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Index To Volume 4, Nos. 13–24, Agricultural Law Digest Dec 1993

Index To Volume 4, Nos. 13–24, Agricultural Law Digest

Agricultural Law Digest

No abstract provided.


Discounting Property Values At Death, Neil E. Harl Dec 1993

Discounting Property Values At Death, Neil E. Harl

Agricultural Law Digest

The idea that property values can be discounted at death for a minority interest and for non-marketability is well established. Although discounting cannot be applied in addition to any reduction in value from special use valuation of land, discounting of corporate stock may produce a lower stock value than claiming special use valuation on the corporation -owned land.


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Dec 1993

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

Agricultural Law Digest

No abstract provided.


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Nov 1993

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

Agricultural Law Digest

No abstract provided.


New Rules For Solvent Farm Debtors, Neil E. Harl Nov 1993

New Rules For Solvent Farm Debtors, Neil E. Harl

Agricultural Law Digest

The Revenue Reconciliation Act of 1993 made major changes in the handling of discharge of indebtedness income. The legislation repealed (effective in 1995) the stock-for-debt provision allowing insolvent debtors to issue stock in satisfaction of debt without creating discharge of indebtedness income, created a provision for discharge of real property business debt and added additional tax attributes to the list of those reduced from discharge of indebtedness. The latter provision applies to debtors in bankruptcy, those insolvent but not in bankruptcy and solvent farm debtors.6 The legislation continues the pattern established in 1986 of a different system of ordering ...


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Nov 1993

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

Agricultural Law Digest

No abstract provided.


Reporting Gains On Scins After Death, Neil E. Harl Nov 1993

Reporting Gains On Scins After Death, Neil E. Harl

Agricultural Law Digest

A major concern from the beginning with self cancelling installment notes (SCINs) has been the treatment of the gain in the obligation cancelled at the death of the seller. The recent decision by the Eighth Circuit Court of Appeals in Estate of Frane has provided additional guidance on whether and when the gain is reported into income.


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Oct 1993

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

Agricultural Law Digest

No abstract provided.


Income Tax Treatment Of Hedges, Neil E. Harl Oct 1993

Income Tax Treatment Of Hedges, Neil E. Harl

Agricultural Law Digest

After aggressively pressing the position that commodity hedges, including short sales, produced capital gain or loss treatment, IRS lost a key decision on June 17, 1993. Now, the Department of the Treasury in temporary and proposed regulations, has abandoned its previous position and agrees that gains and losses from most hedging transactions are considered to be ordinary gains and losses. Under the authority of Arkansas Best Corp. v. Comm'r, IRS had contended that such losses were capital in nature which could offset capital gains and, for individuals, up to $3,000 of ordinary income. The temporary and proposed regulations ...


Reducing Basis In Debt Restructurings, Neil E. Harl Oct 1993

Reducing Basis In Debt Restructurings, Neil E. Harl

Agricultural Law Digest

Frequently, as part of debt restructuring where indebtedness is discharged, the income tax basis of part or all of the debtor's assets is to be reduced. The procedures for reduction of basis vary some depending upon whether the discharge of indebtedness is in bankruptcy, is for a debtor who is insolvent but not in bankruptcy, is for a solvent farm debtor, or involves a purchase price reduction. In some instances, the basis is reduced down to the aggregate indebtedness on the property; in other instances, notably when the election is made to reduce the basis of the depreciable property ...


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Oct 1993

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

Agricultural Law Digest

No abstract provided.


Residence As Qtip, Neil E. Harl Oct 1993

Residence As Qtip, Neil E. Harl

Agricultural Law Digest

The concept of qualified terminable interest property or QTIP, which has been available since 1982, has enjoyed much greater use than originally anticipated by many planners. While most farm and ranch property poses few problems in funding, a marital deduction with a QTIP election funded with the residence or residence part of the form requires special care.


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Oct 1993

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

Agricultural Law Digest

No abstract provided.


