Open Access. Powered by Scholars. Published by Universities.®

Social and Behavioral Sciences Commons

Open Access. Powered by Scholars. Published by Universities.®

Articles 1 - 30 of 52

Full-Text Articles in Social and Behavioral Sciences

Cases, Regulations, And Statutes, Robert P. Achenbach Jr Dec 2009

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

Agricultural Law Digest

No abstract provided.


Index To Volume 20, Nos. 1-24, Agricultural Law Digest Dec 2009

Index To Volume 20, Nos. 1-24, Agricultural Law Digest

Agricultural Law Digest

No abstract provided.


Are Adjustment Clauses In Disclaimers Void As Against Public Policy?, Neil E. Harl Dec 2009

Are Adjustment Clauses In Disclaimers Void As Against Public Policy?, Neil E. Harl

Agricultural Law Digest

In a 2009 Eighth Circuit Court of Appeals case, Estate of Christiansen v. Commissioner,1 the issue of fractional or formula disclaimers was raised, with the Eighth Circuit confronted with the assertion by the Internal Revenue Service that “. . . such disclaimers should be categorically disqualified as against public policy.”2 The case involved the estate of a South Dakota rancher who had implemented a rather novel estate plan prior to her death.3 The appellate court upheld a bequest of property to a charitable foundation as a result of the daughter’s disclaimer in an amount that reflected the increased valuation ...


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Dec 2009

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

Agricultural Law Digest

No abstract provided.


Warning To Grandparents And Others: Bankruptcy Filing By A Section 529 Account Owner Can Result In Loss Of A Contribution Within Last 720 Days, Neil E. Harl Dec 2009

Warning To Grandparents And Others: Bankruptcy Filing By A Section 529 Account Owner Can Result In Loss Of A Contribution Within Last 720 Days, Neil E. Harl

Agricultural Law Digest

A recent Bankruptcy Court decision1 interpreting an amendment in the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act2 has confirmed that the 2005 amendment poses a substantial risk where the account owner files bankruptcy within 720 days or less of contributions made to a Section 529 plan. Part or all of the contributions within that period became property of the bankruptcy estate (the debtor had a legal interest in the account as of the petition date) and the contributions are not fully excluded under 11 U.S.C. § 541(c)(2).3 That poses a risk that many ...


Worker, Homeownership, And Business Assistance Act Of 2009, Neil E. Harl Nov 2009

Worker, Homeownership, And Business Assistance Act Of 2009, Neil E. Harl

Agricultural Law Digest

One of the shortest tax bills in modern time, containing only 18 provisions, passed the Congress and was signed into law on November 6, 2009.1 Notwithstanding its brevity, the legislation contains some very significant provisions for workers, homeowners and businesses.


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Nov 2009

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

Agricultural Law Digest

No abstract provided.


Installment Sales Between Related Parties, Neil E. Harl Nov 2009

Installment Sales Between Related Parties, Neil E. Harl

Agricultural Law Digest

For transactions involving farm and ranch property, installment sales are common1 and installment sales between related persons are almost as common.2 A 2009 private letter ruling3 has cast light on both of the related person rules for installment sales4 and on the recapture consequences of such transactions.5 The two provisions governing related person transactions with respect to installment transactions are quite different and require careful planning if adverse income tax consequences are to be avoided.


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Nov 2009

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

Agricultural Law Digest

No abstract provided.


Can A Roth Ira Be A Shareholder In An S Corporation?, Neil E. Harl Oct 2009

Can A Roth Ira Be A Shareholder In An S Corporation?, Neil E. Harl

Agricultural Law Digest

Initially, as enacted in 1958,1 trusts could not be shareholders in an S corporation.2 In a series of enactments beginning in 1982, several different types of trusts were authorized to hold stock in an S corporation including grantor trusts,3 grantor trusts that continue to hold stock after death of the deemed owner for up to two years,4 testamentary trusts for up to two years,5 voting trusts,6 electing small business trusts7 and, in the case of a corporation which is a bank, “. . . a trust which constitutes an individual retirement account under section 408(a ...


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Oct 2009

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

Agricultural Law Digest

No abstract provided.


