Rural Practice Digest Volume No. 2, Issue No. 1

Purchase or Lease Farm Equipment; and Recent Court, IRS and other Regulatory Developments

In this Issue of the Rural Practice Digest, my lead article is a deep dive into the analysis of whether farm equipment should be purchased or leased. If the equipment is leased, what type of lease should it be? There are many factors that go into the decision-making process. I trust that this article will help you make the decision for your clients or personally for yourself.

The annotations this month include the following:

• The constitutionality of warrantless searches at boarding and training kennels

• The marital deduction and QTIP elections

• The USDA’s Advanced Markets for Producers Program

• The appellate decision in the Conmac case on change in accounting method.

• More conservation easement charitable deduction developments

• An important federal trial court decision on the validity of an IRS Notice and FAQs on the Employee Retention Credit.

• Loan characterization

• The Supreme Court’s decision on CDP hearing and IRS levies, with extensive discussion of the procedure for filing a protective claim.

• The Tax Court’s decision on the merits in Soroban Capital Partners case involving the s.e. tax treatment of limited partners.

• The expansion of the exceptions to Schedule K-2 and K-3 reporting for “small partnerships.”

• Farmworker protection rule.

• Developments on “right-to-repair.”

• The Supreme Court’s recent decision involving the “small refiner” waiver from the RFS mandate and implications for agriculture (and they may not be good).

If you haven’t booked your trip to Lancaster four our 2-day farm income tax and estate/business planning seminar, it’s time to do so. It’s likely that we will have significant tax legislation before the conference and, if so, we will cover it in detail and explain the implications for your clients and your practice. We look forward to seeing you there.

Enjoy the first Issue of Volume No. 2

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