More On Leases Of Personal Property, Neil E. Harl Sep 1993

More On Leases Of Personal Property, Neil E. Harl

Agricultural Law Digest

The apparent position of the Internal Revenue Service in audits and in informal communications from the National Office in recent months has been that all leases of personal property produce income subject to self-employment tax.1 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-Z" has provided confirming evidence of the IRS position. This is particularly important to farmers who lease farm machinery in retirement to a tenant.


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Sep 1993

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

Agricultural Law Digest

No abstract provided.


Handling Rain And Flood Damage, Neil E. Harl Sep 1993

Handling Rain And Flood Damage, Neil E. Harl

Agricultural Law Digest

Heavy rains and widespread flooding in the Upper Midwest have focused attention on financial and tax relief provisions available to farmers and those involved in agribusiness in the region. While some tax enactments are limited to drought, others are applicable to flooding and excessive rainfall.


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Sep 1993

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

Agricultural Law Digest

No abstract provided.


Selected Provisions From The Revenue Reconciliation Act Of 1993 (H.R. 2264), Neil E. Harl Aug 1993

Selected Provisions From The Revenue Reconciliation Act Of 1993 (H.R. 2264), Neil E. Harl

Agricultural Law Digest

The Revenue Reconciliation Act of 1993, H.R. 2264, was signed into law by President Clinton on August 10, 1993. Brief summaries of the major provisions are included here.


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Aug 1993

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

Agricultural Law Digest

No abstract provided.


Environmental Cleanup Costs, Neil E. Harl Aug 1993

Environmental Cleanup Costs, Neil E. Harl

Agricultural Law Digest

In a Technical Advice Memorandum, the Internal Revenue Service has ruled that the cleanup expenses associated with contaminated soil were not currently deductible as repairs. Rather, the costs of testing, removing and replacing PCB contaminated land were capital expenditures.


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Aug 1993

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

Agricultural Law Digest

No abstract provided.


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Jul 1993

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

Agricultural Law Digest

No abstract provided.


Limited Liability Companies: Eligibility For Cash Accounting (Third Of Three Parts), Neil E. Harl Jul 1993

Limited Liability Companies: Eligibility For Cash Accounting (Third Of Three Parts), Neil E. Harl

Agricultural Law Digest

For farm operations, which historically have been permitted to use the cash method of accounting even though inventories are a material income determining factor, a major concern with limited liability companies (LLCs) is whether the cash method of accounting is available to such entities. At the moment, a substantial question exists about eligibility for cash accounting, particularly if LLC members are viewed as limited partners in the event the LLC is classified as a partnership for federal income tax purposes.


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Jul 1993

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

Agricultural Law Digest

No abstract provided.


Limited Liability Companies: Income Tax Treatment (Second Of Three Parts), Neil E. Harl Jul 1993

Limited Liability Companies: Income Tax Treatment (Second Of Three Parts), Neil E. Harl

Agricultural Law Digest

In most instances, a major reason for forming limited liability companies (LLCs) is to obtain the income tax treatment of a partnership. Although the IRS rulings issued to date generally support that outcome, careful attention is needed in structuring an LLC to assure taxation as a partnership.


Limited Liability Companies (First Of Three Parts), Neil E. Harl Jun 1993

Limited Liability Companies (First Of Three Parts), Neil E. Harl

Agricultural Law Digest

Nearly one-half of the states have enacted legislation creating a unique organizational concept, the Limited Liability Company or LLC. The first statute was enacted in Wyoming in 1977 but most of the enactments have occurred since 1988. Although the statutes bear certain similarities, there has yet to be developed a uniform or model limited liability company act.


Cases, Regulations And Statutes, Robert P. Achenbach Jr. Jun 1993

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

Agricultural Law Digest

No abstract provided.


Index To Volume 4 Nos. 1–12, Agricultural Law Digest Jun 1993

Index To Volume 4 Nos. 1–12, Agricultural Law Digest

Agricultural Law Digest

No abstract provided.


Index To Volume 5 Nos. 1–12, Agricultural Law Digest Jun 1993

Index To Volume 5 Nos. 1–12, Agricultural Law Digest

Agricultural Law Digest

No abstract provided.


Cases, Regulations And Statutes, Robert P. Achenbach Jr. May 1993

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

Agricultural Law Digest

No abstract provided.