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Full-Text Articles in Life Sciences
Handling Commodity Futures Transactions, Neil E. Harl
Handling Commodity Futures Transactions, Neil E. Harl
Neil E. Harl
In the same manner as other merchants and manufacturers, farm and ranch taxpayers buy and sell commodity futures to hedge against fluctuating prices. Likewise, farm and ranch taxpayers buy and sell commodity futures as speculators. The principal matter of concern from an income tax perspective in the farm and ranch area is the line between hedging and speculation.
Generation Skipping—Planning Principles, Neil E. Harl
Generation Skipping—Planning Principles, Neil E. Harl
Neil E. Harl
For may farm and ranch families, generation skipping is not part of their estate plans. However, for those wishing to limit the right of one or more succeeding generations to manage the property or the right to dispose of the property, generation skipping may figure into the estate planning effort. For the latter group, several additional guidelines or planning principles should be considered.
Eligibility For Medicaid Benefits, The "Assets" Test, Neil E. Harl
Eligibility For Medicaid Benefits, The "Assets" Test, Neil E. Harl
Neil E. Harl
Few topics merit the attention now being focused on health care. While there is major concern about the cost of health insurance and health care costs, many older individuals are deeply concerned about nursing home costs and have seen the estates of friends or relatives reduced sharply by such expenses.
Some are tempted to attempt to plan their estates deliberately to qualify for Title XIX Medicaid benefits for health care. This article discusses briefly the rules governing Title XIX eligibility.
Generation Skipping—Transfers Subject To Tax, Neil E. Harl
Generation Skipping—Transfers Subject To Tax, Neil E. Harl
Neil E. Harl
For centuries, generation skipping has been utilized by wealthy property owners and those lacking confidence in succeeding generations to manage and conserve family wealth, at least to the extent allowed by the rule against perpetuities. Until 1976, the U.S. federal estate and gift tax system did not take particular note of generation skipping as property owners were free to establish generation skipping arrangements with the usual federal estate or gift tax consequences as to the transferor, but with no further transfer tax consequence until gift by or death of the holders of the remainder interest. The Tax Reform Act of …
Generation Skipping—The $1 Million Exemption, Neil E. Harl
Generation Skipping—The $1 Million Exemption, Neil E. Harl
Neil E. Harl
For most farm and ranch families, the most significant feature of the generation skipping transfer tax (GSTT) is the $1 million exemption per transferor. An exemption of $2 million was available through 1989 for transfers to grandchildren.
Capitalizing Preproductive Period Expenditures, Neil Harl
Capitalizing Preproductive Period Expenditures, Neil Harl
Neil E. Harl
Few have forgotten the provision in the Tax Reform Act of 1986 requiring the capitalization of preproductive period expenditures for animals or crops having a preproductive period of more than two years. The provision was repealed as to animals in the Technical and Miscellaneous Revenue Act of 1988. However, problems may now be encountered by those who elected out of the provision before 1989.
Divisive Corporate Reorganizations, Neil E. Harl
Divisive Corporate Reorganizations, Neil E. Harl
Neil E. Harl
Repeal of the more favorable corporate liquidation options in 1986 and the expiration of the phase-out for small corporations at the end of 1988 have narrowed the range of workable choices for dealing with corporations that have outlived their usefulness. One possibility, for those motivated by a desire to separate shareholders who prefer not to be associated together any longer in the same corporation, is a divisive, type D, corporate reorganization.
Cash Accounting For Farm And Ranch Corporations, Neil E. Harl
Cash Accounting For Farm And Ranch Corporations, Neil E. Harl
Neil E. Harl
As a new taxpayer, a farm or ranch corporation may elect the cash or accrual methods of accounting if the corporate books are so kept and the method clearly reflects income. Indeed, IRS has ruled that a corporation may report on the cash method of accounting even though books are kept on the accrual method if the corporation maintains work papers reconciling accrual method book income to cash method taxable income. The method of accounting should be elected clearly on the initial corporate income tax return.
Cautionary Note On Scin's, Neil Harl
Cautionary Note On Scin's, Neil Harl
Neil E. Harl
The concept of self-cancelling installment notes or SCIN's grew out of a 1980 Tax Court decision holding that an arrangement involving the cancellation at the death of the seller of the remaining payments due on an installment obligation would not be treated as a transfer with a retained life estate. The publication in 1986 of Rev. Rul. 86-723 essentially validated the concept and provided guidelines for classifying arrangements as private annuities, SCIN's or conventional installment sales. Since 1986, SCIN's have come to be viewed as a useful planning device in some settings. In particular, many view SCIN's as superior to …
Funding Revocable Living Trusts, Neil E. Harl
Funding Revocable Living Trusts, Neil E. Harl
Neil E. Harl
Without much doubt, the transfer of assets to the trust is the most critical part of the formation of a revocable living trust. Inasmuch as all of the grantor's property should be conveyed to the trust, the obvious question is whether the transfer triggers adverse consequences to the grantor. In general, conveyance of property to a revocable inter vivos trust can be accomplished without negative consequences but the property inventory should be subjected to an itemby- item review before the actual transfer occurs. Here are the major points to consider.
