Farm Operations

  • By: | Trackback Link | No Comments

    December 11th, 2014


    IRS Announces 2015 Standard Mileage Rates

    The IRS has announced the 2015 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical and moving purposes.  The 2015 rates are: 57.5 cents per mile for business miles driven, up from 56 cents in 2014.  22 cents of this amount is considered depreciation for basis reduction […]

    More
  • By: | Trackback Link | No Comments

    December 4th, 2014


    House Passes HR 5771 Tax Extender Bill

    The House of Representatives voted last night to approve a one-year retroactive extension of most the tax extender provisions by a vote of 378-46.  The bill now heads to the Senate where indications are it will be approved. Among the tax extenders of particular interest for agribusiness that would be renewed through the end of […]

    More
  • By: | Trackback Link | No Comments

    December 2nd, 2014


    “Hot Goods” lawsuits update

    We have posted about the recent hot goods court case from Oregon over the last year, which can be found here and here.  There have been a couple of updates we wanted to share. As we noted in the earlier posts, the U.S. Department of Labor claimed that Pan-American Berry Growers and B&G Ditchen paid […]

    More
  • By: | Trackback Link | No Comments

    December 1st, 2014


    Update on Seminars

    Today, I begin my 18 day trip to the Midwest to give many seminars before I fly home (maybe) on Thursday December 18.  I had previously posted my schedule which you can find here, but wanted to update a couple of items. On Wednesday December 17 I will be doing a farm bill seminar for […]

    More
  • By: | Trackback Link | No Comments

    December 1st, 2014


    $14,000 per Donee, not per Donor!

    We received the following question (and many others of a similar nature): “My husband tore out an article you wrote for the Farm Journal advising that it was possible to gift $ 400,000 in value per year.  How is this possible when the gift tax exemption is $ 14,000?  Assuming husband and wife each gifted […]

    More
  • By: | Trackback Link | No Comments

    November 26th, 2014


    Monsanto Wheat Settlement Update

    I posted last week on how the Monsanto GMO wheat settlement for PNW wheat growers might average about 2 cents a bushel. That assumed a payout for all soft white wheat sold in the PNW for that time period. The actual amounts are actually higher based on the date of wheat sales. For sales between […]

    More
  • By: | Trackback Link | No Comments

    November 23rd, 2014


    Farm Exports Hit Record $152.5 Billion for FYE September 30, 2014

    The USDA announced earlier this month that total US farm exports for the fiscal year ended September 30, 2014 hit a new record of $152.50 billion.  This is up from the previous record set the year before of $141 billion (almost a 10% increase).  It was the first time that exports for any month exceeded […]

    More
  • By: | Trackback Link | No Comments

    November 21st, 2014


    Monsanto Paying Less Than 2 Cents a Bushel on Settlement!

    Monsanto on November 12, 2014 announced they had reached a settlement with Pacific Northwest soft white wheat growers to compensate them for losses incurred due to the GMO wheat plant found on a Northeastern Oregon farm in 2013.  Total total settlement to farmers is $2.15 million with another $250,000 going to the state’s wheat associations. […]

    More
  • By: | Trackback Link | No Comments

    November 21st, 2014


    ARC-CO Can Still Make a Payment for High Yield 2014 Counties

    One of the misconceptions I keep hearing about ARC-CO for this year is that it will not pay anything since my county yield for this year is so much higher than the Olympic average, therefore I want to elect PLC. I decided to run some numbers on McLean County, Illinois which is one of the better […]

    More
  • By: | Trackback Link | No Comments

    November 20th, 2014


    Where Do They Come Up With These Numbers?!

    Yahoo News released an article yesterday estimating the amount of ARC and PLC payments for the 2014 crop year being in excess of $10 billion.  We previously posted on how much the corn and soybeans payments might be for this crop year. We assumed that corn prices would average $3.20 for the whole year, soybean prices would […]

    More