Ask the Taxman by Andy Biebl
Andy Biebl DTN Tax Columnist
Tue Sep 1, 2015 10:42 AM CDT


Thanks for your article on exit strategies for farming (June Taxlink "Minimizing Taxes Takes a Plan"). This is my last year farming. I am currently working with a foundation for disposal of my machinery which otherwise would have triggered $1 million in income taxes. My question relates to gifts of grain donated to a Charitable Remainder Annuity Trust. Does it have to be year-old grain with zero basis or can it be current grain?


Good news: When the transfer of inventory is to a charity, current-year unsold grain can be transferred, as well as prior-year grain. There is ...

Quick View
Related News Stories
Dr. Dan Talks Agronomy
Cash Rent Reset - 2
Are You the Ideal Tenant?
Cash Rent Reset - 3
Cash Rent Reset - 1
California Drought Challenges