Major Development In Income Taxation Of Chapter 12 Bankruptcy Debtors, Neil E. Harl, Joseph A. Peiffer Oct 2009

Major Development In Income Taxation Of Chapter 12 Bankruptcy Debtors, Neil E. Harl, Joseph A. Peiffer

Agricultural Law Digest

The Eighth Circuit Court of Appeals,1 on September 16, 2009, handed down a decision in the long-running battle between the Internal Revenue Service and Chapter 12 bankruptcy debtors over the meaning of the 2005 amendment to the Bankruptcy Code.2 That amendment was to provide relief to Chapter 12 farm and ranch debtors in light of the long-standing favorable treatment given individual debtors under Chapter 7 and Chapter 11 of the Bankruptcy Code.3 Congress had refused to extend the same treatment to individuals filing under Chapter 12 but instead enacted in 2005 a special provision for Chapter 12 ...


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Oct 2009

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

Agricultural Law Digest

No abstract provided.


Hazards Of Basing An Estate Plan On Successive Life Estates, Neil E. Harl Sep 2009

Hazards Of Basing An Estate Plan On Successive Life Estates, Neil E. Harl

Agricultural Law Digest

Recent reviews of two fact situations, hundreds of miles apart and both the products of planning a half century or more ago, illustrate the hazards of using a deceptively simple estate plan – basing the plan on successive life estates.1 The strategy often involves unexpected federal estate tax consequences,2 federal gift tax problems,3 income tax basis complications4 and assorted problems relating to like-kind exchanges, involuntary conversions and easements, to mention just a few of the more likely events occurring during the term of the life estates. Although often viewed as more complex (and costly to set up ...


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Sep 2009

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

Agricultural Law Digest

No abstract provided.


More On Related-Party Like-Kind Exchanges, Neil E. Harl Sep 2009

More On Related-Party Like-Kind Exchanges, Neil E. Harl

Agricultural Law Digest

Although like-kind exchanges have been almost routine for decades for trades involving machinery, equipment and business vehicles,1 the use of like-exchanges for real estate has become much more widespread in recent years.2 Until 1989, there were no limitations imposed on related-party like-kind exchanges. The 1989 amendment imposing limits on related party like-kind exchanges3 was motivated by concern overthe tax avoidance potential of transactions in which related parties enter into like-kind exchanges involving low-basis property (which the owner contemplates selling) for high basis property with the new owner of the high basis property selling the property received at ...


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Sep 2009

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

Agricultural Law Digest

No abstract provided.


Crop Residues: The Rest Of The Story, Douglas L. Karlen, Rattan Lal, Ronald F. Follett, John M. Kimble, Jerry L. Hatfield, John A. Miranowski, Cynthia A. Cambardella, Andrew Manale, Robert P. Anex, Charles W. Rice Sep 2009

Crop Residues: The Rest Of The Story, Douglas L. Karlen, Rattan Lal, Ronald F. Follett, John M. Kimble, Jerry L. Hatfield, John A. Miranowski, Cynthia A. Cambardella, Andrew Manale, Robert P. Anex, Charles W. Rice

Economics Publications

Synopsis In the February 15, 2009 issue of ES&T Strand and Benford argued that oceanic deposition of agricultural crop residues was a viable option for net carbon sequestration (43 [4], 1000−1007). In reviewing the calculations and bringing their experience to bear, Karlen et al. argue in this Viewpoint that crop residue oceanic permanent sequestration (CROPS) as envisioned by Strand and Benford will not work. They further propose alternative possibilities in agricultural methods to achieve a net decrease of CO2 emissions.


A More Formal Disaster Relief Program, Neil E. Harl Aug 2009

A More Formal Disaster Relief Program, Neil E. Harl

Agricultural Law Digest

Until 2008, with some exceptions which featured a more general scope,1 disaster relief tended to be enacted for a specific term and for a specific disaster.2 As an example, the $100 deductible was suspended for losses on or after August 25, 2005, attributable to Hurricane Katrina.3 However, in the Emergency Economic Stabilization Act of 2008,4 the Congress created what some have termed a national disaster relief program. Additional legislation may be needed to create a complete fabric of relief provisions, particularly in light of the fact that many of the 2008 enactments have a limited life ...


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Aug 2009

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

Agricultural Law Digest

No abstract provided.


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Aug 2009

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

Agricultural Law Digest

No abstract provided.


The Tax Court And The U.S. Court Of Federal Claims Agree: Members Of Llcs And Llps Are Not To Be Treated As Limited Partners, Neil E. Harl Jul 2009

The Tax Court And The U.S. Court Of Federal Claims Agree: Members Of Llcs And Llps Are Not To Be Treated As Limited Partners, Neil E. Harl

Agricultural Law Digest

In a decision in late June, 2009, the United States Tax Court1 held that ownership interests in a limited liability company (LLC) or limited liability partnership (LLP) should not be treated as limited partners in a limited partnership.2 About a month later, the U.S. Court of Federal Claims decided a case3 that went a notch beyond the holding in the earlier Tax Court case. That provides major support for the view that the statute which states “. . . [e]xcept as provided in regulations, no interest in a limited partnership as a limited partner shall be treated as ...


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Jul 2009

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

Agricultural Law Digest

No abstract provided.


"Cash For Clunkers" Legislation In Effect, Neil E. Harl Jul 2009

"Cash For Clunkers" Legislation In Effect, Neil E. Harl

Agricultural Law Digest

On June 24, 2009, the President signed the 2009 Supplemental Appropriations Act for Iraq, Afghanistan, Pakistan and Pandemic Flu1 which contained the Consumer Assistance to Recycle and Save Act of 2009,2 popularly referred to as the “cash for clunkers” legislation. The Act established, in the National Highway Traffic Safety Administration, a voluntary program to be known as the “Consumer Assistance to Recycle and Save Program” to provide electronic vouchers to offset part of the purchase price or lease price of a new fuel-efficient vehicle upon the surrender of an eligible trade-in vehicle to a dealer participating in the ...


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Jul 2009

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

Agricultural Law Digest

No abstract provided.


Consequences Of Land Ownership Patterns In Retirement, Neil E. Harl Jul 2009

Consequences Of Land Ownership Patterns In Retirement, Neil E. Harl

Agricultural Law Digest

For a husband and wife, the pattern of asset ownership in retirement is often a continuation of the way assets were owned in earlier years, whether the assets were owned by an entity, in co-ownership or by one or the other of the couple. However, that can produce expected (and undesirable) outcomes during the retirement years, particularly in terms of self-employment tax liability1 and the handling of passive losses.2 The prudent planning approach is to review the way assets are held well before retirement.


Land Retirement Program Design In The Presence Of Crop Insurance Subsidies, David A. Hennessy Jul 2009

Land Retirement Program Design In The Presence Of Crop Insurance Subsidies, David A. Hennessy

CARD Working Papers

The U.S. federal government implements environmental, biofuels and crop insurance programs that influence land use. They are not well integrated in that cost savings from crop insurance subsidies are not acknowledged when screening land for retirement or when calculating the cost of land retirement programs. We identify and evaluate an optimal benefit index for enrollment in a land retirement program that includes a sub-index to rank land according to insurance subsidy savings. All else equal, land ranked higher in the Lorenz stochastic order should be retired first.


Can Leasehold Improvements By A Lessee Be Treated As Rent?, Neil E. Harl Jun 2009

Can Leasehold Improvements By A Lessee Be Treated As Rent?, Neil E. Harl

Agricultural Law Digest

In theory, the cost of investments in a leasehold should be recovered over the life of the improvement except where more rapid recovery is allowed for purposes of stimulating the economy1 or a slower rate of cost recovery is intended to reduce inflationary pressures. While the costs of leasehold improvements are ordinarily recovered by the lessor or the lessee,2 depending upon who provided the funds for the improvement, a 2009 Tax Court case has focused on another possibility – deducting the cost of the improvement made by the lessee as additional rent.3 The critical factor is whether there ...


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Jun 2009

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

Agricultural Law Digest

No abstract provided.


Related Persons: Always Check The Definition - A Lesson From Like-Kind Exchanges, Neil E. Harl Jun 2009

Related Persons: Always Check The Definition - A Lesson From Like-Kind Exchanges, Neil E. Harl

Agricultural Law Digest

When encountering the term “related party” or “related person” in a statute, it is always important to check the definition.1 For example, the definitions for the two provisions designed to combat abuse in the installment sales area – the so-called two-year disposition rule2 and the sale of depreciable property rule between related persons3 – have vastly different “related person” rules4 even though they are stabled in the same section of the Internal Revenue Code and deal with similar problems in the abuse area.