Farm Income Tax, Estate & Succession Planning

Catalog description

This course addresses tax, estate, and business law issues unique to farm and ranch clients. Key tax topics include IRS rules on farm payments, cooperative agreements, deferred contracts, Commodity Credit Corporation loans, self-employment income, crop insurance, weather-related livestock sales, Sec. 1231 gains, easement payments, depreciation, QBID, repair/capitalization rules, R&D expenses, soil and water conservation, lease payments, like-kind exchanges, pre-paid inputs, interest expense, business use of home, pre-productive expenses, hobby losses, NOLs, various credits, capital gain tax, Medicare surtaxes, and net investment income tax. Estate and business topics include common estate planning mistakes, federal estate and gift tax, special use valuation, charitable remainder trusts, estate tax inclusion for farm property, life estate-remainder arrangements, liquidity issues, trust application, long-term health care planning, parent-child business relationships, multiple entities, manager-managed LLCs, federal farm program rules, entity choice, income tax on corporate formation, in-kind wages, and partnership issues. Prerequisites: Recommended: LW 703 Business Associations