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2004

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Agricultural Law Digest

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Cases, Regulations, And Statutes, Robert P. Achenbach Jr Dec 2004

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

Agricultural Law Digest

No abstract provided.


Index To Volume 15, Nos. 1-24, Agricultural Law Digest Dec 2004

Index To Volume 15, Nos. 1-24, Agricultural Law Digest

Agricultural Law Digest

No abstract provided.


New Limits On “Reverse” Like-Kind Exchanges, Neil E. Harl Dec 2004

New Limits On “Reverse” Like-Kind Exchanges, Neil E. Harl

Agricultural Law Digest

In 2000, the Internal Revenue Service announced a safe harbor for “reverse” like-kind exchanges of eligible property.1 On July 20, 2004, the IRS narrowed the scope of the safe harbor created in 2000.2


Incorporating A Partnership, Neil E. Harl Nov 2004

Incorporating A Partnership, Neil E. Harl

Agricultural Law Digest

For some time, the incorporation of partnerships has been governed largely by Rev. Proc. 84-1111 which has provided that a partnership can be incorporated under any one of three alternative methods. Each method has been accompanied by unique income tax consequences.2


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Nov 2004

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

Agricultural Law Digest

No abstract provided.


Handling S Corporation's Losses In Shareholder Bankruptcy, Neil E. Harl Nov 2004

Handling S Corporation's Losses In Shareholder Bankruptcy, Neil E. Harl

Agricultural Law Digest

The fact that a new tax entity may be created on bankruptcy filing has an enormous impact on the income tax consequences for the bankrupt.1 A recent Tax Court case2 has clarified the handling of S corporation losses in bankruptcy where the S corporation shareholder files for bankruptcy and the S corporation generates losses for the year.


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Nov 2004

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

Agricultural Law Digest

No abstract provided.


American Jobs Creation Act Of 2004: A Summary Of Selected Provisions, Neil E. Harl, Roger A. Mceowen Oct 2004

American Jobs Creation Act Of 2004: A Summary Of Selected Provisions, Neil E. Harl, Roger A. Mceowen

Agricultural Law Digest

The American Jobs Creation Act of 2004, H.R. 4520, was signed into law on October 22, 2004. The lengthy bill repealed the Extra-Territorial Income Exclusion Act of 2000, Pub. L. No. 106-519, and also enacted into law numerous other provisions of significance to farm and ranch taxpayers.


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Oct 2004

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

Agricultural Law Digest

No abstract provided.


Working Families Tax Relief Act Of 2004: Summary Of Selected Provisions, Neil E. Harl, Roger A. Mceowen Oct 2004

Working Families Tax Relief Act Of 2004: Summary Of Selected Provisions, Neil E. Harl, Roger A. Mceowen

Agricultural Law Digest

On October 4, 2004, the President signed H.R. 1308, The Working Families Tax Relief Act of 2004, into law. Pub. L. No. 108-311, 108th Cong., 2d Sess. (2004). This legislation has also come to be known as the “tax extenders” bill. See H.R. Rep. No. 108-696, 108th Cong., 2d Sess. (2004).


Reporting Income Under "Ledger" Contracts, Neil E. Harl Sep 2004

Reporting Income Under "Ledger" Contracts, Neil E. Harl

Agricultural Law Digest

Although ledger contracts for marketing hogs have been around for nearly a decade,1 audit activity has picked up in recent months with taxpayers questioned as to how income under the contracts was reported during the period of extremely low live hog prices in 1998-99 when hog prices dropped to as low as eight cents per pound.


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Sep 2004

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

Agricultural Law Digest

No abstract provided.


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Sep 2004

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

Agricultural Law Digest

No abstract provided.


Income Tax Status Of The Farm Credit System, Neil E. Harl Sep 2004

Income Tax Status Of The Farm Credit System, Neil E. Harl

Agricultural Law Digest

The proposed buyout by Rabobank, a giant Dutch lender, of the Farm Credit Services of America (FCSA),1 a component of the Farm Credit System, announced in late July, 2004, has focused attention on the income tax status of the various units of the farm credit system.2


New Rules On Like-Kind Exchanges With Personal Property, Neil E. Harl Aug 2004

New Rules On Like-Kind Exchanges With Personal Property, Neil E. Harl

Agricultural Law Digest

For several years, the Standard Industrial Classification Manual (1987), prepared by the Office of Management and Budget, has provided the necessary guidance as to product classes for classifying depreciable personal property for like-kind exchange purposes.1 On August 12, 2004, the Department of the Treasury published temporary and proposed regulations replacing the Standard Industrial Classification (SIC) System with the North American Industrial Classification system.2


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Aug 2004

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

Agricultural Law Digest

No abstract provided.


