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Taxlink by Andy Biebl
Andy Biebl DTN Tax Columnist
Tue Jan 29, 2013 08:41 AM CST

This is the time of year when farmers are dealing with taxes and other financial paperwork. It's also the perfect time to address those important "perpetual" tax documents that get outdated. This is important defensive medicine. The IRS will create havoc when your paperwork does not match current transactions or economic realities.

RELATED-PARTY LEASES

Most producers will have some land rental arrangements with related parties. A farm proprietor may be leasing land owned by his wife. The family farm corporation may be leasing land owned by its controlling shareholder. These leases need to be in writing and reflective of the ...

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