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FSA Issues Another Update on Base Acres Reallocation
The FSA issued a release Notice ARCPLC-7 (issued on Wednesday July 30, 2014) on additional information regarding reallocation of base acres. As previously discussed many times in this blog, each “farm” will have an option to update their base acres to reflect the average acres in production during the 2009 to 2012 crop years. This […]
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Another Cattle Tax Shelter Bites the Dust
We have previously done some posts on certain cattle or horse hobby loss cases. The Tax Court released the Gardner case on Monday July 28, 2014. In this case, Mr. Gardner operated a very successful insurance business in North Carolina. In 2001, he met John and David Pearl, who operated several businesses related to cattle […]
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The Bakken From an Economist’s Perspective
The first item on the Farm Financial Standards Council annual meeting agenda was a discussion on the Bakken Oil Field by Scott Rickard, an economist with Montana State University – Billings. Here are some of the key points from the presentation: Geography – The Bakken oil field essentially covers the Western Half of North Dakota […]
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How to Handle Gift of Grain
We got this question from one of our readers: “My grandfather gave me a generous gift of soybeans for my college fund. Since he gave me the actual crop, he paid no taxes on it. When I sold it I received a check of around $8,000. I will have file a tax return for the […]
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Farm Financial Standards Council Annual Meeting
I will be attending the annual meeting for the Farm Financial Standards Council in Billings, Montana beginning tomorrow and continuing through Thursday. I have posted about the council several times before, but if you are interested in updating your financial records to the accrual method of accounting, I would highly recommend downloading the standards from […]
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Base Acre Reallocation Options Under the 2014 Farm Bill
FarmdocDaily just released today an analysis of the base acre reallocation options under the new farm bill. The report gives a very good analysis of the base acres by the various major crops and the variances between base acres and planted acres for 2012. Here are charts of the major crops by base acres and […]
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The Effect of Premium Subsidies on Crop Insurance Demand
The Economic Research Service of the USDA periodically releases reports on various items related to agriculture. This month, they released a report on the “The Effects of Premium Subsidies on Demand for Crop Insurance“. The actual report is about 30 pages long and has a very detailed regression analysis for about 10 pages of the […]
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USDA Offers Assistance to Farmers and Ranchers Affected by Fires
Just north of where I live is burning a very large forest and range fire. The latest numbers I saw showed close to 300,000 acres or about 400 square miles have been burnt and only about 20% of the fire is contained. The local USDA FSA office for Okanogan/Ferry Counties (which are two of the […]
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ACA Subsidies: One Court Strikes Down, Another Upholds
The U.S. Court of Appeals for the D.C. Circuit ruled Tuesday morning that the insurance subsidies granted through the federally run health exchange, which covered 36 states for the first open enrollment period, are not allowed by the law. Subsidies provided by state ran exchanges would still be allowed. The highly anticipated opinion in the […]
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Top 100 Ag Banks
The American Bankers Association (ABA) posts a quarterly report of the 100 largest Ag Banks (Non-Farm Credit). In the first quarter report for this year, the #1 bank for Ag loans was Wells Fargo with $7.229 billion of farmland ($2.231 billion and $4.998 billion of other ag loans). #2 was Rabobank with $3.957 billion followed […]