New Regulations Permit Late Section 179 Election, Neil E. Harl Aug 2004

New Regulations Permit Late Section 179 Election, Neil E. Harl

Agricultural Law Digest

In claiming expense method depreciation under I.R.C. § 179, the rule has been that the election had to be made on the original return (whether or not timely filed) or on an amended return, and then only if filed within the time for filing a return (including extensions) for the taxable year.1 In a surprise move, new regulations, effective August 4, 2004, allow a late I.R.C. § 179 election on an amended return for property placed in service after 2002 and before 2006.2


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Aug 2004

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

Agricultural Law Digest

No abstract provided.


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Jul 2004

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

Agricultural Law Digest

No abstract provided.


No Deferral Where Payment Received By Agent (Payments Constructively Received), Neil E. Harl Jul 2004

No Deferral Where Payment Received By Agent (Payments Constructively Received), Neil E. Harl

Agricultural Law Digest

One of the basic elements of federal income tax law has been the doctrine of constructive receipt.1 The doctrine of constructive receipt has been frequently litigated in agriculture2 and, most recently, was applied to a fact situation involving year-end payments made by a value-added cooperative.3


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Jul 2004

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

Agricultural Law Digest

No abstract provided.


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Jun 2004

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

Agricultural Law Digest

No abstract provided.


Removing Assets From A C Corporation, Neil E. Harl Jun 2004

Removing Assets From A C Corporation, Neil E. Harl

Agricultural Law Digest

The shift in income tax rates on dividends1 and long-term capital gains2 has created useful options for removing assets from C corporations where taxpayers have been reluctant to incur the tax burdens of corporate liquidation.3 The fact that both provisions sunset after 2008,4 and could conceivably disappear before 2009 under fiscal pressure, suggest that a review of available options would be timely.


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Jun 2004

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

Agricultural Law Digest

No abstract provided.


Developments In Gmo Patent Infringement Cases, Roger A. Mceowen Jun 2004

Developments In Gmo Patent Infringement Cases, Roger A. Mceowen

Agricultural Law Digest

The ability to obtain a general utility patent on seed technology has led to cases in which farmers have been sued for misappropriation of the technology. Because seed is reproducible, any farmer that saves seed is a natural competitor of a company that sells seed.1 But, for seed that is patented, the saved seed exemption of the PVPA2 is avoided, and the saving of seed can be prohibited. Indeed, under Technology Use Agreements for genetically modified seed presently in use, a farmer can use the seed for one-time planting, may not supply the seed to anyone else for ...


Cases, Regulations, And Statutes, Robert P. Achenbach Jr May 2004

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

Agricultural Law Digest

No abstract provided.


Inconsistency In Handling Farm Income: The Irs Response, Neil E. Harl, Roger A. Mceowen May 2004

Inconsistency In Handling Farm Income: The Irs Response, Neil E. Harl, Roger A. Mceowen

Agricultural Law Digest

In an article in the May 16, 2003, issue of Agricultural Law Digest,1 which was published in the May 12, 2003, issue of Tax Notes,2 an inconsistency in information reporting for one type of government farm program payments was discussed. That inconsistency involved information reporting by the Farm Service Agency of USDA to the Internal Revenue Service and to the taxpayer for benefits received under the federal farm program for “program commodities.”3


Health Savings Account (Hsas), Neil E. Harl May 2004

Health Savings Account (Hsas), Neil E. Harl

Agricultural Law Digest

The Medicare Prescription Drug, Improvement, and Modernization Act of 2003,1 signed into law on December 8, 2003, is a major piece of legislation by any reasonable measure. The legislation comes with an official $395 billion price tag but the actual cost is believed to be more than 30 percent greater than that. The 415-page bill overhauls and extends the national involvement in health care.


Cases, Regulations, And Statutes, Robert P. Achenbach Jr May 2004

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

Agricultural Law Digest

No abstract provided.


Is "Residual Fertilizer Supply" In Farmland Deductible?, Neil E. Harl Apr 2004

Is "Residual Fertilizer Supply" In Farmland Deductible?, Neil E. Harl

Agricultural Law Digest

Differences between taxpayers and the Internal Revenue Service over the deductibility of fertilizer, lime and other soil amendments have a long history. The most recent conflict is over the question of whether premium fertilizer levels or the “residual fertilizer supply” are deductible as fertilizer under the statutory provision enacted in 1960.