Rural Practice Digest

Volume No. 1, Issue No. 6

For subscribers, Issue No. 6 of Volume No. 1 of the Rural Practice Digest is now available. In this issue, my lead article focuses on the one class of stock requirement for an S corporation. It is a rather common belief among tax professionals that S Corporation distributions must be proportional. However, the Tax Court has recently pointed out that is not the case. It’s an important decision with planning implications. I dive into the case and those implications. In the article, I also address other issues associated with the one class of stock requirement.

In the Annotations section are updates involving Chapter 12 bankruptcy; ag contracts (including a case involving a right of first refusal); Swampbuster case update; and many cases and IRS developments involving federal income tax. Also included are some recent developments involving insurance and secured transactions.

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Happy Thanksgiving!