Forgiving Principal In A Purchase Price Reduction, Neil E. Harl
Forgiving Principal In A Purchase Price Reduction, Neil E. Harl
Neil E. Harl
For purchasers of property unable to make payments as required by the obligation, a purchase price reduction may be a possible solution. If the debt of an original purchaser of property is reduced by the original seller of the property, the adjustment is treated as a purchase price adjustment and not as a discharge of indebtedness if the debtor is solvent.
Avoiding Self-Employment Tax, Neil Harl
Avoiding Self-Employment Tax, Neil Harl
Neil E. Harl
Two recent private letter rulings issued about a month apart in late 1991 have provided additional guidance on the IRS national office position on two of the strategies used to avoid self-employment tax. In both rulings, the IRS position was adverse to the taxpayers.
Claiming Motor Vehicle Deductions, Neil Harl
Claiming Motor Vehicle Deductions, Neil Harl
Neil E. Harl
A taxpayer may, on a yearly basis, deduct an amount equal to either (1) the business standard mileage rate (at 28 cents per mile for all business miles for 1992) times the number of business miles traveled or (2) the actual costs (both operating and fixed) paid or incurred by the taxpayer allocable to business miles.
Research Needs And Challenges In The Few System: Coupling Economic Models With Agronomic, Hydrologic, And Bioenergy Models For Sustainable Food, Energy, And Water Systems, Catherine L. Kling, Raymond W. Arritt, Gray Calhoun, David A. Keiser, John M. Antle, Jeffery G. Arnold, Miguel Carriquiry, Indrajeet Chaubey, Peter Christensen, Baskar Ganapathysubramanian, Philip Gassman, William Gutowski, Thomas W. Hertel, Gerritt Hoogenboom, Elena Irwin, Madhu Khanna, Pierre Mérel, Daniel J. Phaneuf, Andrew Plantinga, Stephen Polasky, Paul Preckel, Sergey Rabotyagov, Ivan Rudik, Silvia Secchi, Aaron Smith, Andrew Vanloocke, Calvin Wolter, Jinhua Zhao, Wendong Zhang
Research Needs And Challenges In The Few System: Coupling Economic Models With Agronomic, Hydrologic, And Bioenergy Models For Sustainable Food, Energy, And Water Systems, Catherine L. Kling, Raymond W. Arritt, Gray Calhoun, David A. Keiser, John M. Antle, Jeffery G. Arnold, Miguel Carriquiry, Indrajeet Chaubey, Peter Christensen, Baskar Ganapathysubramanian, Philip Gassman, William Gutowski, Thomas W. Hertel, Gerritt Hoogenboom, Elena Irwin, Madhu Khanna, Pierre Mérel, Daniel J. Phaneuf, Andrew Plantinga, Stephen Polasky, Paul Preckel, Sergey Rabotyagov, Ivan Rudik, Silvia Secchi, Aaron Smith, Andrew Vanloocke, Calvin Wolter, Jinhua Zhao, Wendong Zhang
Andy VanLoocke
On October 12–13, a workshop funded by the National Science Foundation was held at Iowa State University in Ames, Iowa with a goal of identifying research needs related to coupled economic and biophysical models within the FEW system. Approximately 80 people attended the workshop with about half representing the social sciences (primarily economics) and the rest from the physical and natural sciences. The focus and attendees were chosen so that findings would be particularly relevant to SBE research needs while taking into account the critical connectivity needed between social sciences and other disciplines. We have identified several major gaps in …
The Finney County, Kansas Community Assessment Process: Fact Book, Debra J. Bolton Phd, Shannon L. Dick M.S.
The Finney County, Kansas Community Assessment Process: Fact Book, Debra J. Bolton Phd, Shannon L. Dick M.S.
Dr. Debra Bolton
This multi-lingual/multi-cultural study was called, Community Assets Processt, by the groups that “commissioned” it: Finnup Foundation, Finney County K-State Research & Extension, Western Kansas Community Foundation, Finney County United Way, Finney County Health Department, United Methodist Community Health Center (UMMAM), Center for Children and Families, Garden City Recreation Commission, and the Garden City Cultural Relations Board, because we intend for this to be an ongoing discussion. An objective, for those promoting the study, was to connect foundation, state, and federal funding with activities or services that addressed the true needs of people living in Finney County. The group was looking …