe snow storm that week caused the Hearing to be postponed to April 5. Because of the health of Dr. Harl’s wife, necessitating intensive care, the Committee agreed to receive his testimony in writing rather than in person. The first four topics covered by Dr. Harl are published in this issue; the last three topics will be published in ...


Cases, Regulations And Statutes, Robert P. Achenbach Jr. 2017 Iowa State University

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

Agricultural Law Digest

No abstract provided.


State V. Brown: A Test For Local Food Ordinances, Ryan Almy 2017 University of Maine School of Law

State V. Brown: A Test For Local Food Ordinances, Ryan Almy

Maine Law Review

For many of us, adding a little milk to our morning coffee is likely one of the more insignificant tasks of the day. For Dan Brown of Blue Hill, Maine, that splash of dairy in his coffee mug is the result of his personal labor and constant, meticulous attention paid to the health and well-being of a single 1,000 pound mammal. Besides fresh raw milk, what does Brown gain from his efforts? He knows the exact source of the milk he puts in his coffee, as well as the butter his daughter spreads on her toast: Sprocket, Brown’s ...


Liberty Of Palate, Samuel R. Wiseman 2017 University of Maine School of Law

Liberty Of Palate, Samuel R. Wiseman

Maine Law Review

As lawmakers concerned with problems as diverse as childhood obesity, animal cruelty, and listeria have increasingly focused their attention on consumers, legal issues surrounding food choice have recently attracted much broader interest. Bans on large sodas in New York City, fast food chains in South Los Angeles, and foie gras in California and Chicago have provoked national controversy, as have federal raids on raw milk sellers. In response, various groups have decried restrictions on their ability to consume the food products of their choice. A few groups have organized around the principle of what we might call liberty of palate ...


A National "Natural" Standard For Food Labeling, Nicole E. Negowetti 2017 University of Maine School of Law

A National "Natural" Standard For Food Labeling, Nicole E. Negowetti

Maine Law Review

What do Juicy Juice fruit punch, SunChips, Nature Valley granola bars, and Skinny Girl Margaritas have in common? These products are all branded with the term “natural.” From canned vegetables to cereals to soft drinks, the term “natural” has become one of the most common claims on food, drugs, dietary supplements, and personal care products. The word “natural on the label or in advertising brings to mind nature, and things that are pure, clean, healthy, free of artificial additives, and therefore safe, harmless, and beneficial to overall health. In 2011, “all-natural” was the second-most-used claim on the new American food ...


The New England Food System In 2060: Envisioning Tomorrow's Policy Through Today's Assessments, Margaret Sova McCabe, Joanne Burke 2017 University of Maine School of Law

The New England Food System In 2060: Envisioning Tomorrow's Policy Through Today's Assessments, Margaret Sova Mccabe, Joanne Burke

Maine Law Review

As the local food movement gains critical mass around the country, deep and important issues concerning food system policy arise. The modern American food system spans from agricultural production to food processing to food consumption, and finally, to health outcomes. The system’s components include economic, environmental, social, political, and scientific aspects that interact in ways that far outstrip any one discipline’s capacity to analyze and resolve problems. Additionally, the system is profoundly shaped by a complex architecture of laws and regulation. With much credit to the local and regional food movements, people have begun to question not only ...


Food Safety And Security In The Monsanto Era: Peering Through The Lens Of A Rights Paradigm Against An Onslaught Of Corporate Domination, Saby Ghoshray 2017 University of Maine School of Law

Food Safety And Security In The Monsanto Era: Peering Through The Lens Of A Rights Paradigm Against An Onslaught Of Corporate Domination, Saby Ghoshray

Maine Law Review

Since our earliest ancestors’ desire for a better hunting weapon to procure food or a better storage facility to avoid spoilage, food safety and security has shaped human social and technological evolution like no other essential element. The need to procure food has shaped our civilization since the first human graced our planet. Food continues to be a pivotal force in humankind’s saga for life and death. Yet, despite stratospheric progress in scientific application surrounding food, food security and safety for all citizens continues to elude mankind. Why do some enjoy a feast, while others suffer in famine? This ...


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