CPE Course Library

1 hour
Certificate CTEC IRS NASBA

Agriculture Tax Update

Course Description

This course provides a basic overview of multiple topics facing individuals working in agricultural industries.

Topics Covered:

  • 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
  • Recapture
  • Correcting depreciation

Learning Objectives:

  • 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
Prerequisites: None
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.