The federal income tax liability resulting from the sale of a farm after a Chapter 12 bankruptcy filing is not "incurred by the estate" under Section 503(b) of the Bankruptcy Code and thus is neither collectible nor dischargeable in the bankruptcy plan, the U.S. Supreme Court has ruled. The case involved a family who owned a farm and filed for bankruptcy under Chapter 12, which allows family farmers and fisherman to petition for relief from debts.
INDIANAPOLIS - Property taxes would be cut by about one-third and the revenue replaced by increases in sales and individual income taxes under a proposal presented by the state's largest farm advocacy organization Monday. The Indiana Farm Bureau said the plan would ultimately reduce property taxes by about $2.1 billion by having the state take over five categories of spending now funded by local property taxes. The money would be replaced by raising the individual income tax from 3.4 percent to 4.4 percent and the sales tax from 6 percent to 7 percent.
My uncle Van Varner passed away about a year ago now. He was single all his life so my brother and I were the heirs to his share of Varner Farms. The tax bill was the equivalent of 20 years of his pre-income tax farm income. Savings spared the farm from the auction block. Actuaries have told us we have a good chance of living long enough to tuck away enough so our children can take the land debt- free. Our decision, which caused a brief bit of pain, was to refuse the inheritance and allow it to descend to our children. The happy part is that we live to see them as proud seventh-generation Illinois farmland owners.
... Chapter 12 of the Bankruptcy Code allows farmer debtors with regularannual income to adjust their ...
th Edition of the Ethanol Fact Book Underscores 30 Years of Bipartisan Support WASHINGTON, June 29 /PRNewswire-USNewswire/ -- According to a new report by a broad coalition of industry, government and non-profit organizations released here today, producing fuel ethanol in the United States generates jobs and wealth by processing domestic resources into clean burning transportation fuels. Thousands of jobs, increased farm income, and tax receipts in the hundreds of millions of dollars flow from the ethanol industry as costly and polluting petroleum imports are replaced by American-made fuel.
My uncle, Van Varner, passed away about a year ago now. He was single all his life so my brother and I were the heirs to his share of Varner Farms. The tax bill was the equivalent of 20 years of his pre-income-tax farm income. Savings spared the farm from the auction block. Actuaries have told us we have a good chance of living long enough to tuck away enough so our children can take the land debt- free. Our decision, which caused a brief bit of pain, was to refuse the inheritance and allow the inheritance to descend to our children. The happy part is that we live to see them as proud seventh-generation Illinois farmland owners.
PHILANTHROPY 101 AT BOWDOIN Bowdoin College students are participating in the 2010 Common Good Grant Program, awarding $19,500 to 10 organization is the greater Brunswick community. The program provides students the opportunity to learn about philanthropy while becoming familiar with the work and challenges of nonprofit organizations. This year's recipients include Brunswick Elementary School to launch their pedometer program, Brunswick Junior High School Music Boosters to support the music and performance arts, Georgetown Central School to purchase a furnace to heat an existing greenhouse, Habitat for Humanity of Greater Portland to purchase high-efficiency boiler for a home in Freeport, Independence Association to support participation in Special Olympics, Midcoast Maine Community Act...
contains a correction to REG-161695-04 relating to the averaging of farm and fishing income in computing income tax liability.
On Dec 1, 2009, the Chicago Fed held a conference that examined issues shaping the future of Midwest agriculture, with a focus on public policy implications. This conference gathered experts from academia, industry, and policy institutions to discuss trends and possibilities for agriculture in the region and across the US. The goals of this conference were to explore factors that will impact the future direction of Midwest agriculture, particularly its composition and structure; examine the implications of the changing agricultural landscape for rural communities, as well as industry; and discuss the role that policies will play in guiding agriculture. A common theme was the opportunities for growth in Midwest agriculture while facing traditional and new challenges requiring innovative ...
... of Agriculture (USDA) had forecasted net farm income to decline 35% in 2009 from 2008. Moreover,...
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