Source: https://www.calt.iastate.edu/articles-blogposts?page=21
Timestamp: 2020-06-04 22:56:12
Document Index: 417620352

Matched Legal Cases: ['§1', '§6111', '§501', '§409', '§1031', '§179', '§179']

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Iowa Enters Into Consent Decree with Christensen Farms
March 31, 2011 | Roger McEowen
Federal Agency Backs Off - Operators of Farm Vehicles Not Subject to CDL Requirements
August 11, 2011 | Roger McEowen and Erin Herbold-Swalwell
U.S. Department of Labor Proposed Rules Relate to Young Farm Workers
September 23, 2011 | Erin Herbold-Swalwell and Roger McEowen
The Iowa Homestead Credit and revocable trusts
September 19, 2006 | Roger McEowen
To qualify for the credit, the property owner must be a resident of Iowa and actually live on the property on July 1 andfor at least six months of every year. The only exceptions are persons in the military and nursing homes who otherwise qualify.
Sign-up for the credit is at the assessor’s office by July 1 of the year the credit is first claimed. Once a person qualifies, the credit continues until the property is sold or until the owner no longer qualifies.
Iowa Department of Revenue (IDOR) clarifies sales tax exemption on all-terrain vehicles (ATVs)
April 9, 2007 | Roger McEowen
Is an ATV that is used for use in a farming operation, such as for daily checking and feeding of cattle, spraying for weeds, and checking fences, exempt from Iowa sales tax on the purchase? ATVs can qualify for the exemption, but in many instances the IDOR took the position that they did not. But, a recent IDOR ruling may signal a change of heart.
Tax amnesty legislation to take effect
July 9, 2007 | Roger McEowen
Use of a Family Limited Partnership for Post-Death Transfers Can Cause Problems
February 11, 2008 | Roger McEowen
Tax Treatment of Purchases Used in Wind Energy Conversion Property Explained
March 5, 2008 | Roger McEowen
Iowa Use Tax As Applied to Installment Payments
March 3, 2008 | Roger McEowen
The Iowa Department of Revenue (IDOR) has explained that Iowa consumers' use tax is due on the last day of the month that next succeeds the quarterly period, even if payment is done in installments. That has implications for asset acquisitions, and may come as a surprise to some.
In Iowa, Meat Locker Subject to Sales and Use Tax
July 7, 2008 | Roger McEowen
Iowa-Sourced Income
September 8, 2008 | Roger McEowen
Confusion Over Taxation of CSP Payments
February 6, 2006 | Roger McEowen
IRS ruling casts doubt on sale/debt-forgiveness technique
March 13, 2006 | Roger McEowen
Conference on tax reconciliation bill finally begins
March 1, 2006 | Roger McEowen
Second tax bill to come
May 22, 2006 | Roger McEowen
President signs tax bill into law
May 17, 2006 | Roger McEowen
Requests for estate tax lien discharges
July 10, 2006 | Roger McEowen
The IRS has asked that the following notice be disseminated to practitioners in Iowa and Nebraska:
Requests for estate tax lien discharges for decedents who were residents of Iowa should be submitted to the following address:
Attn: Estate and Gift Tax Group
Requests for estate tax lien discharges for decedents who were residents of Nebraska should be submitted to the following address:
H & R Block sued for alleged bait and switch tactics
October 9, 2006 | Roger McEowen
IRS cutting estate tax staff
March 19, 2007 | Roger McEowen
Practitioner note on estate tax liens
March 7, 2007 | Roger McEowen
Two rulings of importance to the wine industry
Federal class action lawsuit filed against Toyota for bait and switch tactics involving hybrid car tax credit
April 5, 2007 | Roger McEowen
IRS rules on taxability of “alimony” payments
May 11, 2007 | Roger McEowen
Recently, an ex-wife requested an IRS ruling on whether the payments she was receiving from her ex-husband were alimony. The divorce decree called the payments “alimony,” but the ex-wife didn’t want them to be alimony because alimony payments would be taxable income to her (and would be deductible by her ex-husband). Under the Internal Revenue Code, to be “alimony” for federal tax purposes the payments must meet the following requirements:
New tax provisions enacted
May 25, 2007 | Roger McEowen
On May 25, 2007, the President signed into law H.R. 2226, the war on terror funding bill known as the U.S. Troop Readiness, Veterans’ Care, Katrina Recovery, and Iraq Accountability Appropriations Act, 2007 (Act). Title VIII of the bill contains numerous tax provisions that are designed, at least in part, to offset the impact on businesses and lower-skilled workers of the increase in the minimum wage which is also included in the bill.
Here is a short summary of the major tax provisions of the H.R. 2206:
New Application Form for Endow Iowa Tax Credit
May 14, 2007 | Roger McEowen
The Iowa Department of Economic Development (IDED) has produced a new application form for taxpayer use when claiming the Endow Iowa Tax Credit. The revised form contains space for information on up to two donors, and includes space to list the taxpayer’s social security number or employer identification number (the revised form: EndowIowaTaxCredit.pdf).
IRS to require information reporting for sales of farm products?
June 8, 2007 | Roger McEowen
The IRS has released its spring 2007 issue of the Statistics of Income Bulletin
June 19, 2007 | Roger McEowen
The bulletin examines more than three million individual income tax returns for tax year 2004 with adjusted gross incomes of $200,000 or more, and highlights high-income individual tax returns as well as S corporations. The report also contains an article on farm proprietorship returns. It’s the first report IRS has published on such farm returns in over 20 years. IR-2007-119 (Jun. 19, 2007).
