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Overview Many farmers and ranchers are reaching retirement age for Social Security benefit purposes.  That raises numerous questions involving such things as benefits, earnings, what counts as “wages” and the cash renting of farmland.  These are all important questions for farmers and ranchers to have answers to so that appropriate […]Read more »

Overview Economic conditions swing back and forth for agricultural producers.  Grain farmers in the Midwest have benefitted from high grain and oilseed prices during the Spring of 2022.  New crop prices are presently very high.   However, the conflict in Ukraine has had global impacts, including a significant increase in fertilizer […]Read more »

Overview It’s been a while since I did a post on tax developments from the Tax Court.  Today is the day to provide that update on some recent Tax Court decisions that bear on various aspects of taxation that impact tax planning and tax preparation.  I will do this again […]Read more »

Overview Today’s article is the fourth in a series discussing what I view of significant developments in 2021 that weren’t quite big enough to make my “Top Ten” list.  This time I discuss for tax four tax developments that occurred in 2021 that weren’t quite big enough to make the […]Read more »

Note:  This article is an update to my blog article of May 4, 2020 that can be accessed here: https://lawprofessors.typepad.com/agriculturallaw/2020/05/farm-bankruptcy-stripping-claw-back-and-the-tax-collecting-authorities.html Overview As originally enacted, Chapter 12 did not create a separate tax entity for Chapter 12 bankruptcy estates for purposes of federal income taxation.  That shortcoming precludes debtor avoidance of […]Read more »

Overview Many people have had or will have a family member in need of in-home or nursing home care.  Medical issues are often frequently associated with advanced age.  Those issues can result in at least part-time care or, in some cases, a full-time in-home nursing aide or even institutionalized care.  […]Read more »

Overview When land is sold, is the gain on sale taxed as capital gain (preferential rate) or as ordinary income? As with most answers to tax questions, the answer is that “it depends.” Most of the time, when a farmer or ranchers sells land, the gain will be a capital […]Read more »

Overview I just finished up a week on the road with seminars on various ag law and tax topics. Next week is another one with a national tax webinar on Monday, and then an estate planning event for practitioners on Wednesday in Illinois and then the Iowa Bar Spring Tax […]Read more »

Overview Cash is often inconvenient as a payment medium in transactions that involve large sums of money or where an ordinary promise to pay is unsuitable. A“negotiable instrument”is a document that guarantees that payment will be made of a certain sum of money. Payment will be made either upon demand […]Read more »