Description

Agriculture Taxation Workshop
Led by Roger McEowen, JD, Leonard Dolezal Professor in Agricultural Law, Iowa State University, where he is also the Director of the ISU Center for Agricultural Law and Taxation.

Conference Sponsored by: Mid Kansas Coop (MKC)
Luncheon Sponsored by: John Degen and Associates, LLC, Business Transition Specialists

Steering Committee:
Chet Buchman, CPA, Chair, Member, Swindoll Janzen Hawk & Loyd, LLC, McPherson
Kathy Mitchell, CPA, Operations Partner, Brungardt Hower Ward Elliott & Pfeifer, LC, Hays
Mary MacBain, CPA.CITP, CGMA, President/CEO, KSCPA, Topeka

New workshop for 2012!  This workshop is designed to address the predominant tax issues associated with the representation of clients engaged in the production of agricultural commodities as well as agribusinesses.

The conference is designed for 8 hours of CPE.  Approved for 8 hours Kansas CLE.

Roger A. McEowen, JD is the Leonard Dolezal Professor in Agricultural Law at Iowa State University in Ames, Iowa, where he is also the Director of the ISU Center for Agricultural Law and Taxation.  Before joining Iowa State in 2004, he was an associate professor of agricultural law and extension specialist in agricultural law and policy at Kansas State.  From 1991-1993, Professor McEowen was in the full-time practice of law with Kelley, Scritsmier and Byrne in North Platte, Nebraska.

Professor McEowen has also been a visiting professor of law at the University of Arkansas School of Law in Fayetteville, Arkansas, teaching in both the J.D. and L.L.M. programs.  He has also taught at the Drake University School of Law Summer Institute in Agricultural Law.

At Iowa State, Professor McEowen develops and conducts an educational program in agricultural law and policy and is responsible for developing the curriculum and instructional program for the Iowa Farm Income Tax Schools.

Professor McEowen has published scholarly articles in the Journal of Agricultural Taxation and Law, Indiana Law Review, Drake Journal of Agricultural Law, North Dakota Law Review, Nebraska Law Review, the Monthly Digest of Tax Articles, Tax Notes, West’s Social Security Reporting System, Toledo Law Review, Washburn Law Review, Creighton Law Review, Agricultural Law Update, and the Agricultural Law Digest.  He is also the lead author of a 1,300-page textbook/casebook on agricultural law that is updated twice annually, and a second 300-page book on agricultural law.  He also authors the monthly publication, “Kansas Farm and Estate Law.”  In addition, Professor McEowen is the co-author of Bureau of National Affairs (BNA) Tax Management Portfolios on the federal estate tax family-owned business deduction and the reporting of farm income, and is the lead author of a BNA portfolio concerning the income taxation of cooperatives.

Professor McEowen conducts approximately 80-100 seminars annually across the United States for farmers, agricultural business professionals, lawyers, and other tax professionals.  He also conducts three radio programs (two airing monthly and the other bi-weekly) heard across the Midwest.

In 2003, Professor McEowen was named the recipient of the American Agricultural Law Association (AALA) Distinguished Service Award.  He is also the recipient of the AALA’s award of excellence for professional scholarship.  In 2006, Professor McEowen was named the President-Elect of the AALA.

Professor McEowen received a B.S. with distinction from Purdue University in Management in 1986, an M.S. in Agricultural Economics from Iowa State University in 1990, and a J.D. from the Drake University School of Law in 1991.

He is a member of the Iowa and Kansas Bar Associations and is admitted to practice in Nebraska.  He is also a past member of the AALA Board of Directors.
 

Highlights

Topics to be discussed include the following:

- Gifting Commodities to Family Members 
- Converting an Accrual Farmer to the Cash Method 
- CCC Loans and FSA Payment Issues 
- Exclusion of Conservation Cost-Sharing Payments 
- Deferring Crop Insurance and Disaster Proceeds 
- Installment Sale/Deferred Payment Issues 
- Sale of a Principal Residence with a Farm 
- Like-Kind Exchanges 
- Income from Commodity Transactions 
- Fertilizer Allocations and Elections 
- Deductibility of Soil and Water Conservation Expenses 
- Farm Expenses Requiring Personal Adjustment 
- Charitable Gifts of Raised Commodities 
- Handling Farm Losses 
- Prepaid Farm Expenses 
- Information Returns 
- Recoveries from Settlements and Court Judgments 
- Conservation Easements 
- Wetlands Reserve Program (WRP) 
- Chapter 12 Bankruptcy Tax Issues 
- Tax Strategies For Handling High Income 
- The Impact of NOLs on Farm Income Averaging 
- Deductible Repairs vs. Improvements That Must Be Capitalized 
- Tax Issues Associated With Co-Owned Real Estate 
- Selected Tax Election of Importance to Farmers 
- The Tax Difference Between Trading or Selling Farm Machinery 
- Tax Planning Strategies for the Young and/or Low Income Farmer
- Farm Income Averaging
- AMT of Farm Losses Associated with Passive Activities
- Allocation of Farmland Value to Depreciable Property
- Expense Method and Bonus Depreciation
- Partnership Ownership Succession with Negative Capital Accounts
- Tax Issues Associated with "Trading Down"
- Recently Enacted Legislation
- Ag Tax Rulings and Cases
- Farm-Related Income Reported on Form 4797
- Farm Employees
- Patronage Dividends
- Hedging v. Speculation
- Depreciation
- Selection of entity issues
- Sale to a trust
- Discounting
- Buy-sell agreements

Objectives

• To gain an in-depth understanding of the agricultural tax issues related to commodities, loans and payment issues, as well as sales, exchanges and deductibles. 
• To receive an update on the latest tax issues and strategies as well as an overview of recently-enacted legislation and tax rulings.