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Involuntary Conversion Of Business Assets, Guido Van Der Hoeven
Involuntary Conversion Of Business Assets, Guido Van Der Hoeven
Rural Tax Education
During the course of operating a farm or ranch, operators will get rid of, lose, or dispose of property used in the business in a variety of ways. Sometimes events beyond the control of the business result in disposition of property. The purpose of this discussion is to illustrate correct income tax reporting when business properties are disposed of due to an involuntary conversion or casualty that may occur suddenly and is beyond management’s control.
This discussion will focus on the involuntary conversion of tangible personal property (i.e., equipment and vehicles), which may be the result of a casualty loss …
Conservation-Related Payments And Expenditures, George Patrick
Conservation-Related Payments And Expenditures, George Patrick
Rural Tax Education
Concerns about soil erosion, air and water quality, wildlife habitat and environmental protection have resulted in the rapid expansion of conservation-related programs. Generally, the benefits associated with these conservation programs accrue to society as a whole, rather than just to those specific individuals who incurred costs from the implementation of a conservation-related program. For these individuals, costs may exceed benefits. To encourage increased participation in conservation-related activities, payments may be made to producers, rural landowners, and others by federal, state, and local governments and private institutions.
This fact sheet identifies six types of conservation-related payments and expenditures and discusses how …