Here’s a brief summary of the farm portion of the report:
New Farm Tax Package in the Works?
September 11, 2007 | Roger McEowen
Care Needed When Paying Disability Premiums
September 17, 2007 | Roger McEowen
Summary of Proposed Farm Tax Legislation
November 12, 2007 | Roger McEowen
On October 4, the Senate Finance Committee approved, on a 17-4 vote, the Heartland, Habitat, Harvest and Horticulture Act of 2007. The bill was introduced into the full Senate on October 25, 2007.
The following is a summary of the major provisions of the legislation:
Valuation of Facade Easements
Congress Passes One-Year Alternative Minimum Tax (AMT) “Patch” – President to Sign Bill Into Law
December 19, 2007 | Roger McEowen
IRS Rules That Development Rights are Real Property for Like-Kind Exchange Purposes
February 6, 2008 | Roger McEowen
Section 1031(a)(1) of the Internal Revenue Code provides for a tax-free exchange of “like-kind” property. Specifically, no gain or loss is recognized on the exchange of property held for productive use in a trade or business or for investment if the property is exchanged solely for property of like kind which is to be held either for productive use in a trade or business or for investment. To qualify for like-kind exchange treatment, the exchanged properties must be of the same kind or class.
Certain Transfers to Trusts Are Listed Transactions
February 18, 2008 | Roger McEowen
In Notice 2008-34, IRS has indicated that certain transfers to trusts are listed transactions that will be subject to the reportable transaction rules of Treas. Reg. §1.6011-4 and also to the requirements in I.R.C. §§6111-6112 as well as the stringent Circular 230 written opinion rules for listed transactions.
Delay in E-Filing of Form 4136
February 22, 2008 | Roger McEowen
An individual or business can claim a credit on IRS Form 4136 for various nontaxable uses of gasoline and other fuels. The credit can be claimed for various purposes including, mining, manufacturing, farming, mowing, aviation and home heating. Claims can also be made for sales to state and local governments and for alternative fuels. The taxpayer must be the one purchasing the fuel to file a claim.
IRS Position Is That Only Market Conditions Impact Alternate Valuation of Estate Assets
March 17, 2008 | Roger McEowen
The Subprime Mess – Deducting Losses
June 22, 2007 | Roger McEowen
The problems associated with the subprime lending abuses have given rise to numerous issues. One of those issues involves the deductibility of losses. Two types of losses could be involved – theft losses or losses on worthless securities.
IRS Says TEFRA Hearing Required if Nature of Guaranteed Payments Not Identified on K-1
April 7, 2008 | Roger McEowen
Single-Member LLC Can Be S Corporation Shareholder
January 14, 2008 | Roger McEowen
Operator of Farmer’s Market Not Tax Exempt
February 8, 2008 | Roger McEowen
The IRS has issued a ruling denying the claim of an operator of a farmer’s market for tax exempt status as an I.R.C. §501(c)(3) organization. The IRS determined that the operator’s activities are conducted for the mutual benefit of its members and in a manner that is indistinguishable from commercial entities. As a result, the operator served no public interest and is not tax-exempt. That means that donors will not be able to deduct contributions to the operator, and the operator must filed federal income tax returns.
School Districts Must Review How Teachers are Paid
July 1, 2008 | Roger McEowen
A provision in the 2004 Jobs Bill created a new section of the Internal Revenue Code (I.R.C. §409A) that dramatically changed the taxation of non-qualified deferred compensation arrangements – arrangements under which compensation is earned in one year, but is paid in a later year. As a result, school districts will have to examine how their teachers are paid, and ensure compliance with the new rules by the end of 2007.
IRS Issues Regulations on Start-Up Cost
July 8, 2008 | Roger McEowen
For businesses that are starting up, it’s important to understand the rules governing the deductibility of start-up costs – those costs that incurred before the business begins, such as costs associated with the preparation of
necessary legal documents and the establishment of a business plan.
Congressional Research Service Issues Report on Farm Bill CRP Provision - July 2008
July 9, 2008 | Roger McEowen
Congressional Research Service Issues Report on Self-Employment Tax Treatment of CRP Payments
April 25, 2008 | Roger McEowen
Congressional Research Service Issues Report on Proposed Farm Bill CRP Tax Provisions
April 8, 2008 | Roger McEowen
IRS Issues Final Regulations on Like-Kind Exchanges
July 10, 2008 | Roger McEowen
The IRS has published final regulations that address the treatment of funds that are used in deferred like-kind exchanges. The rules contain new provisions on commingled accounts, administrative fees, and the applicable federal rates (AFRs). The final regulations will impact taxpayers that engage in I.R.C. §1031 exchanges and escrow holders, trustees, qualified intermediaries and other that hold funds during a like-kind exchange.
Treatment of Loaned Funds
President Signs Housing Assistance Bill Into Law – New Tax Provisions Enacted
July 30, 2008 | Roger McEowen
New Limit On Home Sale Exclusion
August 29, 2008 | Roger McEowen
Even After the Farm Bill "Fix" IRS Says All CRP Payments To Be Reported As Ordinary Income
August 20, 2008 | Roger McEowen
IRS says I.R.C. §179 Elections and Revocations Can Be Made Through 2010
The IRS has publicly confirmed it's private position taken last fall that I.R.C. §179 elections can be made on amended returns through 2010. Here's the issue: