Agriculture Tax Update
This course provides a basic overview of multiple topics facing individuals working in agricultural industries.
- Cash method of accounting for farms
- Tax issues associated with easement payments
- CRP payments as self-employment income
- Income deferral for agricultural producers
- Sale of farm partnership interest
- Meals and lodging
- Qualified farm indebtedness
- Post-death sale of livestock, unharvested crops, and land
- New depreciation legislation
- Review of basics
- Depreciation transactions involving related parties
- Depreciation after incorporating
- Depreciation of assets acquired as a gift
- Depreciation of assets acquired in like-kind exchanges
- Home office
- Correcting depreciation
- Properly apply taxes to farm depreciation issues.
- Avoid mistakes in the preparation of current year tax returns.
- Identify ways of reducing tax liability through effective tax planning.
Delivery Method: Self Study
Field of Study: Other Federal Tax
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.