Agricultural Tax Issues Course

Ag tax, farmer standing in field using computer tablet
  • Cost: $180— includes refreshments, lunch, and course materials
  • Credits: 8 federal tax update credit hours
  • Dates: September and October 2017
  • Location: Five sites in Greater Minnesota
  • Registration Deadline: Friday, September 8

Zooming in on tax issues that affect farmers, this University of Minnesota Extension-sponsored course is ideal for income tax professionals who work with farmers, as well as agricultural lenders and farm management instructors. Participants of the course will receive the 2017 Agricultural Tax Issues book by Philip. E. Harris, Professor Emeritus at University of Wisconsin-Madison/Extension.

Dates & Locations

Registration: 7:30–8:00 a.m.
Class: 8:00 a.m.–5:00 p.m. (one-hour lunch break)

View and Print Dates & Locations

Location Date
St. Cloud, The Tuscan Center Sept. 26
Rochester, Kahler Apache Hotel and Water Park Sept. 27
Marshall, Ramada Inn Conference Center Sept. 28
Crookston, Crookston Inn

Oct. 3

Fergus Falls, Bigwood Event Center Oct. 4

 

Course Syllabus

1. Legislative Update

  • Information reporting
  • Income tax basis
  • Due dates of tax returns
  • Table of expiration dates

2. Miscellaneous Agricultural Tax Issues

  • Livestock transactions
  • Form 1099-MISC
  • Net investment income tax
  • Inherited property
  • Oil and gas payments and deductions
  • Repairs
  • Revoking a CCC loan election
  • Marketing gain on CCC loans
  • Going out of business
  • Farm casualty gains and losses
  • Casualty repair costs
  • Children of farmers and the “Kiddie” tax
  • 4-H and FFA members
  • Safe harbors for farmers

3. Income Issues

  • Commodity futures and options contracts
  • Deferred payment contract losses

4. Farm Employees

  • Employee vs. independent contractor
  • Payment of wages with commodities
  • Employer-provided meals and lodging
  • H-2A agricultural workers

5. Self-employed tax and social security benefits

  • Interaction of self-employment tax and social security benefits
  • Farm optional method for computing self-employment earnings
  • Self-employment tax on land rented to an entity

6. Depreciation and I.R.C. Section 179

  • Depreciation and section 179 expensing
  • Related parties and depreciation
  • Irrigation systems and water wells
  • I.R.C. section 179 recapture

7. Deduction Issues

  • Prepaid farm expenses and deposits
  • Prepaid expenses: change of plans
  • Promissory note to supplier
  • Deducting interest on loans secured by the residence
  • Lease vs. purchase of equipment
  • Improvements installed by lessee
  • Demolition of a farmstead
  • Deducting cost of growing crops purchased with land

8. Farm-related Income Reported on Form 4797

  • Depreciation recapture
  • Depreciation recapture from assets received as a gift
  • Net I.R.C. Section 1231 loss

9. Like-kind exchanges

  • Like-kind exchange of equipment
  • Like-kind exchange of livestock
  • Depreciation of cars, vans and trucks
  • Like-kind exchange tenancy-in-common
  • Like-kind exchange of Conservation Easements

10. Rulings and Cases

Instructors

Rob Holcomb, EA, Extension Educator in Agricultural Business Management, University of Minnesota Extension
Nathan Hulinsky, Extension Educator in Agricultural Business Management, University of Minnesota Extension
 

Contact Us

For more information or questions: Rob Holcomb
507-337-2807 | holcombr@umn.edu

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